7/26/17 Miami Mastermind Group Meeting

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Ron Wainwright, Tax Partner with Cherry Bekaert provided a firsthand account of what is and what is not going on in “tax rate reduction.” Ron previously worked in a national tax role during the Reagan administration and has been part of the committee providing input to The Ryan Plan which led to A Better Way Forward – the tax plan adopted by the Trump Administration. Ron points out that the corporate tax rate in 1985 in the United States was 46% versus the current 35%. The G20 countries’ average tax rate in the same time frame is 38.5% and 27.5% respectively. This is one reason President Trump would like to see the rate at 15% but Ron sees it more likely at 20% with the possibility of seeing rate reduction by the end of the year.