Julio Gonzalez, national tax reform expert, and CEO of Engineered Tax Services, Inc., has advice for businesses and individuals in high tax states like California, New York, and New Jersey. He appeared on BoldTV to discuss why people are leaving these states in record numbers and what lawmakers can do to stay competitive in the pro-business environment created by the Tax Cuts and Jobs Act.
According to Gonzalez, “numbers show that we've had 8,000 companies leave California over the last five years. These things are due to high taxes and high regulations. The tech and entertainment industries remain strong, but every other sector is leaving, and they're going to states that have better regulations and lower taxes.”
His recommendation to young adults considering a career move is to evaluate both wages and the cost of living in an area when making a decision. “Savings is the key at any age. Live within your means. Be able to save, and put the savings into good investments. Living a life with less debt is the way to build a nest egg and take advantage of investment opportunities.”
Gonzalez suggested that state lawmakers want to find ways to be more competitive and think about how they tax individuals and companies in their states. He pointed to New York's plan to make state and local taxes a charitable deduction so residents can still take advantage of the deduction that is now capped under the TCJA.
About Engineered Tax Services, Inc.
Engineered Tax Services, Inc. (ETS) is a licensed engineering firm that focuses on federal, state, and local tax benefits. Founder and CEO, Julio Gonzalez, is an expert in tax reform whose strong presence is helping define our current tax laws. Under Gonzalez's guidance and true insight into how the industry is shaping, Engineered Tax Services is one of the largest, fastest growing, and most innovative engineering, energy, and specialty tax credit services firms in the country. Visit us at www.engineeredtaxservices.com.