The monthly luncheon of the Greater Falls Church Chamber of Commerce this Tuesday featured Robert Goulder, a counselor at the Falls Church-based Tax Analysts, who briefed attendees with an overview of the new Republican-backed comprehensive federal tax reform law that went into effect in January and broke down completely on partisan party lines Congress.
The law represents the biggest reform of the U.S. tax code since 1982, he said. Impacts on individuals and the larger economy such as the $10,000 limit on combined mortgage, non-profit giving and related deductions may not be immediately known, he said, but the law “widens the gap between the rich and poor,” and includes “no social justice components.”
He noted the law’s foundational shift from “worldwide” to “territorial regime” in its impact on foreign investment, both ways. Tax Analysts’ new president and CEO, Cara Smith, was also present at the luncheon.