Are You Ready for Trump’s Tax Plan? – Tom Wheelwright, Scott Hodge
In this episode, discover how you and your tax professional can plan for and benefit from the upcoming Trump tax policies, which areas your small business may be vulnerable, and gain insight into what steps you can take in the next year.
Join Tom Wheelwright as he discusses how Trump’s tax plan will impact you and your small business with his guest and author of Taxocracy, Scott Hodge.
Scott is President Emeritus & Senior Policy Advisor at the Tax Foundation, which he led as President for over two decades between 2000 and 2022. He is recognized as one of Washington’s leading experts on tax policy, the federal budget, and government spending.
Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at:
00:00 – Intro.
05:00 – Trump's Promises: Which will be kept?
10:00 – Economic Growth Analysis: How Do We Move Forward?
16:14 – The Deficit: What or who will pay for tax reduction?
23:03 – Big Business vs. Small Business: Is the 20% deduction vulnerable?
26:21 – Addressing the spending side of the budget.
32:00 – Changes in the IRS Budget.
37:44 – What to do in the next year.
Tom Wheelwright, #CPA is a Best-Selling Author, Entrepreneur & Worldwide Authority on Tax.
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Books: “Taxocracy: What You Don’t Know About Taxes and How They Rule Your Daily Life”
DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.
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Disclaimer: The information provided in this video is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.
The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.
THANK YOU SIR
I see what you’re saying about tax on Tips, but the difference between a “tipped” employee versus a cook, is that the cook is making more money with salary or hourly wage versus a server, or bartender that makes more money from tips. Just a little distinction that needs to be made between the two parties. Salaried employees will see the tax benefit just via lower income tax rate or overall tax cuts.
Do not forget delivery driver as get tip
Waitresses get tips
backing the US dollar with Bitcoin? Nation State FOMO. it’s design is a better form of money. in the end we’ll be good but I want to know what do you think about how this will affect the short-term next 5 years?
I am predicting Bitcoin will gobble up many assets and most definitely tons of butt wipe. problem is that retail will be trading the butt wipe. only Bitcoin backing the nation’s dollar will be able to curtail their hyperinflation. it’s game on! Time to fix the root of all evil
so the auto manufacturers raised their price because of the subsidies. This still helps increase the electric vehicle innovation which is a good direction.
WTF are you talking about?!
Higher prices are higher prices…….
By your thinking food prices need to go up to encourage better food development……
Anyway, higher prices in anything reduces the amount of people that can afford something
You must have too much money or money comes easy due to your privileged life ……
@The_Laid_Off_Life If only you were smart enough to understand
!!!I already own shares of NVDA and PLTR. I’ll also add TSLA to my portfolio. But I’d like suggestions on long-term opportunities to explore that could make solid additions to my $260k portfolio for stable cashflow..
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I’m especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don’t really blame people who panic. Lack of
information can be a big hurdle. I’ve been
making more than $200k passively by just
investing through an advisor, and I don’t have
to do much work.. Inflation or no inflation, my
finances remain secure. So I really don’t blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What’s your take on this approach? and How can i reach her, if you don’t mind me asking??
If the DOGE does its job right then we might have that trillions of dollars that are needed.
In Australia all income is done in a computer program. You log in and out via it. Your wages are broken down via it. The companies accounts get it. Then your wages are paid and itemised. That’s sent to the tax department computers that send out information. As I get part wages and part government payments all I do is check the information. If I get money from cash employment like my own business I can add that to it. It’s very efficient. I’m employed by a small business. It’s the way to go. So tips would be scored that way too. Ours go into feeding the homeless so we never get to see them. Unless a customer states we get them in cash. It’s not taxed as it’s under the threshold normally. We are all casual workers and don’t normally earn a lot.
I am ok with Tariff as long as we get a few cut with income tax. I am not a high consumption individual, so it is not fair for me to pay higher tax than others. I want more tariff and less income tax, so it will cause those who over spending who pay more, and those who save and invest will pay less. Saving and investment is the better way to expand the economy overall.
That’s ridiculous! Overspending is subjective. If you want to live like a hobo, that’s a personal choice and shouldn’t affect your tax obligations
@@Irontiger046 Well, I don’t live like a hobo, I just don’t need to buy iphone every single year, I don’t need to buy new car every 2-3 years, I don’t need to go out and eat every single week, I don’t eat too much because I don’t want to be over weight, I don’t drink too much because I don’t want problems with Health…I only spend $ to pay for mortgage, Groceries, Gas, Utilities…But I pay more tax than people who make less money, but use up much services such as health care for their uncontrollable weight/consumptions of food/drugs/alcohol.. shouldn’t they pay more tax because of their high usage of healthcare services?
!!Elon Musk has played a major role in the campaign, especially in sectors like energy and automotive. With Trump winning, there’s uncertainty, as the market has been full of surprises. It’s wise to follow professional advice.
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already, I can see wild swings in the market due to the trump win. I am really confused on how I can make gains on my $500,000 on these market movements without any loss to my money.
Agreed, I’m in line with having an advisor oversee my day-to-day investing because my job doesn’t permit me the time to analyze stocks myself. Thankfully, my portfolio is well-diversified and has just 5X’d in 5 years, summing up nearly $2.7M as of today.
This is huge! Your advisor must be grade A. Mind sharing more info, please? I’m in dire need of proper asset allocation.
Adriana katherine holds the credit of being crucial about the mrkt and also a knowledgeable to be proud of
The market will always undergo changes and various challenges, so if you want fo reach your goals , you have to be really focused and do your due diligence. Also having a financial consultant like Adriana
I like the idea of taxing the business income of non-profits, but there should be a floor. This is so that small local organizations don’t get caught.
Asset sales are a one-time injection of cash. They can be used to reduce debt, but don’t really do anything for deficits. Since the USD is a debt based currency, reducing debt removes USD from circulation resulting in deflation or even causing a recession, so needs to be handled very carefully.
Why is the NCAA not paying taxes?
Thank you very much
Drilling on federal lands would be one source of revenue, but would only exploit the American public once again. How about having a land sale of all of these lands that have no constitutional basis or legitimacy for federal ownership?