Trump's Tax Plan: How It's Changing The Game

[@JasonAmir-qo4uo]

I've been reading about it. Trump's plan proposes making the individual and estate tax cuts from the TCJA permanent. He also wants to lower the corporate income tax rate from 21% to 20% or 15% for domestic production.

[@GibsonJames-gr3on]

What about Harris's plan?

[@TheDuke792]

Harris proposes increasing the corporate income tax rate to 28% and implementing new tax incentives for housing and certain business activities. She also wants to expand the child tax credit and earned income tax credit.

[@ThomasColt]

Trump's plan considers expanding the child tax credit to a $5,000 universal credit, while Harris proposes exempting tip income from taxation and expanding the premium tax credits.

[@JasonAmir-qo4uo]

It's clear both plans have pros and cons. I'm worried about the impact on small businesses.

[@RoseBalerus]

Agreed. And what about the potential for tax reform? Could it simplify the tax code?

[@robroy5729]

As a blue collar worker in PA who works a minimum of 50 hours a week and a maximum of 65 hours a week, lowering or eliminating the tax on overtime hours would be a complete game changer for me or anyone else in my position.

[@BBBBBB-sz3iw]

How about if we stop taking half the social security benefits from everyone with a government retirement plan. We paid in what we were supposed to and now we only get half of our check? Huh?

[@brian_atc]

Fingers crossed that the Trump tariffs will be limited. It had devastating results, especially to our farmers and could spawn inflation. Economists predict costs to rise upwards of $4,000 for the average family. My question is why did Trumps tax cuts for the upper 2% folks remain permanent and ours is temporary? Anyways hold on to that $400 to $800, you'll probably need it.

[@TFQJA12]

The tariff is imposed on products imported from the foreign paid by the buyer at the point of entry. Obviously, this will result in increased cost to the consumers. Tariff is meant to protect local products, but if no suitable local alternatives are available, the consumers will be affected.

[@TexasLonghornRanch]

Tariffs are only 1/3 of the plan. The other two items in Trumps plan is lower taxes for businesses and individuals and less regulation. Lower taxes, Streamline regulation and tariffs.

[@TFQJA12]

I agree with you. My remark was maily on the statement "Tariff imposed on foreign countries" it is imposed on products imported from foreign countries. ​@@TexasLonghornRanch

[@lowspeed2000]

If you give a heads up, companies will shift production to the US.

[@baybay7898]

@@lowspeed2000 Mass deporting illegal immigrants, shifting production to the US , and imposing tariffs on imports all three combined will push prices up not down. You will see huge price hikes at Dollar Stores and Walmart.

[@its4electric]

Tariffs have been used since this country's been formed not a new thing.

[@EvanCarmichael]

Post-election, tax cuts may extend, offering savings opportunities, but funding challenges persist amid rising national debt and proposed policy changes. Thanks for sharing! - Lipika - Team Evan Carmichael

[@eduardooramaeddie4006]

I agree, we will see how 🤔 this will turn out 🇺🇸🌏

[@tomwatts7286]

Tariffs are also used as a negotiating tool for fair trade.

[@cathyzhang2769]

You wish.

[@mireyam4661]

Great information 👍 Thank you. I need to look into my 401K withdrawal in 4 years and taxes.😊

[@Maddie-lv5sg]

Tariffs, waste in unneeded government departments, wasteful grants, federal funding of illegal immigrants, term limits, all the things that will help our new administration. Looking forward to it! I for one will start investing more knowing he is office.

[@gdb5448]

We MUST end all foreign aide. Ending all domestic subsidies is also a great idea. The ethanol scam bs needs to stop.

[@garfieldwhittaker944]

A lot of programs that benefit the poor, sick and elderly will be cut to hurt millions of people....

[@dmartind3]

@@Maddie-lv5sg term limits to supreme court?? Couldn’t agree more! Bring on this utopia MAGA. I’ll hold my breath.

[@ramnyshadham7412]

Good information. Trump left with 8T $ deficit. Tax cuts were not offset by increased revenue. Lowering taxes for rich or reducing corporate tax did not trickle down in US (Reagan / Trump) and UK (Thatcher). Hope it will be different in his second term

[@nadogrl]

So the printing of billions that were sent overseas had no impact?🤯

[@ramnyshadham7412]

@@nadogrl 16 Million Jobs in US . What went to China was / is Trump Bibles / Shoes / T shirts ...Ivanka Trade marks . Inflation was/ is lowest in US vs rest of world

[@Rob-me8vp]

Right. Don’t include the effect of Covid in your calculations.

[@friendlyone2706]

@@Rob-me8vp True, the debt was beginning to go down.

[@CeeJay591]

Thanks for posting - it will be very interesting to see what sort of cuts in Govt spending will be implemented in this new administration. As Trump will push for tax cuts, a serious reduction in spending is the only way cut the deficit.

[@baybay7898]

He 😂will end the war within 24 hrs- free some money for the tax cuts 😂😂

[@darrendocherty2325]

Thanks Lane. I always appreciate your insight.

[@TheRalf9999]

Thanks🇺🇸🇺🇸🇺🇸

[@curtisoeser5133]

New administration will slice Government waste spending

[@holopeve]

There will also be less revenue. Less revenue , less spending still leaves us with a deficit.

[@benreaction96]

@@holopevenot necessarily but that’s will only be in beginning but after I believe all cuts of waste are made. We will be picking up and also decreasing the deficit at even higher level.

[@392scatpack3]

The new Administration going to crash the economy wake me at 7 trillion to the deficit when he was there. Wait till those tariffs hit the the deficit will be blue out of proportion. Can't wait for this to crash and burn. And groceries is not going down groceries and gas is not going down

[@GaryPhillips-p5w]

Thanks

[@Maria-jb3ll]

I need money for house repair , would it be better to take out my 401 or get home equity . I’m turning 60 in a month . Also in the middle of divorce. What is my best option?

[@Rclsllh]

Finalize your divorce first before you start repair. After divorce then you know what’s split and how much you have, I’ll take home equity loan to repair and find as low interest as possible and pay it off asap.

[@goodnewsfromgod-bybob5710]

We can sense your optimism about a Social Security solution in the future

[@localfixx4184]

The US media makes it hard to find to total figure of money to Ukraine, but I saw $196 billion since February 2022. But 1 trillion over 10 years to give SS recipients a break is some kind of a big deal? The national debt is $6 trillion more than it it was 4 years ago. That didn't seem to bother anyone enough to not do it. I appreciate your logical and clear presentation style.

[@LamellStille]

Simply put, Trump will make it hard as hell for the poor people

[@Rob-me8vp]

How?

[@waheedali2429]

Socialist your time is numbered 😂

[@KonradLuhrsen]

lol now being poor is equal to being socialist 😳

[@jameswhitman8710]

@@Rob-me8vpBis tariffs are going to increase the product cost. A business has to pay more for imported goods; the business will try to absorb that but mostly will pass on that additional cost to us.

[@MrCPPG]

How? By by eliminating tax payer funded drag shows in Ecuador?

[@katanatac]

There are a whole bunch of federal agencies that could be done away with to cut back on spending. An example would be the department of education, every state already has one and there is no need to duplicate it on the federal level.

[@baybay7898]

getting rid of one department won't generate enough to offset the tax cuts.

[@katanatac]

@@baybay7898 True, that's why I said "a whole bunch".

[@Joegolberg1]

Trump is pro-AI so NVIDIA will succeed. Trump's policies had been viewed by many experts as more positive for the financials sector, spurring this massive across all sectors. It's enticing to consider purchasing some stocks, I'm contemplating investing more than $300k. Thoughts?

[@TilSchweiger-i3f]

I would say find quality stocks that have long term potential and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.

[@Benjaminarmstrong684]

I agree. A financial advlsor can really help you re-adjust and identify blind spots that you yourself do not notice, like mine did in advising me during COVID on how the pandemic will shape things, and I made it out big and still make up to at least 20k in dividend per month.

[@Joegolberg1]

That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with, please?

[@Benjaminarmstrong684]

GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.

[@Joegolberg1]

I just Googled his name and his website came up right away. It looks interesting so far. I sent him an email and i hope he responds soon.

[@RighteousJudgement911]

Great advice and great for us taxpayers

[@Bessintheworld2]

ha ha wait until you see you state taxes and property taxes. They will go through the roof.

[@Studmn]

The money plus more is there and always has been, it's called money mismanagement, fraud, idiocy. Call it what you want.

[@dbest4755]

I'm looking forward to 2025.... The 2017 Tax Cuts Jobs Act PERMANENT !!

[@johnjuza2659]

I'm retiring in 5 months should i move some of my IRA money to a roth? Is it to late?

[@FinancialFastLane]

Definitely not too late! But you want to be careful as to how much you convert or you could end up paying too much in taxes. It's best done over time. You may be interested in our retirement blueprint service. www.martinsenwealth.com/

[@MrCPPG]

If the tax cuts and jobs act passes again with better tax brackets, you will have at least the next four years to do roth conversions. Consult a financial advisor.

[@randallan8158]

Trump should eliminate all income taxes and impose a modest tariff on all imported goods. You would also need to eliminate a LOT of federal Departments not allowed by the Constitution. You would see a jump in productivity unheard of since the dawn of the 20th century.

[@dannyo6699]

I remember when Steve Forbes was running for President a number of years ago, proposing a flat tax as a sales tax. No taxes on income but a tax on sales would boost the economy. Everyone would get the same amount taxed when they purchase the same item. State and local taxes would remain the same.

[@Growing-Our-Retirement]

Let’s hope a lot of balancing the US government budget comes from reduced spending.

[@privatecitizen1246]

While you're stupid if you think that's going to happen. Republicans only do one thing -- spend money.

[@mikemecklenborg5412]

I would rather not have tax rebates if the money go to pay off the tax debt that our government has got us into.

[@luckyluke1114]

China won't pay for the tariffs. The American importers will pay for the tariffs at the point of the port entry. The American importers will raise the price of the products to make profit. The American consumers, who buy the products, will eventually pay for the tariffs. Inflation will follow as the cost of the price products get higher. China also can retaliate with their higher tariffs on American goods. It will kill productivity in American and hence jobs lost.

[@paulhunter1735]

Simple fix for that........stop buying foreign products. Buy American made products.

[@luckyluke1114]

@@paulhunter1735 Depending on what products that we are buying. For example, if you buy house, the ply wood, nails, insulators, etc. are coming from China, Same thing with buying American made cars. American don't make 100% of the parts of their products. About 50% of the parts coming from poor countries with cheap labor to reduce the prices of American products. Even Trump's products are made from China. So, you don't buy Trump's products anymore?

[@AlmightyPooFlingerVI]

​@@paulhunter1735you gotta tell American companies to produce things in America then, man. You do that and I'm right behind you. Giggity.

[@MrCPPG]

@@luckyluke1114 Plywood does not come from China.

[@Jessica_PMHNP]

So are we all getting more of our money on paychecks?

[@johnallred5046]

No

[@baybay7898]

Depends. Rich people would get more benefits under his plan but his false narratives appeal to many voters though 😂

[@barbiec4312]

Nope. Only if you are super rich.

[@MMiller0]

Depending on the industry you are in. So if you are in a job were you get tips there will be no taxes on it. No taxes on overtime too! So yes I would think so.

[@MrCPPG]

Yes. Waitresses are not the "super rich". No taxes on tips, no tax on social security means poor benefit as well. Ignore the bitter loser warmongers.

[@tedosmond413]

2:20...obviously by trying to sell more debt

[@gustavocobian1757]

He promised no tax on social security on retaires

[@HomeGrownVeg]

UK You Tube creators pay US Tax on any income generated from Americans watching their videos. Can they expect a tax cut?

[@MrCPPG]

No! In fact it should increase given the British Labour Party interefered in our elections!

[@HomeGrownVeg]

@@MrCPPG If that's correct, which I doubt, you've the right to be angry. I think your change of leaders is 'all your own work'. UK citizens living in the UK paying US tax just doesn't seem right.

[@MrCPPG]

@@HomeGrownVeg They bragged about it! If you don't like paying US tax, get off youtube.

[@HomeGrownVeg]

@@MrCPPG He promised lower taxes, let's give the lad a chance, he hasn't even moved into the job yet.

[@alfredagreen336]

How about no taxes for our military Veterans?

[@JackSquat54]

Frivolous services will just have to be cut. Lower taxes will stimulate the economy with more spending. It always works. More money in peoples pockets stimulates the economy. Higher taxes slows the economy.

[@Bessintheworld2]

With Donnie killing off many of the federal programs and sending them back to the states - state taxes will increase way greater than federal ever were or are we just no longer going to have schools, social programs, etc.

[@baybay7898]

Do you seriously believe what he promised during his campaign will all be realized?

[@MMiller0]

Yes he did everything he promised on his last term.

[@baybay7898]

@@MMiller0last time he wasn’t this drastic. How will he find 11m illegals? Where will he send them back ( many don’t even have a passport 😂😂)

[@MrCPPG]

@@baybay7898 Well Home Depot is one place.

[@budprepper3811]

The Great new President!

[@Born_Too_Rise]

When Trump's tax plan will gonna schedule.

[@jacquelinemorris9886]

Hes going to screw the poor people and enrich his rich friends .hes a baby wannabe gangster

[@JaneThorson-dm3ev]

Losing our democracy and womens rights is not worth a few extra bucks.

[@maximilliancunningham6091]

A 100% sales tax based system ? Phase out the US Dollar in favour of bit coin,, and shunt the debt ?

[@cbbcbb6803]

Can you give us examples of wasteful spending of tax money so we can know what to look for?

[@nadogrl]

Check out Senator Rand Paul’s Festivus Report that he has issued every year for the last 9 years…last December he identified $900 BILLION in government waste.

[@MrCPPG]

Debit cards for illegals, free housing for illegals. There are two right there.

[@guzzi95]

God Bless President Trump! We will pay Taxes on money we draw, no matter who is running the Country.. Now lets watch our Investments go up much better than it has the last 4. Thank you Jesus! You are Lord!

[@Satjr35031]

Bidens will reign supreme over Trumps next four years

[@bysykler4959]

What was wrong with the market return over the last 4 years?? Almost 100% cumulative. Get your facts straight.

[@baybay7898]

Lowering taxes is not always a good thing unless there is a convincing reason.

[@barbiec4312]

🤮

[@TDur-xr5rw]

90% of the stock market went to the top 0.1% …nice to be one of them!!

[@Satjr35031]

None of his tax suggestions will pass Congress They are smarter than him .

[@g4l430]

Most of his tax suggestions will pass Congress because they are smarter than you!

[@Satjr35031]

@ No they won’t because I’m smarter than you.

[@g4l430]

@@Satjr35031 RE: "No they won’t because I’m smarter than you." well that's really a poor defense because I've learned there is always someone smarter in the room than me (maybe you) but that doesn't make them right.

[@Satjr35031]

@ I didn’t say there are not smarter people than me . I said I’m smarter than you. There are too many conservatives that would not vote for his irresponsible suggestions . Maybe the TCA might get extended but that’s it.

[@g4l430]

@@Satjr35031 I never said I was smarter than you! I said the people in congress were smarter than you. I believe the tide is shifting and the new house and senate will provide a "better" path and it won't be yours. I've got nothing to do with it other than my vote. BTW, my votes won.

[@CarlosBarajas-g4s]

Trump seems to like debt, just won't pay for it!

[@bobbiemckee9142]

Medical has gotten out of control why can't we be like Canada

[@MrCPPG]

Because Canada sucks. Move there if you like it so much.

[@paulhart5112]

A lot of people I know don't make 30,000 a year so you saying there will be no taxes taken from their paychecks right