How the Upcoming Election Will Impact Our Taxes - Tom Wheelwright & Scott Hodge

The WealthAbility Show #177 :
Join Tom Wheelwright as he discovers how tax policy influences your life, how it harms - and sometimes helps - the economy, and what changes are in store in this year’s election with his guest, Scott Hodge.
Scott Hodge is President Emeritus & Senior Policy Advisor at the Tax Foundation, which he led as President for over two decades, between 2000 and 2022. Scott Hodge is recognized as one of Washington’s leading experts on tax policy, the federal budget, and government spending.
In this episode, learn how class warfare has a huge impact of the future of the tax code, predictions for 2025 / 2026, and the advice Scott has for the small business community.
Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: winwinwealthstrategy.com/
00:00 - Intro.
02:48 - Taxes on Free Will.
09:00 - Current examples of Taxocracy.
11:40 - History of Political Favors & Punishment.
14:44 - Biggest concerns in Biden's Budget.
19:36 - Small Business Tax Provisions in Biden's Budget.
22:50 - Corporate Tax Increase.
26:17 - 2025-2026 Predictions.
30:05 - Advice to Small Business Owners.
32:10 - Inflation Reduction Act.
36:40 - Employee Retention Credit.
Looking for more on Scott Hodge?
Website: taxfoundation.org/
Books: “Taxocracy: What You Don’t Know About Taxes and How They Rule Your Daily Life”
Tom Wheelwright, #CPA is a Best-Selling Author, Entrepreneur & Worldwide Authority on Tax. wealthability.com/tom/
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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.

[@jakeyoon64]

Excellent guest.

[@pjnyc8276]

Excellent episode. Tom, I love your book. Reading it a second time. Thank you for your work

[@furtrapper11]

you guys are right a lot of things. but it’s uncompetitive to force the $20 minimum wage here and high environmental standards here and then make your products overseas with slave labor and no regulations

[@kendreamer6376]

They never heard of the Laffer curve. They don't understand human behavior. People hate taxes and try evrytung to aviud it and whne you tax the productive and dont tax the unproductive soon everyone becomes unproductive

[@igorstjutins8575]

Easy solution! Immigrate where is a larger home ownership percentage country, less or no property tax, people happier, you won't find good business opportunities like 10 years ago in US but you will live happier and less stressful life!