Trump's 3 policy proposals that could impact your taxes

President Trump was inaugurated for his second term on Monday, and tax policy is set to be a key focus of his administration. Andrew Gordon, tax attorney, CPA, and partner at Gordon Law, joins Wealth to discuss three potential tax changes that could come under Trump 2.0. Gordon notes that firstly, Trump has promised to extend the Tax Cuts and Jobs Act (TCJA). He explains, "The TCJA cut the tax rates across the board, so regardless of which tax bracket you are in, most likely you had a decrease in taxes after the TCJA was passed. However, it is set to expire in 2025 and so without action, your tax rates would actually increase." Trump has also vowed to eliminate taxes on income from tips, Social Security, and overtime. Additionally, he plans to create an External Revenue Service. "The External Revenue Service would collect taxes, duties, and tariffs from foreign sources, and specifically foreign businesses," Gordon says. "So imports will likely have an increase of tariffs of 10 to 20% on all imported goods. What this may mean, however, is an increase in costs for people making purchases ... [but] businesses may try to absorb those costs, so it's not necessarily a for sure thing that it will lead to an increase of consumer prices." Watch the full video above to hear Gordon break these proposals and explain how they could impact your taxes.
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[michaellaw]

I dislike taxes for one main reason: the government requires individuals to calculate their own taxes and imposes heavy penalties for mistakes. While I have no problem paying taxes as a US citizen, it seems strange to me that I have to do the paperwork when the government already has all the necessary information.

[tatianastarcic]

Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?

[timgoodin]

PROPERT TAXES SHOULD END WHEN THE PROPERTY IS PAID FOR IN FULL !!! ESPECIALY FOR SENIORS !!! LET'S MAKE THIS HAPPEN PEOPLE !!!

[kathleenheisler]

I paid taxes on my SS all my life and now I'm being taxed again. It's a total disgrace to seniors. I do hope he follows through with his promise.

[brendalaveine]

End Property tax on retired elderly! Brutal

[january]

I can't afford to pay my taxes this year. I wish they would get rid of taxes, especially for us seniors on fixed incomes.

[JJacks]

We should NOT be taxed on S.S.. I hope he follows through.

[deplorableaunt]

ALL TAXES NEED TO STOP FOR EVERYONE IN USA NOW ! WE ARE ALL BROKE.

[BonnieBentz]

Here's one. If you worked all those years and your house is paid off, you should no longer have to pay property taxes. Property taxes are killing the seniors. That should be one thing he could do. Our homes are paid off. We shouldn't have to pay property taxes anymore. Look at all the years we paid and the city has nothing to show for it. What the hell did they do with all the money?

[leor.]

So we get taxed on our pay, and everything we buy with that already taxed money gets taxed again and again. It’s bull crap

[rogerfontaine]

Tax on tips is unlawful because tips are a GIFT FOR GOOD SERVICE from the customer and should not be counted as income.

[pete]

Why pay property taxes if your home is paid for

[AndrewBerube]

Corporate greed says they're not gonna eat the cost of the tariffs and pass it right down to the consumer.

[tonynunez]

Retirees making below 100k in passive income should be exempt from paying taxes.

[LukeMetoyer]

Actions speak louder than words. You get what you voted for.👌

[gordonhopkins]

How can any business absorb a 20% tariff. This guy is lying to us. Prices will go up. Period!

[Franky-je]

The uncertainty surrounding Social Security is making many Americans feel uneasy. Rising costs of living and political changes have added new layers of complexity. If you're relying on Social Security as a significant part of your retirement income, it's essential to understand how proposed changes could affect your future.

[WildflowerAnn]

Businesses are never going to eat the cost of tariffs. That will 💯 go to the consumer.

[commonsense]

The rich will get richer and low income families will pay for it

[clarestucki]

Tariff taxes are NOT paid by the exporters, they are paid by the importers, and passed along to consumers