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.

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.

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PODCAST: WealthAbility®
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Resources
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Looking for more on Scott Hodge?
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.

[RCCM]

Very interesting conversation, I’m learning so much, after spending much of my 67 years having little interest in taxes I realize how much I could have saved in avoiding taxes, if I had only paid attention to this. I will try to get my children more involved in keeping more of the money they earn. Thank you.

[FavourGift-enen]

!!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.

[iansmithistheman]

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.

[davidreeves]

The government is not going to stop waisting money so the people would be better off with there money if my ot wasn't taxed it would change my life overnight I would finally be able to buy a new car and actually be able to invest that tax cut would help the economy

[willowstarfeather]

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.

[reynoldslacybrleroymeuschke]

!!!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..

[LzyC]

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.

[michaelrowley]

If the DOGE does its job right then we might have that trillions of dollars that are needed.

[johnnemeth]

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.

[johnnemeth]

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.

[SiriusSolar]

so the auto manufacturers raised their price because of the subsidies. This still helps increase the electric vehicle innovation which is a good direction.

[DeBaanDB]

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?

[SiriusSolar]

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?