Sorry, but there already is no tax on retirement income if your income is low. But if you make a lot of money, why does it matter where the money came from to determine if you tax it or not???
@@Bmeri3 What is low? I mean with the average SS benefit in $1900 .... is this lo, highh, medium???????? The $$$ brackets at which the 50%/85% are set (they were set in 1980(s), should be indexed for inflation. Had they been indexed for inflation, then the whole discussion about SS taxes would become irrelevant. At this point the lower income / middle income retiree are getting bit by this 1980(s) 50% and 85% tax thresholds. 47% of retirees are paying taxes and the number is creeping up every year.
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days.
And stop thinking that "real estate" as it's commonly understood and stocks are good investments. They're not. Real real estate, as the term comes from the French, is essentially actually productive capital in the form of land. Fertile agricultural land or lumber land or mining land. Buying rental or lease properties are a short term solution for a childless couple or individual because it doesn't actually produce anything. It doesn't even hold value in real terms. It's value will fluctuate with migration patterns and population growth patterns. At least industrial and to a far lesser degree offices, are halfway decent investments. Real Estate as the French usage originally meant is the 2nd best investment and actually physically owning productive capital like equipment to produce goods or facilitate services are the #1 best possible investment. Holding "ownership rights" in anything shared with others is not nearly as good in this economy, especially with the WEFs proclamations of their objectives. Anyone who owns intangible rights to things are going to have a rough time soon
exactly it is just cost more to buy everything imported from china, which unfortunately is most everything we buy. Corporate greed is and has been the problem. Today the average CEO of a company makes 150 times the average employee salary. In 1985 it was 7 to 8 times!! look who is winning people wake up!!!!!!
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
@@hephzibahb.7370 I worked for a company and all they did was move their plant from China to another Asian country to avoid the taxes that trump put on china last time. Jobs did not move back to the US.
@@waheedali2429 This inflationary rise was a world event brought on by COVID/Supply Chain shortages then the two wars. Not to say that Trump and Biden didn't exacerbate it with Government spending and stimulus checks (which both did). But overall, the entire world had to deal with inflation, especially 1st world countries. In addition, US actually faired far better than most all first world countries with inflation. One of the main reasons is US economy, the Fed, and ability to produce its own energy. Under Biden administration, US produced up to 12 million barrels a day, which was greater than even under Trump at 10 million per day. Tariffs drive up cost and it is not even a disputed among economist. Outside of this recent world event, historically countries who implement substantial tariffs have high inflation. In addition, it is a very "anti-capitalism" move. Although that does not mean tariffs are all bad. They may be needed to protect jobs, industries, and counter foreign actions. Careful, there is a lot of mis-information out there.
@@MrNodeeeI am CLUELESS on all that you just said but would LOVE to understand... Is there anywhere I can read up on all of this? I mean, all the "no tax" on SS, tips and overtime, sounds GREAT but, it's hard for me to believe ANY "politician"...
Tariffs taxes get passed down to consumers, countries find way around tariffs as China already has in Mexico. I'm NOT excited or looking forward to what will happen.
Tariff taxes will only discourage buying from foreign nations and only buying from US companies. If they have headquarters in the US there will not be tariffs. It will be a bonus to all of us. The proposed tax on unrealized capital gains by the other candidate would have had insane affects on all of us.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
Wow! How did the tax cut of 2016 help the averge American? I am your average American and I got fucked by it. I can no longer right off my property tax, medial expenses, state tax and much more.
Commercial rent is ridiculously high here in Florida. Will this help lower rents? Don’t think so. These big companies buying these buildings are buying them for double their worth and charging almost double rent.
Lower taxes cause more tax income to the federal government. It has happened repeatedly. Higher taxes ultimately reduce the tax collected. Why work if they are just going to tax most of it away?
Trump lowered taxes... and RAISED SPENDING = INCREASED DEBT... PROMISE BROKEN Republicans never pass tax cuts that are paid for... then they cry about the debt 🤪
Here! I have been waiting and super happy its here. I walked out of my job during COVID. I was targeted for being the only employee not getting the jab. I worked for a mega medical university. Never ever again… I’m now self employed!🙏🙏🙏🙏
Regarding tariffs: they get paid by the importer and then they get passed on to the consumer, making them more expensive. That’s how they work. Because the product is more expensive now the demand is lower and imports decrease. This is inflationary… want it or not. Now, the good part is that it makes local production more competitive, since, in theory, they were more expensive than the imported good. In theory future it will help increase local production, but in the short run we are stuck with higher prices.
@@mpierson66 that’s half the story. Then those countries retaliate and American made goods are no longer exported- corn, soy, lpg, wheat & many more. Those red Midwest states better spend Christmas starting whole new businesses
I think as long as supply can keep up with demand... it's ok. am I wrong? We found out tariffs are bad just by watching Ferris Bueller back in 1986... and they were bad LAST TIME Trump did them.
Look up the concept of negative inflation. The consequences for that are even better. This is what China is going through now. And if all goes well America will follow! Isn’t it great Trump won?😂😂😂😂🎉🎉🎉
Inflation has ALREADY been going DOWN from it's high June 2022 of 9 to 2.3% and dropping. The no tax on many things, how are these things going to be funded LONG TERM. The tax on tips, who really pays or even reports tips very few.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
The “no tax on tips” part. That one scares me. Not because of loss of tax revenue, but because what’s to stop companies from moving away from raises and starting tip pools. Imagine every service you receive starting to ask for tips. From retail to fast food. Everyone is gonna be asking for tips so that companies can relieve themselves of the burden of paying their workers and gaining more profits. But hey, they don’t get taxed. Never mind that the burden of getting paid relies on the consumer and not the employer
@ I know. But now what’s to stop Amazon asking you to tip their drivers, Wal-Mart from asking for tips, or Kohl’s, or Barnes & Nobel, etc. This policy, either from Trump or Kamala (since she also wanted to do it), has the potential to be disastrous for the consumer and even worse for the employee
@@christophschultz3500 really? Went to Winco the other day to buy groceries, no tip jar. Kohl’s not too long before Winco and saw no tip jar. Also went to ordered from Amazon, no tip jar. You aren’t actually reading and understanding what I’m saying. You’re just responding.
I think the IRS posted these changes for tax year 2025 on 8/22/2024. You didn’t really cover bracket ranges. IRS says standard deduction is 15000 and 30000. So you were off by 1000.
Tariffs are not paid by the country that makes the product . It's paid by the country or company that receives the product . Than the American people will be paying those extra fees because the companies are never going to eat the extra cost . They will always trickle down to the consumer.
Correct. Good luck trying to impose a tax on a foreign entity. Tariffs are charged to the importer, i.e. the American company. Disappointing that Mark doesn’t recognize that many small businesses owners rely on imports from trusted partners around the world and would be crushed by Trump’s talk of across the board tariffs on everything. I agree with using tariffs in a targeted way towards certain countries or industries, and was pleased that even Biden did not roll back the tariffs on China. I am hoping Trump was just speaking hyperbolically for impact and his admin will implement a more targeted approach.
@DennisTheMenace55 okay it's not wrong that it's a tax on foreign countries. But who is paying to the foreign countries to pay to the US? Answer: The manufacturers in those foreign countries. Next question: Who is paying to the manufacturers so that they can pay to the foreign countries? Answer: The consumers. So in this case, who are the consumers? Answer: The people that live in the US that consume those products.
Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable.
@hephzibahb.7370 historically, tariffs have failed and will create higher prices on the goods most commonly consumed by the poor and middle class creating a demand for higher wages nationally and inflation to keep up with historical profit margins. It is an economics 101 lesson.
Our family has a manufacturing business in CA and we’ve been struggling a lot because of these high taxes and the mess this administration has made. Nobody is buying and this conflict with Russia has hurt our business because of the high gas prices and shipping issues. Shipping rates have gone up tremendously. Even our large distributors (multimillion dollar companies) have completely stopped selling. Customers are not spending money. Even after absorbing the cost of shipping into the product price, the customers still won’t buy. It literally costs between $500 to $1200 per pallet to ship across the country and even within the state we are located in. On top of this, California shippers pay extra fees just for being in CA. When consumer spending drops, all businesses struggle.
@ One of our long time distributors is a jewelry tools supplier owned by Birkshire Hathaway i.e Warren Buffet. We’ve been doing business with them since 1979, in addition to 15 other major suppliers. Even they have completely stopped selling and buying. The entire industry is at a halt. I have an MBA finance, and am a business broker, I’m also a gov. inspector. My sister is an accountant who works for Disney. I assure you our accounting and business knowledge has nothing to do with it. Your ignorance shows a lot. :)
@ WestCoastStoic One of our long time distributors is a jewelry tools supplier owned by Birkshire Hathaway i.e Warren Buffet. We’ve been doing business with them since 1979, in addition to 15 other major suppliers. Even they have completely stopped selling and buying, due to freight shipping costs. The entire industry is at a halt. I have an MBA in finance, and am a business broker, I’m also a gov. inspector, and work directly with businesses. My sister is an accountant who works for Disney. I assure you, our accounting and business knowledge has nothing to do with it. Your ignorance shows a lot. ;)
Whatever. If your business isn’t viable you need to adapt. Gas prices are set by OPEC, not the administration. You know that. But you’re trying to make this political and garner sympathy for a failing business model. You have to adapt. If you have an MBA you know that too. Life has no guarantees. Shipping rates and gas prices have gone up for everyone.
@@WestCoastStoic You import tea from other countries. What the hell would you know about the manufacturing sector in America? You have no experience. You don’t even know what it is we manufacture and you think you can give advice on adapting. 🤣 Please keep your cheap advice to yourself. Nobody asked for it.
Will start a small business. Should i make big business purchases like PC, Printers, office furniture over Black Friday in a couple of weeks or wait till 2025?
Hey Mark, I’m a pastor of a church and I have 13 rental properties as well. If I purchase a new vehicle, am I able to write 100% of that vehicle off in the year that I acquire it?
Question, The cap on real estate taxes was passed during the Trump administration. I am in a high property tax state. The cap kills us as a 10000 dollar cap hurts us. 14,000 property tax bill each year. Also, social security is already going to be insolvent by the early 2030s. If we deport and eliminate the tax on benefits then won't it be accelerated? I have paid into SS taxes my whole life. Don't cut my benefits to keep SS solvent! There are a lot of great ideas but, if you cut taxes and don't cut spending we will run the huge deficits we have already been running. I am just worried.
Yes the spending needs to come under better stewardship . Like not opening borders for unvetted masses who will draw from every part of our nations infrastructure when we are in this kind of debt. There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation before we lose our place in the world. Then you will really see a loss of comfort.. We need to have equality in tariffs. We should not be paying more than we receive on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us. Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations and this means we pay more than they pay us. That is ridiculous and terrible leadership. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable. Period.
If lower tax means government deficits which lead to more printing and inflation, foreign tariff also cause the inflation too,then it is not good, unless government get free money from other countries like military protection fee. The bottomline is that the real money has to be coming somewhere and who end up paying for it!
Between tariffs and deporting our cheap labor lowering our housing costs, it’s hard to project low inflation in the future. This is the overly rosy view from a pro-MAGA real estate CPA. Bonus depreciation may lower your taxes but not your overhead. I’m surprised that Mark doesn’t understand how tariffs work. Yikes.
I love your stuff, Mark, but don’t you have tariffs exactly the opposite way around? Tariffs that the US government applies on imports are paid for by the importing business and so that’s a direct tax either of business and/or on the consumer. So yes, tariffs can pay For other things, but at the expense of the business and the consumer. Oops.
Self directed IRA and purchasing property. Can you buy your home from yourself with the SDIRA and then rent it out while you purchase a new house/property? Would like to hear your take on SDIRAs
I am literally amazed that there are still people - like this gentleman - who continue to promote the false idea that cutting taxes on the wealthy and business owners will result in higher employment. I've been a small business owner my entire life and I can assure you that there was only ONE reason that I would hire more people - if I needed to in order to provide services to my clients. Revenue up, and still able to provide services to our clients? Then that extra money went into my savings account, not towards hiring people we don't need.
The whole point of tariffs is to promote industry in the US. If a good is only made in China and sells for $10 in the US, tariffs that increase the price of the good to $50 make people not want to buy it. But demand is still there. So a company starts in the US that sells them for $15-20 each. The item is more expensive than it used to be, but now you're employing more Americans, and with no income tax, you have more money to spend.
@@ChristiantrospectiveGamerExactly! The whole damn point of the tariffs is to keep the rest of the world (namely China) from undercutting everything that we want/need. They can do this because their people work for pennies a day in sweatshops and the government has no problem letting their industries rip off our patents left and right. Americans don’t want that so we must do something. To do nothing because “TaRifFs aRe inFlAtiOnARy” is a huge mistake. Tariffs require a bit of time for the US to compete with the product so that we can bring our goods back home and stop importing everything. It takes time!
LOL… Nasdaq TRIPLED this summer from 2020 levels. As of today, we have not closed above those highs. DJT is due zero credit for stock market as of today. Let’s see where it’s at in 4 yrs.
Trump said he would get rid of federal income tax. Do you think there is a strong possibility he can get congress to pass it? Especially since both the house and senate are leaning conservative. If so, how do we pay for that in his plan?
@phiksit since when have democrats ever balanced anything. All they do is throw money at a problem, then when it isnt fixed, they blame someone else and just move right along by creating another agency that was supposed to have fixed it. But without shutting the agency before it, still funding both like the clowns they are. Also, Kind of like Kamalas campaign where she actually owes a lot of people a ton of money $20M in fact. Keep coping and cry more.
Most inexpensive products we buy in the US are either manufactured abroad (china) or have foreign components (china). Tariffs will increase the price of all these end products (electronics, automotive, appliances, etc). I just don’t see how tariffs aren’t ultimately inflationary until US manufacturing catches up with domestic replacements.
One clarification about tariffs: the buyer is paying the tariff, not the seller in another country. I understand the concept, but it is a bit more complex - a simple scenario where a car manufactured in China pays an additional 100% import tax will benefit local manufacturers (it is essential to protect local jobs). However, if pistons are imported from China and a 60% import tax is charged, the price of the local car manufactured in the USA that uses these parts will increase. Moving production from China to the USA is complex, and it may still be cheaper to move from China to India and pay a 20% import tax. Finally, some items, such as shoes and shirts, might remain cheaper when manufactured outside the US, even with a 60% tariff that would be added (at least part of it) to the consumer price.
This will encourage companies to keep their plants in the US, instead of outsourcing to foreign countries. Think Nike, Adidas and most name brand clothing that's made in sweat shops. Keeping the manufacturers here means more employment and more tax revenue from the companies.
Exactly. I would rather buy a quality pair of shoes that were made in the US. The first pair of Chaco sandals I bought were made in Colorado, then the company sold out to greed and started making them in china. Those sandals fall apart after a year.
It's best not to be stuck in a holding pattern, but a lot of people are. ✈️ It keeps people from continuing on to success. #NoHoldingBack #KeepMovingForward
I dont' see a tariff strategy that would counterbalance the tax cut. I got a few bucks more a paycheck under Trump. Will Trumps products be subject to tariffs?
19:56 Actually Craps is one of the simplest games. Optimal play is to place a "pass bet" (or "don't pass bet") at the beginning of the game. If the dealer puts a marker down on one of the numbers you can place a "true odds" (the payout is proportional to the odds of winning... i.e. it is a fair payout) bet behind your original bet. That's it! You'll be hard pressed to find another true odds bet in a casino. All the other bets in Craps have less fair payouts vs odds, so you shouldn't play them unless you're just having fun and don't want to play optimally.
So what does it mean for the people that are too broke to pay attention? What if I'm not a small business owner. I'm struggling to pay bills while being stuck working at McDonald's (literally) because no one is hiring. I've applied for new jobs every week for the last year n a half....... What does this mean for me?
Standard deduction for married couples was already $29,200 in 2024. IRS announced on Oct 23 the new tax brackets and deductions. Before the election. New deduction will be $15,000 and $30,000
How would it be possible to remove tax on SS when we have an upcoming shortfall? If anything i would think they would be taxed 100% on all SS. Where is the funding going to come from?
I still don’t get how he’s planning on paying for his tax cuts, you said trim down government spending like what??? And tariffs don’t work like you say they do.
Build the greatest economy in history, consumers get ready to pay more. Nothing is free particularly particularly run from politicians. Someone always pays the price. Tariffs means consumer pays more for the imported goods. Any cost incurred by the company gets past to the consumer.
More discretionary income, fine. What about when the tariffs get in place and we have to pay more for goods made in China? Like TV's, A/C's, smartphones, etc.
No tax on tips, overtime, etc.. is interesting... isnt some of that "tax" your retirement... and if we abolish federal tax al together are we still going to keep social security even? will it just become a private system then? or do the tarrifs and stuff fund all of that? I am curious how this works.
I don't understand your explanation of tariffs. It is a strange explanation. You make it sound like it will be a good thing for Americans because we are going to "stick-it to the the evil foreigners"! I like that idea, however that does not make sense to me. Won't we be paying that price increase? America is not making a lot of the goods that we will be placing tariffs on. So there is no competition. Americans will have to pay that tariff, right? Ah...so maybe it will motivate American businesses to make that product because the price point is at a high price? So American companies make the goods at that new price point that is worth it to them. And the working class person now has to pay the high price from the American company for the same product that was cheaper previously? That sounds like that will lead to inflation. So wait. Can you explain it in a way that is more logical---why are tariffs good? Your final conclusion was a sentence that did not make any sense to me even though it sounded really good: " we are going to use these tariffs to pay for the tax breaks" what??? OK so we get tax breaks but have to pay higher prices for the goods that we were paying low prices for previously? That logic does not compute for me. It sounds like a tax to the American people. And more so--the working class person whose discretionary income is lower than rich people. So in the end it seems like the poor people will be paying for the rich people's tax breaks. All in the name of patriotism. Sorry for my ignorance. Please explain further because you seem to be quite excited about it, but your explanation seems to based in flawed logic as I know it. That makes it hard for me to believe anything you say. Thanks :)
@@lexluthor9509 and the majority of our microchips for our electronics. The oil we refine here for gasoline and diesel is from imported oil as our refineries are not set up to refine the oil we produce, so thats another tax on everyone.
He has a tiered plan that involves making products here again. Bringing manufacturing back and small business prosperity. Do you not get that? Its not as black and white as you might initially think.
Mark, thanks for the excellent video as always. Do you have any partners at your firm in Minnesota? I need help to set up a structure that makes more sense for me. I am a small soloprenour.
i do rideshare as small business to supplement my fix income from SSA. Can I write off 100% a new purchase of car exclusively used for my rideshare business?
How does inflation go down when stocks and crypto going up literally devalues the dollar by definition? Stocks going up mean you can buy less stocks with the same money you could before they went up. Buying power of the dollar in the market goes down as stocks and crypto rise. What am i missing here cuz I'm genuinely confused
Whether it's a personal tax, corporate tax, or road tax, it's still a tax. Taxes are necessary for this country to function. Any tax cut in one place has to be made up in another. No way around that. Get real!!
Local roads come out of property taxes... and wheel taxes, where I live. Hey, lets privatize every road put a toll both on every corner. 👍haha... I shouldn't give republicans ideas 😎
There should be no taxes on any retirement income.
👍👍
@lauraparker-bey9926
When SS stops to exist there will be no taxes .That's logical 😂
not any, but social security should not be taxed
Sorry, but there already is no tax on retirement income if your income is low. But if you make a lot of money, why does it matter where the money came from to determine if you tax it or not???
@@Bmeri3 What is low? I mean with the average SS benefit in $1900 .... is this lo, highh, medium????????
The $$$ brackets at which the 50%/85% are set (they were set in 1980(s), should be indexed for inflation. Had they been indexed for inflation, then the whole discussion about SS taxes would become irrelevant. At this point the lower income / middle income retiree are getting bit by this 1980(s) 50% and 85% tax thresholds. 47% of retirees are paying taxes and the number is creeping up every year.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days.
And stop thinking that "real estate" as it's commonly understood and stocks are good investments. They're not.
Real real estate, as the term comes from the French, is essentially actually productive capital in the form of land. Fertile agricultural land or lumber land or mining land. Buying rental or lease properties are a short term solution for a childless couple or individual because it doesn't actually produce anything. It doesn't even hold value in real terms. It's value will fluctuate with migration patterns and population growth patterns. At least industrial and to a far lesser degree offices, are halfway decent investments. Real Estate as the French usage originally meant is the 2nd best investment and actually physically owning productive capital like equipment to produce goods or facilitate services are the #1 best possible investment. Holding "ownership rights" in anything shared with others is not nearly as good in this economy, especially with the WEFs proclamations of their objectives. Anyone who owns intangible rights to things are going to have a rough time soon
While optimistic, you can’t bank on any plans until congress acts and sets 2026+ tax rates. 😮
With Republicans gaining House and Senate the Tax brackets aren't going to change.
The tariffs are taxes paid on goods that are passed onto you.
exactly it is just cost more to buy everything imported from china, which unfortunately is most everything we buy. Corporate greed is and has been the problem. Today the average CEO of a company makes 150 times the average employee salary. In 1985 it was 7 to 8 times!! look who is winning people wake up!!!!!!
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
@@hephzibahb.7370 I worked for a company and all they did was move their plant from China to another Asian country to avoid the taxes that trump put on china last time. Jobs did not move back to the US.
Fact is: tariffs are paid by the importing company and then passed down to the consumer. YOU KNOW BETTER!
In addition, it creates trade wars and spreads to other goods and industries.
By the way every country's have tariffs and they don't have inflation like US ha e 😂
@@waheedali2429 This inflationary rise was a world event brought on by COVID/Supply Chain shortages then the two wars. Not to say that Trump and Biden didn't exacerbate it with Government spending and stimulus checks (which both did). But overall, the entire world had to deal with inflation, especially 1st world countries. In addition, US actually faired far better than most all first world countries with inflation. One of the main reasons is US economy, the Fed, and ability to produce its own energy. Under Biden administration, US produced up to 12 million barrels a day, which was greater than even under Trump at 10 million per day. Tariffs drive up cost and it is not even a disputed among economist. Outside of this recent world event, historically countries who implement substantial tariffs have high inflation. In addition, it is a very "anti-capitalism" move. Although that does not mean tariffs are all bad. They may be needed to protect jobs, industries, and counter foreign actions. Careful, there is a lot of mis-information out there.
@@MrNodeee I want to see how he’s going to help manufacturing companies in the U.S. like he claims. 🤷🏻♀️
@@MrNodeeeI am CLUELESS on all that you just said but would LOVE to understand... Is there anywhere I can read up on all of this?
I mean, all the "no tax" on SS, tips and overtime, sounds GREAT but, it's hard for me to believe ANY "politician"...
Tariffs taxes get passed down to consumers, countries find way around tariffs as China already has in Mexico.
I'm NOT excited or looking forward to what will happen.
You can chose NOT to buy the chinese product. Which product(s) has china found a way around through mexico?
Tariff taxes will only discourage buying from foreign nations and only buying from US companies. If they have headquarters in the US there will not be tariffs. It will be a bonus to all of us. The proposed tax on unrealized capital gains by the other candidate would have had insane affects on all of us.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
Tariffs are taxes on FOREIGN GOODS not FOREIGN COUNTRIES.
Recession!!!!! Who’s going to pay for everything bro!!!!! The debt will explode!!!!!
"Well if Donald Trump said it - it must be true" - No One Ever
Exactly!
No no no... Dear Leader is always right
But millions of voters can’t be wrong!?!?!😂😂😂😂😂 Oh yes they can…
to his advantage and scheme
Wow! How did the tax cut of 2016 help the averge American? I am your average American and I got fucked by it. I can no longer right off my property tax, medial expenses, state tax and much more.
Commercial rent is ridiculously high here in Florida. Will this help lower rents? Don’t think so. These big companies buying these buildings are buying them for double their worth and charging almost double rent.
Its the way it works.
Millions of investors from South America
The rich will slowly take over Florida and price out everyone else from the sound of it.
Lower taxes does nothing for lowering the national debt… especially if they don’t decrease their spending!!!
@@CAROLINA_BULLDOGZ it’s called the Laffer Curve. It’s proven, it’s been done. You cannot tax a country into prosperity, that also has been proven
DOGE - department of government efficiency
How about a small fee on every barrel of oil we sell. Would that be satisfactory?
Lower taxes cause more tax income to the federal government. It has happened repeatedly. Higher taxes ultimately reduce the tax collected. Why work if they are just going to tax most of it away?
Trump lowered taxes... and RAISED SPENDING = INCREASED DEBT... PROMISE BROKEN
Republicans never pass tax cuts that are paid for... then they cry about the debt 🤪
There was mention of abolishing agencies like the IRS, any news on that? Thanks.
😆
Irrational statement
How the hell do you think the country will operate?? You need to pay your taxes
@ Too many of his sheep don’t think like him.
Here! I have been waiting and super happy its here. I walked out of my job during COVID. I was targeted for being the only employee not getting the jab. I worked for a mega medical university. Never ever again… I’m now self employed!🙏🙏🙏🙏
Go go go!!!!
What kind of work do you do now?
@@Cheeseheadhomestead1 I’m a solo Commercial cleaner and looove it!
Economic Boom inbound
@@thomasnickal9661 Wrong. Wrong. Wrong. You’ll see
Regarding tariffs: they get paid by the importer and then they get passed on to the consumer, making them more expensive. That’s how they work. Because the product is more expensive now the demand is lower and imports decrease. This is inflationary… want it or not. Now, the good part is that it makes local production more competitive, since, in theory, they were more expensive than the imported good. In theory future it will help increase local production, but in the short run we are stuck with higher prices.
Bingo
Yeah! Get ready for 2025.
Trump want those cheap items flooding the country to stop coming in ASAP so we can make out own products
@@mpierson66 that’s half the story. Then those countries retaliate and American made goods are no longer exported- corn, soy, lpg, wheat & many more. Those red Midwest states better spend Christmas starting whole new businesses
Good. Made in USA!
Cut taxes=more money in people’s pockets = inflationary
Higher tariffs=imported goods will be more expensive =inflationary
Am I wrong?
I think as long as supply can keep up with demand... it's ok. am I wrong?
We found out tariffs are bad just by watching Ferris Bueller back in 1986... and they were bad LAST TIME Trump did them.
Look up the concept of negative inflation. The consequences for that are even better. This is what China is going through now. And if all goes well America will follow! Isn’t it great Trump won?😂😂😂😂🎉🎉🎉
@@phiksit Deportations will reduce labour supply. So how could supply keep up with demand? It can't - it's inflationary.
Inflation happens when the government is overspending . This why the taxes go up.
@@CurtOntheRadio no more hand outs so american ppl will have to work for there money so theres your labor
What about deducting unreimbursed business expenses for w2 slaves?
Love the enthusiasm. Keep it coming!
This guy has no idea how tariffs work
or how the excise tax code or constitution work do you ? google " LOSTHORIZONS WHAT IS AN EXCISE ANYWAY "
I agree. He’s a snake oil salesman.
I think you're the one that doesn't know how to tariffS work
@@johnnierogue1410 google " losthorizons what is an excise anyway"
@@gust0204 think positive instead of being a fear monger
Interest rates are not 4%...they are in the mid to upper 6% range. Where are you getting your info?
Yields are 4%, rates at upper 6%.
Inflation has ALREADY been going DOWN from it's high June 2022 of 9 to 2.3% and dropping.
The no tax on many things, how are these things going to be funded LONG TERM.
The tax on tips, who really pays or even reports tips very few.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
The “no tax on tips” part. That one scares me. Not because of loss of tax revenue, but because what’s to stop companies from moving away from raises and starting tip pools. Imagine every service you receive starting to ask for tips. From retail to fast food. Everyone is gonna be asking for tips so that companies can relieve themselves of the burden of paying their workers and gaining more profits. But hey, they don’t get taxed. Never mind that the burden of getting paid relies on the consumer and not the employer
They already suggest tips even for buying a coffee or even at a self service check out. And that has been happening for the last four years.
@ I know. But now what’s to stop Amazon asking you to tip their drivers, Wal-Mart from asking for tips, or Kohl’s, or Barnes & Nobel, etc. This policy, either from Trump or Kamala (since she also wanted to do it), has the potential to be disastrous for the consumer and even worse for the employee
Tip jars are everywhere already.
@@christophschultz3500 really? Went to Winco the other day to buy groceries, no tip jar. Kohl’s not too long before Winco and saw no tip jar. Also went to ordered from Amazon, no tip jar. You aren’t actually reading and understanding what I’m saying. You’re just responding.
@@hippieash2799 Hehe. So cute though.
Who pays for the tariffs? I believe the consumer aka us are paying more for the products that we are using. Am I correct?
Depends if your a Trump supporter or not... you'll get two completely different answers.
I think the IRS posted these changes for tax year 2025 on 8/22/2024. You didn’t really cover bracket ranges. IRS says standard deduction is 15000 and 30000. So you were off by 1000.
Also $33,000 for 65 and older couples
How does stimulating the economy bring down inflation? Isn't it the opposite?
Should I wait to start a small business till 2025 ? Will I be able to get these 100% bonuses today if I buy equipment to start a new business?
What about Property Tax
Would be nice to be able to own property... instead of just renting it from the government.
Tariffs are not paid by the country that makes the product . It's paid by the country or company that receives the product . Than the American people will be paying those extra fees because the companies are never going to eat the extra cost . They will always trickle down to the consumer.
Correct. Good luck trying to impose a tax on a foreign entity. Tariffs are charged to the importer, i.e. the American company. Disappointing that Mark doesn’t recognize that many small businesses owners rely on imports from trusted partners around the world and would be crushed by Trump’s talk of across the board tariffs on everything. I agree with using tariffs in a targeted way towards certain countries or industries, and was pleased that even Biden did not roll back the tariffs on China. I am hoping Trump was just speaking hyperbolically for impact and his admin will implement a more targeted approach.
Here what would make Trump plan work if there was an American business setup to take up the slack when people don’t buy the imported products
Absolutely
We just have to wait and see how it goes since the sole purpose of the tariffs are to increase domestic production and not rely on other countries.
The goal is to become a domestic machine where Americans are giving money to American business for everything and it circulates along with taxes
You explained tariffs the same way Trump said it. It's so wrong.
It’s not wrong
Dear Leader is like, a smart guy... with BIGLY brain
@DennisTheMenace55 okay it's not wrong that it's a tax on foreign countries. But who is paying to the foreign countries to pay to the US? Answer: The manufacturers in those foreign countries. Next question: Who is paying to the manufacturers so that they can pay to the foreign countries? Answer: The consumers. So in this case, who are the consumers? Answer: The people that live in the US that consume those products.
Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable.
@hephzibahb.7370 historically, tariffs have failed and will create higher prices on the goods most commonly consumed by the poor and middle class creating a demand for higher wages nationally and inflation to keep up with historical profit margins. It is an economics 101 lesson.
Our family has a manufacturing business in CA and we’ve been struggling a lot because of these high taxes and the mess this administration has made. Nobody is buying and this conflict with Russia has hurt our business because of the high gas prices and shipping issues. Shipping rates have gone up tremendously. Even our large distributors (multimillion dollar companies) have completely stopped selling. Customers are not spending money. Even after absorbing the cost of shipping into the product price, the customers still won’t buy. It literally costs between $500 to $1200 per pallet to ship across the country and even within the state we are located in. On top of this, California shippers pay extra fees just for being in CA. When consumer spending drops, all businesses struggle.
@@Galina3a3a then hire an accountant to explain it to you. That’s business, you have to be smarter
@ One of our long time distributors is a jewelry tools supplier owned by Birkshire Hathaway i.e Warren Buffet. We’ve been doing business with them since 1979, in addition to 15 other major suppliers. Even they have completely stopped selling and buying. The entire industry is at a halt. I have an MBA finance, and am a business broker, I’m also a gov. inspector. My sister is an accountant who works for Disney. I assure you our accounting and business knowledge has nothing to do with it. Your ignorance shows a lot. :)
@ WestCoastStoic One of our long time distributors is a jewelry tools supplier owned by Birkshire Hathaway i.e Warren Buffet. We’ve been doing business with them since 1979, in addition to 15 other major suppliers. Even they have completely stopped selling and buying, due to freight shipping costs. The entire industry is at a halt. I have an MBA in finance, and am a business broker, I’m also a gov. inspector, and work directly with businesses. My sister is an accountant who works for Disney. I assure you, our accounting and business knowledge has nothing to do with it. Your ignorance shows a lot. ;)
Whatever. If your business isn’t viable you need to adapt. Gas prices are set by OPEC, not the administration. You know that. But you’re trying to make this political and garner sympathy for a failing business model. You have to adapt. If you have an MBA you know that too. Life has no guarantees. Shipping rates and gas prices have gone up for everyone.
@@WestCoastStoic You import tea from other countries. What the hell would you know about the manufacturing sector in America? You have no experience. You don’t even know what it is we manufacture and you think you can give advice on adapting. 🤣 Please keep your cheap advice to yourself. Nobody asked for it.
You will pay lower taxes, but pay higher prices because of tariffs. Either way you are paying it. Don't be naive
Bait and switch shell game. Three card monty... it's the Trump way. Bankrupted three casinos. Gonna be a LONG 4 years.
Wow! I was hooked on the video, but I lost you on the tariffs. I would love to see a more in-depth explanation of tariffs from you.
Will start a small business. Should i make big business purchases like PC, Printers, office furniture over Black Friday in a couple of weeks or wait till 2025?
Hey Mark, I’m a pastor of a church and I have 13 rental properties as well. If I purchase a new vehicle, am I able to write 100% of that vehicle off in the year that I acquire it?
The stock market has been at all time highs for three years. Where have you been?
Question, The cap on real estate taxes was passed during the Trump administration. I am in a high property tax state. The cap kills us as a 10000 dollar cap hurts us. 14,000 property tax bill each year. Also, social security is already going to be insolvent by the early 2030s. If we deport and eliminate the tax on benefits then won't it be accelerated? I have paid into SS taxes my whole life. Don't cut my benefits to keep SS solvent! There are a lot of great ideas but, if you cut taxes and don't cut spending we will run the huge deficits we have already been running. I am just worried.
Yes the spending needs to come under better stewardship . Like not opening borders for unvetted masses who will draw from every part of our nations infrastructure when we are in this kind of debt. There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation before we lose our place in the world. Then you will really see a loss of comfort.. We need to have equality in tariffs. We should not be paying more than we receive on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us. Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations and this means we pay more than they pay us. That is ridiculous and terrible leadership. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable. Period.
Is there a possibility of getting the stretch Roth IRA reinstated for people who paid the taxes back in the 1990s?
Will those tax cuts happen in March 2025 for the 2024 tax year?
No
@@Satjr35031 Thanks. Looking forward to when my taxes will be unburdened by what has been.
If lower tax means government deficits which lead to more printing and inflation, foreign tariff also cause the inflation too,then it is not good, unless government get free money from other countries like military protection fee. The bottomline is that the real money has to be coming somewhere and who end up paying for it!
Between tariffs and deporting our cheap labor lowering our housing costs, it’s hard to project low inflation in the future. This is the overly rosy view from a pro-MAGA real estate CPA. Bonus depreciation may lower your taxes but not your overhead. I’m surprised that Mark doesn’t understand how tariffs work. Yikes.
Are you gonna do cheap labor work?
@ No. Are you?
Plus, the fed is going to continue to cut rates, which will have inflationary pressure. I can’t tell if this guy is delusional or what.
There's already companies announcing bonus are cancelled in anticipation of tariffs raising material costs.
I love your stuff, Mark, but don’t you have tariffs exactly the opposite way around? Tariffs that the US government applies on imports are paid for by the importing business and so that’s a direct tax either of business and/or on the consumer. So yes, tariffs can pay For other things, but at the expense of the business and the consumer. Oops.
I bought a truck last year, can I still claim this truck on my taxes for this year?
Same question for me too
Self directed IRA and purchasing property. Can you buy your home from yourself with the SDIRA and then rent it out while you purchase a new house/property? Would like to hear your take on SDIRAs
No. You can’t double dip on your SDIRA. You, your spouse, either of your parents nor children can benefit directly from anything within your SDIRA.
Will these changes apply in the 2024 tax season, or starting in 2025?
I am literally amazed that there are still people - like this gentleman - who continue to promote the false idea that cutting taxes on the wealthy and business owners will result in higher employment. I've been a small business owner my entire life and I can assure you that there was only ONE reason that I would hire more people - if I needed to in order to provide services to my clients. Revenue up, and still able to provide services to our clients? Then that extra money went into my savings account, not towards hiring people we don't need.
Just because YOU didn't hire someone doesn't mean the next person did not.
So, what does IRS consider the tax free SS do to Medicare IRMA. Do we have to include it on bottom line?
Tariffs are actually paid for by the American people. Other countries price their goods and do not pay tariffs, that’s a fallacy.
Yep, simple economics.
Initially you are correct but the goal would be for those businesses to come back and provide better paying jobs.
The whole point of tariffs is to promote industry in the US. If a good is only made in China and sells for $10 in the US, tariffs that increase the price of the good to $50 make people not want to buy it. But demand is still there. So a company starts in the US that sells them for $15-20 each. The item is more expensive than it used to be, but now you're employing more Americans, and with no income tax, you have more money to spend.
Items we buy are taxed but Trump will always make sure it's balanced!
@@ChristiantrospectiveGamerExactly! The whole damn point of the tariffs is to keep the rest of the world (namely China) from undercutting everything that we want/need. They can do this because their people work for pennies a day in sweatshops and the government has no problem letting their industries rip off our patents left and right. Americans don’t want that so we must do something. To do nothing because “TaRifFs aRe inFlAtiOnARy” is a huge mistake. Tariffs require a bit of time for the US to compete with the product so that we can bring our goods back home and stop importing everything. It takes time!
What about California? Can the governor of California block these taxes or can he raise them?
What will happen to deducting interest on HELOC payments?
What is going to lower the national debt if so much tax is being reduced?
LOL… Nasdaq TRIPLED this summer from 2020 levels. As of today, we have not closed above those highs. DJT is due zero credit for stock market as of today. Let’s see where it’s at in 4 yrs.
shhhhh... Trumpers don't wanna hear that.
In my Cristal ball I see a dumpster fire 🔥!
Let the Circus begin!
I like this comment and all the comments of this comment 🎉😂❤
35% is not the top bracket. It is currently 37%.
Are these tax policies permanent for the people or just for corporations and larg businesses?
Trump said he would get rid of federal income tax. Do you think there is a strong possibility he can get congress to pass it? Especially since both the house and senate are leaning conservative. If so, how do we pay for that in his plan?
Since when have republicans EVER come up with a plan that was paid for? Or balanced the budget? They sure like whining about it though.
@phiksit since when have democrats ever balanced anything. All they do is throw money at a problem, then when it isnt fixed, they blame someone else and just move right along by creating another agency that was supposed to have fixed it. But without shutting the agency before it, still funding both like the clowns they are. Also, Kind of like Kamalas campaign where she actually owes a lot of people a ton of money $20M in fact. Keep coping and cry more.
Most inexpensive products we buy in the US are either manufactured abroad (china) or have foreign components (china). Tariffs will increase the price of all these end products (electronics, automotive, appliances, etc). I just don’t see how tariffs aren’t ultimately inflationary until US manufacturing catches up with
domestic replacements.
How can a small business compete with walmart or home depot?
Does your Tax Pro course have prerequisites? Should I be a CPA or EA first or is it ok for tax preparers and alike as well?
One clarification about tariffs: the buyer is paying the tariff, not the seller in another country. I understand the concept, but it is a bit more complex - a simple scenario where a car manufactured in China pays an additional 100% import tax will benefit local manufacturers (it is essential to protect local jobs). However, if pistons are imported from China and a 60% import tax is charged, the price of the local car manufactured in the USA that uses these parts will increase. Moving production from China to the USA is complex, and it may still be cheaper to move from China to India and pay a 20% import tax.
Finally, some items, such as shoes and shirts, might remain cheaper when manufactured outside the US, even with a 60% tariff that would be added (at least part of it) to the consumer price.
This will encourage companies to keep their plants in the US, instead of outsourcing to foreign countries. Think Nike, Adidas and most name brand clothing that's made in sweat shops. Keeping the manufacturers here means more employment and more tax revenue from the companies.
Exactly. I would rather buy a quality pair of shoes that were made in the US. The first pair of Chaco sandals I bought were made in Colorado, then the company sold out to greed and started making them in china. Those sandals fall apart after a year.
I have a cleaning business and real estate, so how much can I write off and save on taxes
It's best not to be stuck in a holding pattern, but a lot of people are. ✈️ It keeps people from continuing on to success. #NoHoldingBack #KeepMovingForward
Will LLCs, C & S corp owners still have to disclose their home address?
I dont' see a tariff strategy that would counterbalance the tax cut. I got a few bucks more a paycheck under Trump. Will Trumps products be subject to tariffs?
200% increase in new car prices...smh...don't buy em ever now...
How much federal debt will we incur? How much under Trump first time?
The Federal debt went down last time Trump was in office, Biden made it shoot way up. Not sure where you get this question from.
19:56 Actually Craps is one of the simplest games. Optimal play is to place a "pass bet" (or "don't pass bet") at the beginning of the game. If the dealer puts a marker down on one of the numbers you can place a "true odds" (the payout is proportional to the odds of winning... i.e. it is a fair payout) bet behind your original bet. That's it! You'll be hard pressed to find another true odds bet in a casino. All the other bets in Craps have less fair payouts vs odds, so you shouldn't play them unless you're just having fun and don't want to play optimally.
What, if any positive changes can we expect this tax year...2024?
Higher standard deduction The tax thresholds also increased.Bottom line might save $300-$500 on taxes
So what does it mean for the people that are too broke to pay attention? What if I'm not a small business owner. I'm struggling to pay bills while being stuck working at McDonald's (literally) because no one is hiring. I've applied for new jobs every week for the last year n a half....... What does this mean for me?
Standard deduction for married couples was already $29,200 in 2024. IRS announced on Oct 23 the new tax brackets and deductions. Before the election. New deduction will be $15,000 and $30,000
Great explanation Mark. I hated the SALT cap.
What about capital gains? And rental depreciation recapture?
My taxes went up for the 2017 tax cut due to the loss of deductions.
Is he going to eliminate the SALT cap?
What about taxes on first responders? Do we have an answer on that proposal as of yet?
Mark, when you write off 100% bonus depreciation, can any of it be written off against w-2 income or only the business revenue?
How would it be possible to remove tax on SS when we have an upcoming shortfall? If anything i would think they would be taxed 100% on all SS. Where is the funding going to come from?
Perhaps tariffs and downsizing of Govt waste.
But we have 90 billion to send to Ukraine with no problems 🤔
I still don’t get how he’s planning on paying for his tax cuts, you said trim down government spending like what??? And tariffs don’t work like you say they do.
Appreciate your advice
That "tax bill" did NOT benefit me at all. My tax bill went up because of the lost "personal exemption"!
Build the greatest economy in history, consumers get ready to pay more. Nothing is free particularly particularly run from politicians. Someone always pays the price. Tariffs means consumer pays more for the imported goods. Any cost incurred by the company gets past to the consumer.
Tariffs are fine as long as i can buy my product drop shipped from COO.
What about the Trump Trade impact on the inflation?
More discretionary income, fine. What about when the tariffs get in place and we have to pay more for goods made in China? Like TV's, A/C's, smartphones, etc.
No tax on Social Security would be great. Removal of the NIIT would also be great.
You won't have to pay tax on SS, because you won't get any
That doesn’t help the 33 million on SS who currently pay no tax.
Full removal of SS is the answer. Put that 12% back in my paycheck.
google - LOSTHORIZONS what is a excise anyway - and youll learn the whole scam no federal earnings no liability
No tax on tips, overtime, etc.. is interesting... isnt some of that "tax" your retirement... and if we abolish federal tax al together are we still going to keep social security even? will it just become a private system then? or do the tarrifs and stuff fund all of that? I am curious how this works.
I hope he stops the wars Is costing a lot of $$$. I have learned more with your Chanel than they ever taught me in high school 😅
I don't understand your explanation of tariffs. It is a strange explanation. You make it sound like it will be a good thing for Americans because we are going to "stick-it to the the evil foreigners"! I like that idea, however that does not make sense to me. Won't we be paying that price increase? America is not making a lot of the goods that we will be placing tariffs on. So there is no competition. Americans will have to pay that tariff, right? Ah...so maybe it will motivate American businesses to make that product because the price point is at a high price? So American companies make the goods at that new price point that is worth it to them. And the working class person now has to pay the high price from the American company for the same product that was cheaper previously? That sounds like that will lead to inflation. So wait. Can you explain it in a way that is more logical---why are tariffs good? Your final conclusion was a sentence that did not make any sense to me even though it sounded really good: " we are going to use these tariffs to pay for the tax breaks" what??? OK so we get tax breaks but have to pay higher prices for the goods that we were paying low prices for previously? That logic does not compute for me. It sounds like a tax to the American people. And more so--the working class person whose discretionary income is lower than rich people. So in the end it seems like the poor people will be paying for the rich people's tax breaks. All in the name of patriotism. Sorry for my ignorance. Please explain further because you seem to be quite excited about it, but your explanation seems to based in flawed logic as I know it. That makes it hard for me to believe anything you say. Thanks :)
Very well said!
a tariff gets passed to the consumer. stop lying to the people
It only gets passed if the consumer buys that product.
@@lexluthor9509 and the majority of our microchips for our electronics. The oil we refine here for gasoline and diesel is from imported oil as our refineries are not set up to refine the oil we produce, so thats another tax on everyone.
nope, manufacturing moves back home and in friendly countries!
You don't pay tariff on home, food, and service here in America. Which cost 90% of my expenses.
He has a tiered plan that involves making products here again. Bringing manufacturing back and small business prosperity. Do you not get that? Its not as black and white as you might initially think.
Are the tax on Alimony going to be removed?
Mark, thanks for the excellent video as always. Do you have any partners at your firm in Minnesota? I need help to set up a structure that makes more sense for me. I am a small soloprenour.
0:22 my guy busts out the crystal ball
Capital gains tax on foreign currency exchange??
i do rideshare as small business to supplement my fix income from SSA. Can I write off 100%
a new purchase of car exclusively used for my rideshare business?
Hello Mark I'm an old listener. Could you please explain how SS will be taxed. Thank you
SS by itself is non taxable if that’s your only income Regardless of how much you receive
How does inflation go down when stocks and crypto going up literally devalues the dollar by definition? Stocks going up mean you can buy less stocks with the same money you could before they went up. Buying power of the dollar in the market goes down as stocks and crypto rise. What am i missing here cuz I'm genuinely confused
Any changes for Roth conversions ?
It really pains me to hear a CPA and lawyer say “amitorize” for the word amortize.
i pay taxes on my social security every april will this affect me in 2025
Last time Trump was in appliances almost doubled due to tariffs and it took months to get them. Same with parts.
Roads are NOT PAID FOR by our personal or corporate income tax.!!! THE GASOLINE/DIESEL/LNG taxes pay for ROADS.....
Whether it's a personal tax, corporate tax, or road tax, it's still a tax. Taxes are necessary for this country to function. Any tax cut in one place has to be made up in another. No way around that. Get real!!
Local roads come out of property taxes... and wheel taxes, where I live. Hey, lets privatize every road put a toll both on every corner. 👍haha... I shouldn't give republicans ideas 😎