Everybody keep commenting he didn’t talk about tariffs and inflation, but that is NOT what the video is about. The man is explaining how the tax plan will affect taxpayers WHEN FILING TAXES. The video is not about the effects of the tax plan on the economy.
is the jail houses big enough? also, why are governmental funds being taxed? if the government needs money that bad then tax the money like a Roth (on the front end)
@ericolens3 They are taxing it to squeeze as much money as they can from people. Then they waste it on projects and wars that they financially gain from. Aka money laundering tax money.
Id like to see Trump remove property taxes for senior home owners and or put say a 50 year limit on property taxes. This would finally allow people to actually own their own homes and land.
Some states double even triple dip on their local and property tax. Kentucky taxes people on pretty much everything. The local occupational taxes especially were employee’s are paying both city and county each pay period. Then of course paying state income taxes. The local government where I live also collects taxes on all insurance policies that you may have. Home,auto,life,health, and so on. They tax all our utilities and when we have any business to conduct with the city we can’t even get into city hall. The doors are locked to the public in a town of less than 1000 people. They’ve taxed businesses in the city even if they don’t make a profit so now we have very few businesses and the ones that are here are owned by large companies or foreigners. Democrats controlled Kentucky for decades at both state and local levels it wasn’t until the last 10 years or so that republicans started to take control of the state government but local governments are still mostly controlled by democrats. Since republicans have taken power in the state legislature they are trying to phase out the state income taxes but the local government increases their taxes by the same amount.
@@LootQuestGaming25 This might pair well with Trump wanting to eliminate or at least drastically reduce the Dept. of Education. Or it could backfire if the responsibility for funds would then fall on the locality to fund schools.
The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.
Pre-tax contributions can help lower income taxes during your working years, while after-tax contributions can reduce your tax burden in retirement. Both have their advantages, but it’s also smart to save outside traditional retirement plans, such as individual investment accounts or with guidance from a financial advisor.
I completely agree. I'm in my mid-40s, getting closer to retirement, with over $2 million in non-retirement funds. I'm debt-free and hold relatively little in my retirement accounts compared to my total portfolio over the last three years. Honestly, you can't ignore the value of a good financial advisor-just make sure to do your homework and find a trustworthy fiduciary.
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Rebecca Lynne Buie appears to be a well-regarded expert in her field. I looked her up online and found her website, which provided detailed information about her credentials, education, and experience.
that is unconstitutional learn how things really work YOU DO NOT OWE a federal income ( excise) tax if you dont have federal earnings google LOSTHORIZONS FEDERALINCOME TAX LAW IN A NUTSHELL " it is sad how little people understand this topic I HAVE NOT PAID IN 20 YEARS i know the tax code and how to file so do all the people who testify on the pete hendrickson channel - basically the w4 withholding agreement i show they get to treat you as federal employee its voluntary and only for federal workers then they send you w2 stating you earned X amount of WAGES which are defined in code as federal earnings TOSS th ew2 file with form 4852 and put CORRECT wages ... which is probably ZERO read " cracking the code " sold on losthorizons
@@robb4964 Of course they did, they would be out of work if God forbid we made things too easy. Gotta complicate things to please our rich masters 🤷🏻♂️
My personal problem how to maximize my investment portfolio without having to be taxed to the teeth whenever I liquidate my assets. I want to put in an extra 70k in the stock market.
Haha but you could actually make a lot of profit and not worry too much about taxes. It's all about playing the game well. I work with a financial advisor and I make sizeable profit north of 300k every quarter without even doing much.
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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.
I don't regret the financial mistakes I've made in the past, as they've all taught me valuable lessons. However, my biggest misstep was planning my finances without consulting a licensed financial advisor.
I sought the guidance of a financial counselor, and as I near retirement, their advice has proven invaluable. I was initially concerned that compound interest on index funds wouldn’t suffice since I started investing later. It's quite amusing to realize that I’ve outperformed colleagues with more investment experience, having gained over $386k tax-free.
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I’m ecstatic with Trump's victory and the year-end market surge. Which hidden jewels in the upcoming bull run would you buy with 150 grand right now? My goal is to position myself for a prosperous Q1 in 2025.
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No it didn't. In fact, since you get a higher deduction, you most likely wouldn't have had the amount you get now. I say that because if you can no longer itemize, you are getting more tax back than if you didn't have the large deduction already. You can't start deducting now until you get over $24,000 in deductions (changes every year).
I had the same experience you did too. Single people, with no children, and making below 100k, are taxed the most. I didn’t have enough in itemized deductions and I was owing taxes!
@@lmboyd3- You were owed taxes with only 100k income? I call 🐂 on that, there is no way you owe federal on only 100k income. How do I know this? I get $2000-3000 (based on my investment) back every year after Trumps tax act. Prior to 2017 I was less than 85k and I was getting about half that back.
Get rid of Social Security in general. That shit will not exist when I hit 62. So why should I have to pay for some other old people? Give me my money that I worked for so I can invest it for myself and not some Joe Blow that I dont even know.
@@mikehocking4836 I totally agree, it's a disgraceful sham. The government under the Dems have chosen to cherry pick what factors they use to determine the annual inflation rate. Even if they raised by 10% it wouldn't make up for the true inflation that has raised everything. My homeowners,auto, and life insurance have all went up by $40.00 to $60.00 per month each. The lousy $49.00 increase I will get won't even hardly cover one of those. And what's worse is we don't know what Medicare premiums will go up to for 2025.
@@SoulOfRaife - are you saving any money now? Will you really invest it? most wont. If you will, kudos to you but the average american doesn't save any money on their own. they use all kinds of excuses as to why but they just don't. I'm not one of them but its sad that so many people have nothing for retirement except that ss check.
Birds flying high, you know how I feel Sun in the sky, you know how I feel Breeze driftin' on by, you know how I feel It's a new dawn, it's a new day, it's a new life For me And I'm feeling good
As good as this sounds, I was hoping you'd go into how the tariffs will affect our bottom line as well. Lower taxes don't really mean much if everything skyrockets in price.
You understand that tariffs were how the government made money before 1914 and all it truly does is incentivize buying, growing and building locally or US built, not imported for cheaper labor. Lowering the taxes and having tariffs will only benefit the market and your pocket. If the prices skyrocket for something it’s because that company does Not want to build in the US and chooses to raise prices for consumers to keep paying cheap labor which is the corporations choice, not a fault of the tariffs. Lower taxes mean an enormous amount even if prices go up regardless because you’re making more money than you’d be spending anyway.
Excellent point. Most of everything is imported now a days, and it will take at least a couple if years before many of those companies move back to produce their articles here in USA. So, I guess we will have to 'bite the bullet' until then.
@@haillucifer69 until you run the numbers, what you say is just speculations. I like Trump's tax plan. But I am more realistic than most of my peers and his voters. I know we will have to pay for it one way or another. Just keeping it real.
@@lockiet7227 nothing I said is speculation. It has been tried and tested and proven that this is the effect of placing tariffs and the purpose of them being put into effect in the first place. Trying to act like you’re more “realistic” or that you’re more intelligent and understanding of the numbers than your peers is a gross overestimation of your own cognizance when we have the historical data to back up what I said. It’s not going to happen overnight so yes we will “have to pay for it one way or another” but in the end we will profit more from it than be hurt. Bonds and tariffs were the backbone of this country and it needs to be brought back.
What about remote workers? And what about those trying to start a new business service that’s remote? I do both I work for a company remotely in digital marketing and I’m starting my marketing company remotely. What about situations like mine?
He's not telling you that most of that stuff is for people who make over $150,000 and businesses. All of these cuts increase the deficit. Also, the lowest income ppl pay more in taxes than the wealthy.
Cut the services due to no funding. Send those services to private industry then government will not have to pay for it or ask for money to fund it. Small government idealogy with self responsibility. With that said, I hope I'm 💯 percent wrong.
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@camronmcelroy3103 weekly ypu don't either if you jave nothing to back that up. We have been on the same system for years, and we need to rebuild it. It complicated and has alot of loop hole that many dont know about. Trump told us this last election.
Lol, it's been tried since 1920s, it won't happen because the rich don't want to pay their fair share. A national sales tax would make them pay more in taxes.
I am Journey Linemen. Specifically no to taxes on overtime would give me such a big raise. Sherman, are these no federal taxes? Or all taxes? State, federal, even Medicare?
Very good presentation. Now I know that government spending is the other side of the equation and I still get the feeling that many of these tax cuts (or extended ones) will not happen unless the government figure out where to cut spending first. My view is that the cuts has to come from stop giving money away (period ... all the give away). No money to anyone until we figure out what to do with the $35T+ debt we are passing on to our next generations. Also, significantly scale back on military spending .... I don't think we can continue having thousands of overseas bases and have all these reduction in government revenues at the same time. This change would be a fundamental shift from how our past and current governments operated, because our elected officials have been under special interests lobbyist influence for so long, they have forgotten who they work for. Just my $0.02.
To be completely honest, this will have a significant impact on middle-income earners, particularly those who are dedicated and hardworking. Many of them will reap the rewards of their dedication and perseverance. 💪❤
@@michealtran6389 Run back to your flock, little lamb. Your indoctrination and TDS have no place in America any more. Since you love socialism, give Venezuela a try. I'm sure you would be welcomed with open arms.
@michealtran6389 My accountant assists me with my IRS calculations, and I work overtime because I am employed in the healthcare industry - we save lives every single day! This tax break will aid in covering our mortgage, bills, car, and additional groceries. Ultimately, if you empower American consumers with purchasing power, it will have a positive cascading effect, leading to increased production and more job opportunities in the market. 💪🇺🇲 #EmpoweringAmericanConsumers
Did you pass math class?😂😂 If A new car 🚗 import cost $15000 just at 25% tariff . Is $3,750 , now. The car will cost $18,750 , a middle income if the make $60,000 a year at 15% tax is $9,000 if it come down too 10% it will be $6,000 , now add the tariff 3,750= $9,750 😂😂😂 now Tell us where is the benefit?
@doi5451 okay, by re uploaded, I just meant re posted. I know fully well this isn't my work. I just posted to his comments because literally everyone is losing thier minds
Thx so much!!!! I am 61 now, and I want to liquidate my prudential annuity (no penalty) but 52k of it will be taxed. I make around 98K yr now. Single and want to know would it be better to take the tax hit before 2024 ends or 2025? Appreciate any tips! God bless you Sir!
If you are not in the financial market right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Same here, I believe the Bitcoin ETFs will be life changing opportunity with my current portfolio of 132k made from my investments with my personal financial advisor I totally agree with you
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considering withdrawing 401k to pay off debt that is incurring 30% interest. 1) will that count as taxable income the year of the withdraw? 2) Should I wait to withdraw until 2025 under Trumps new tax policy- will my income be taxed less?
I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My wife and I will be retiring in the next two years n another country. We are absolutely worried that SSI will no longer be funded. we'll have to rely on pension, a 403 (b) and a very prolific Investment account with my Stephanie Janis Stiefel my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
I know this FA, Stephanie Janis Stiefel but only by her reputation at Neuberger Berman ; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since l watched her interview on WSJ last month.
@@FradAnnerWell her name is 'STEPHANIE JANIS STIEFEL'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
It absolutely does matter who occupies the top job. As the video correctly acknowledged TRUMP cut a 2-year production deal with Saudi Arabia that caused oil prices to rise substantially. This is not a R vs D issue it's a trump issue. Biden was able to purchase large quantities of oil at a reduced price once trumps disaster deal was term ended. You are correct however, when you suggest that in the normal course of activities and absent undue influence, the person in the 'top job' doesn't generally make a difference. It was merely one self-centered, egotistical, buffoon acting on his own self interests that caused an unexpected disruption to normality.
@@Satjr35031and you’ve got 29 million or more illegal immigrants in America who don’t pay any kind of taxes but still puts a huge strain on supply and demand. I guarantee when millions are all deported prices will drop. This tax issue will subside. You get taxed to be taxed then taxed on top of that. It’s all a fucking sham!
Don’t get me wrong, I wouldn’t mind some extra cash in my pocket but how are we going to make up the loss of tax revenue? Are we going to increase the national debt? Or is the government going to do a better job at budgeting?
I mean in all fairness there should be a flat 10% tax for everyone regardless of income. It’s unfair the more you make the more you take, the government does not deserve our money they are not responsible enough with it.
I can back that. As one who makes enough not to be at poverty levels but not enough to get rich guy perks I get upset when lower and higher incomes get away with less to pay. I work hard for what I get and end up paying almost 30% in taxes and still owe at the end of the year. If I get anything out of this 4yr train wreck, I hope it is some tax relief so I can pay bills and feed the family.
@@nikkin.9206 they pay the same percentage not amount. Someone making 250k They pay 25k in taxes and someone who makes 35k a year would only pay 3500. It’s 💯 fair. I bet if you were the one making a bunch of money you wouldn’t be saying what you’re saying. I definitely don’t make lots of money but I can easily put myself in their shoes and see how the current tax system is a joke!
The last Trump “cuts” cost me thousands’ of dollars! I went from getting $500.00 tax returns, to owning $3,000.00 in underpayment, for almost exactly the same wages and expenses!
@ we make @150-k between us. We live in a state where there is a large metropolitan area across state lines. That state imposes income taxes whenever we cross over for work! The orange assclown’s tax cuts screwed people in our situation, by not allowing us to deduct non resident income taxes from working in another state!
odd I had the reverse effect, It's almost like you were doing something you shouldn't have. And if you had a tax professional that you kept up with They would have advised you to change a bunch of stuff.
What about mechanics? I spend a lot of money on tools but I am no longer allowed to write them off because I am not a "contractor" but it really doesn't change the fact that tool cost can amount to 2-4k just to be able to do my job.
It was under Trump that caused me and many people I know to pay more for taxes. Now he'll be a hero reducing tax liability by reversing what he implemented.
@ that’s the thing who wouldn’t pay tax the business or the employee? I don’t see it working out the way people thinks it going to work. Nothings that simple. If the employee doesn’t pay tax I can see the company reducing the overtime pay which would probably come out to the same. One of those nice to hear but in practice is complete BS
With the inflation and cost going up in the past 20 years, the standard deduction should raise from $35,000 to $75,00 for the Joint income for those below 65, and raised to $150,000 for the Seniors past age 65, and also for all Veterans and also all teachers. Since knowledge and education is important, those who write the books should not be taxed on the earnings from books. Similarly all expenses on medicines and medical treatment must be 100% tax exempt so also for all research scholars.
How do they plan on paying for cuts, or the cost of extending them? The 2018 cuts were not paid for, still haven’t been and are adding to the deficit. If everyone is paying less, it is either adding to the deficit, or there will be massive cuts in Government.
Why is everyone but you telling us this is a bad plan? Raising tariffs to eliminate income taxes doesn't 'get rid of taxes', it merely changes who pays them. Do you get your income from capital? Do you make your money from investments? Great! You're in for a windfall. Do you get your money by selling your labor? You're well and truly in trouble. If you are on a fixed income such as a pension or Social Security, it's going to be way worse.
@@OldManDave1960 because being on a fixed income it doesn't matter if you are paying taxes on Social Security. Social Security won't keep up with the rate of inflation caused by the tariffs.
Not to mention if Republicans don't decide to take those types of income benefits away.... They've been talking about taking away social security, Medicare and other work benefits from American's for years now
I have a close friend that works in pricing for a major Consumer package goods company and they have already been having meetings to increase pricing drastically for packaged goods due to proposed tariffs. Buckle up folks inflation is about to get worse than it already is.
No tax on overtime would be awesome. But Im scared everyone will work the overtime and leave none for me. I lot of people stay away from double time because they tax it so hard its overtime pay.
I was at my company Christmas party last weekend and was chatting with the bartender there about the possible end of taxation on tips. He brought up a good point. i dont know the details of the law, especially state by state, but here in Texas he said tips are considered a "service charge" or something. Which brings up the question, can states still collect taxes on tips if they simply change the verbiage in legislature of how you define a 'tip'? Its deceitful and a loophole that Im curious if the new law would fight so companies or states cant continue to collect taxes simply based on what they call a tip.
The only to fair way is every one pays a flat rate no deductions if you make $100 million and the rate is 10%. You're going to pay $10 million in income tax. If you make $1,000, you're going to pay $100 in income tax. That is the only fair way to do it with no deductions. The biggest scam they got going is a earned income credit for people. It should be capped on the amount of money you actually paid in for income tax that year. If you have five kids or one kid you should not get back more than what you paid in. That is not fair to the people who do not have children but seem to have to pay the most. Like I said you should only get back what you paid in. If you didn't pay in you don't get no money back
If we could get this implemented it would eliminate the deterrent that keeps many people from climbing the economic ladder. As myself for example . I am in the 12% bracket currently and I am trying to start a business but I am worried about being successful because if I make only $10K more than I do currently my tax rate will double to 22%. If I could rely that my taxes would stay at a consistent 10% with the possibility of getting part of it waved I would be a lot less scared of becoming successful. And that's not the only hurdle worked into out current system, run by regressive democrats, with the intention of preventing lower income citizens from improving their ecumenic situation. I know of people on welfare who are able bodied and would like to get off welfare but there is such a huge difference between the maximum amount of money they are allowed to earn while on welfare before they lose their benefits and the amount of money they need just to survive that they are forced to stay on welfare just so they can meet their living expenses.
FYI... This is all speculation... No changes have been made yet... so take everything said with a grain of salt... I'd also add the reason no taxes on overtime is that he doesn't want there to be overtime or they will change hours caps from weekly to monthly for overtime... so no employers have to pay overtime don't think you'll get your OT with no taxes...
Also some things to think about what his plan for no taxes on tips really add up to. First, not every worker in the country gets tips, so this won't affect them. Next, most people who rely on tips to afford things, do not make enough money even with tips to pay taxes. Next, even if some workers benefit from not having their tips taxed, their employers will see this as added income for the workers, and will counteract that by lowering their base pay, cutting hours or other means, which will result in a zero net benefit for them. Don't get me wrong, taxes should be removed for tips, and social security benefits as well (They started taxing social security when Reagan was President ), by the way. This just sounds good at first, but when you do your research and dig deeper, the real benefits, or lack of, will come to the surface for all to see. Remember, Corporate Greed will always find a way to keep the middle-class worker down.
As an Aircraft Mechanic we love overtime and hate being taxed this would be great. Companies really have very little control when it comes to playing with our skill set. So, no, they will not change any thing from weekly to monthly.
I do not like the cap on itemized deductions because I had more than 10 grand in taxes and still had to pay more taxes so that did not make me happy. If we could take more deductions like car interest would help.
Blazing????, as he intends to burn down our economy again like he did when he was in office the first time? Do we really have short memories? 6 bankruptices, 11 failed businesses, and this is the guy you want in charge of our economy? How long do you think it will take, once his Tariffs start destroying the booming economy he inherited from Biden? Businesses have already started laying off workers in preparation for these Tariff wars to start with China. Also, workers are not getting their bonuses because companies have to save that cash to offset the higher costs tariffs will surely bring. And China is already using retaliatory tariffs, by refusing to buy American farmer's goods, and instead switching to other countries. This will again force many farmers into bankruptcy, just like it did when Trump was in office in 2018. Taxpayers bailed out the farmers three times, with over 21 Billion Dollars. Does that sound like coming out blazing to you, mikey boy?
tax breaks will almost 90% directly for the top money hoarders. The knock on effects for the working class will be carefully weeded out of the plan as much as possible. A few will slip through, but very few compared to what the money hoarders get.
Nancy Pelosi got it right when she called Trump's tax cuts for the middle class in 2017. as "breadcrumbs". That is what they were, compared to the 2 Trillion that went to the rich, and added over 8 Trillion to our National Debt in just 4 years when he was in office.
The process of trading can be complicated when you have limited knowledge. However, with the right strategy and setups, you can be successful. That's the whole point of investing.
@raycromwell2001 tariffs drive manufacturing away, because the global market is orders of magnitude bigger. Additionally, one nation can't make everything. I work in automotive manufacturing, when the steel tariffs were imposed, all of our costs went up. Domestic steel rose 18% overnight. After a year of the tariff, we laid off 100 workers and sent a whole production line to Mexico.
@raycromwell2001 that logic is flawed. Yea, so I will have to spend more money and time trying to find USA made products that are usually always way more expensive.
@@raycromwell2001 Yes, you’re right. But that is the uninformed, over-simplified answer. I work in an industry where manufacturing left US shores almost 5 decades ago. In other words, it’s impossible to not buy foreign made. So from a business owner’s perspective. It’s much easier to go about business as usual and raise prices VS investing millions and millions and years and years setting up a US based operation with no return-on-investment in sight. And even with all that done, goods would be priced similar or even higher than imported goods with the new tariffs. The presidency would be over by then.
Thanks for all this but I will be following our leader. My tax liability will be $750 which is the same as it was last year. I love that bonus depreciation.😊
This is kicking the can down the road. You keep cutting cost and slowly tearing apart this country. Infrastructure will continue to fail and the rich will keep getting richer.
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.
I don't regret the financial mistakes I've made in the past, as they've all taught me valuable lessons. However, my biggest misstep was planning my finances without consulting a licensed financial advisor.
I sought the guidance of a financial counselor, and as I near retirement, their advice has proven invaluable. I was initially concerned that compound interest on index funds wouldn’t suffice since I started investing later. It's quite amusing to realize that I’ve outperformed colleagues with more investment experience, having gained over $386k tax-free.
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Great, so my taxes are gonna stay the same or possibly go up. I'm salaried, I don't even qualify for the mortgage interest deduction. I was hoping he would say something about that cap increasing.
Everybody keep commenting he didn’t talk about tariffs and inflation, but that is NOT what the video is about. The man is explaining how the tax plan will affect taxpayers WHEN FILING TAXES. The video is not about the effects of the tax plan on the economy.
Exactly. 👍🏽
Doesn't matter, is still a tax we pay
those folks are slow. what does Tarrifs have to do with personal income tax.
@@Restricttedhow the heck is he supposed to know how much prices are going up. correlate it to the tariff. smh
@@bronxcpa it has everything to do with it.
They should arrest the people who decided to tax social security.
is the jail houses big enough?
also, why are governmental funds being taxed?
if the government needs money that bad then tax the money like a Roth (on the front end)
@ericolens3 They are taxing it to squeeze as much money as they can from people. Then they waste it on projects and wars that they financially gain from. Aka money laundering tax money.
JOE BIDEN ALONE STICKING IT TO SENIORS! LIFE IN SOLITARY!
Should jail the assholes who started to tax everything we have! Starting with property tax and sales tax.
And those who moved it to the General Fund.
Id like to see Trump remove property taxes for senior home owners and or put say a 50 year limit on property taxes. This would finally allow people to actually own their own homes and land.
Property taxes usually go to local public schools so they would have to find another revenue source if they got rid of property taxes
Outstanding idea!
Some states double even triple dip on their local and property tax. Kentucky taxes people on pretty much everything. The local occupational taxes especially were employee’s are paying both city and county each pay period. Then of course paying state income taxes. The local government where I live also collects taxes on all insurance policies that you may have. Home,auto,life,health, and so on. They tax all our utilities and when we have any business to conduct with the city we can’t even get into city hall. The doors are locked to the public in a town of less than 1000 people. They’ve taxed businesses in the city even if they don’t make a profit so now we have very few businesses and the ones that are here are owned by large companies or foreigners. Democrats controlled Kentucky for decades at both state and local levels it wasn’t until the last 10 years or so that republicans started to take control of the state government but local governments are still mostly controlled by democrats. Since republicans have taken power in the state legislature they are trying to phase out the state income taxes but the local government increases their taxes by the same amount.
A twenty-year limit would be more reasonable. Vote out the confiscators .
@@LootQuestGaming25 This might pair well with Trump wanting to eliminate or at least drastically reduce the Dept. of Education.
Or it could backfire if the responsibility for funds would then fall on the locality to fund schools.
The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.
Pre-tax contributions can help lower income taxes during your working years, while after-tax contributions can reduce your tax burden in retirement. Both have their advantages, but it’s also smart to save outside traditional retirement plans, such as individual investment accounts or with guidance from a financial advisor.
I completely agree. I'm in my mid-40s, getting closer to retirement, with over $2 million in non-retirement funds. I'm debt-free and hold relatively little in my retirement accounts compared to my total portfolio over the last three years. Honestly, you can't ignore the value of a good financial advisor-just make sure to do your homework and find a trustworthy fiduciary.
This is the direction I want to take with my finances as I prepare for retirement. Can you recommend the advisor who helped you get ahead?
Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.
Rebecca Lynne Buie appears to be a well-regarded expert in her field. I looked her up online and found her website, which provided detailed information about her credentials, education, and experience.
They need to do away with all lobbyists. No more paying billions of dollars for these special interest groups for stupid stuff.
not all lobbying is for the negative special interests. There are many good side of the lobby groups as well. Its a slippery slope.
Legal bribery
Term limits!
@@Primogen1988true, but the slippery slope is more on the side of legal bribery than helping people
Elon n viveck are on it
Flat tax, 10% across the board, no exemptions or loopholes for anyone or any corporations
The Government would never let that happen because it is fair to all, and it could limit the deductions for the very wealthy.
that is unconstitutional learn how things really work YOU DO NOT OWE a federal income ( excise) tax if you dont have federal earnings google LOSTHORIZONS FEDERALINCOME TAX LAW IN A NUTSHELL " it is sad how little people understand this topic I HAVE NOT PAID IN 20 YEARS i know the tax code and how to file so do all the people who testify on the pete hendrickson channel - basically the w4 withholding agreement i show they get to treat you as federal employee its voluntary and only for federal workers then they send you w2 stating you earned X amount of WAGES which are defined in code as federal earnings TOSS th ew2 file with form 4852 and put CORRECT wages ... which is probably ZERO read " cracking the code " sold on losthorizons
Every economist I've ever talked to about this said it wouldn't work and that it's an oversimplification of a very complex thing.
@@robb4964 Of course they did, they would be out of work if God forbid we made things too easy. Gotta complicate things to please our rich masters 🤷🏻♂️
@@robb4964It is only complrx bc they make it so- on purpose bc the complexity allows for cheats and legal loopholes
My personal problem how to maximize my investment portfolio without having to be taxed to the teeth whenever I liquidate my assets. I want to put in an extra 70k in the stock market.
True, the tax codes can be unfavourable. I can definitely relate with this.
Haha but you could actually make a lot of profit and not worry too much about taxes. It's all about playing the game well. I work with a financial advisor and I make sizeable profit north of 300k every quarter without even doing much.
This sounds like incredible profit. Could you recommend who you work with so I could check them out?
Is it possible to leave a commend about who you work with?
I've stuck with ‘’Marissa Lynn Babula” for years now, and her performance has been consistently impressive. She’s quite known in her field and you can look her up.
I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Yes! I'm celebrating £32K stock portfolio today...
Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…
when someone is straight forward and good at what she does best. People will always speak for them. For me I can would say give Mrs Jenna Brooklyn of finance education a try and you be happy you did
Started with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
Can I start with as low as $1,000?
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.
I don't regret the financial mistakes I've made in the past, as they've all taught me valuable lessons. However, my biggest misstep was planning my finances without consulting a licensed financial advisor.
I sought the guidance of a financial counselor, and as I near retirement, their advice has proven invaluable. I was initially concerned that compound interest on index funds wouldn’t suffice since I started investing later. It's quite amusing to realize that I’ve outperformed colleagues with more investment experience, having gained over $386k tax-free.
@@hasede-lg9hj This is definitely significant! Do you have any recommendations for professionals or advisors I could contact? I really need guidance on proper portfolio allocation.
Rebecca Lynne Buie is the coach who guides me. With years of experience in the financial markets, her strategies have worked well for me and contributed to my success. She offers clear entry and exit points for the securities I focus on
Thank you for the tip. I found your coach online and conducted my due diligence before scheduling a call. Based on her resume, she appears to be highly proficient.
I don't want to hear any excuses for not implementing no taxes on OT, tips, & social security by 2026.
EXACTLY!!!
Keep dreaming. No way republicans will cut these taxes..
Good luck
President Trump will keep his word. But Congress, both Republicans and Democrats, have to vote it into legislation.
Keep waiting lol they will have to find a way to make up for that loss
I’m ecstatic with Trump's victory and the year-end market surge. Which hidden jewels in the upcoming bull run would you buy with 150 grand right now? My goal is to position myself for a prosperous Q1 in 2025.
Index Funds & ETFs: 40-50%, Emerging Markets (e.g., VWO): 10-15%, Dividend Stocks: 10-20%, Growth Stocks/Small-Caps: 10-20%, REITs: 5-10% Remember to always work with a knowledgeable person in the financial market when starting out to avoid getting burnt.
”DCA DCA" is the sloppy term but the key. My dollar portfolio i DCA with is made up of 30% PLTR, 25% NVDA, 15% VOO and over 30% in digital assets, thanks to my CFA. This strategy is what works for my spouse and I. We've made over 80% capital growth minus dividends. Q3 taxable divs this year was $18,388 this year.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
My CFA ‘‘’Aileen Gertrude Tippy’’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Income tax needs to be abolished
Absolutely
At least federal tax
The last tax cut raised my taxes due to the reduction of itemized deductions. I will believe it when I see it.
No it didn't. In fact, since you get a higher deduction, you most likely wouldn't have had the amount you get now. I say that because if you can no longer itemize, you are getting more tax back than if you didn't have the large deduction already. You can't start deducting now until you get over $24,000 in deductions (changes every year).
I had the same experience you did too. Single people, with no children, and making below 100k, are taxed the most. I didn’t have enough in itemized deductions and I was owing taxes!
Me too...under trumps 4 years i had to pay over 10k a year more!!!😡
Because of the mess the rinos, liberals, have put us in we are going to suffer until things get situated. Have patience. Pray
@@lmboyd3- You were owed taxes with only 100k income? I call 🐂 on that, there is no way you owe federal on only 100k income. How do I know this? I get $2000-3000 (based on my investment) back every year after Trumps tax act. Prior to 2017 I was less than 85k and I was getting about half that back.
How about we just end income tax and the irs? How much does it cost to run the irs annually?
Thank you for clarification on what is to come. Great content as always
My taxes are 900 a check. You know what i can do with 1800 a month.. we are over taxed
Get rid of Income Tax !
Wouldn't it be cool if Trump had a tax write-off for disasters to where the tax payer didn't have to pay taxes period for the year
That would be beautiful
So when the annual fires come to California, no one in Cali should ever pay federal taxes?
That’s what insurance is for.
Or a few years
@@pmurtaConTomHow does that work when insurance companies are fleeing regions that regularly see major storms?
Raise SS more I mean 2.5% increase is a joke an insult I worked 47 out of my 62 years for that crap 32 extra bucks a month terrible
Get rid of Social Security in general. That shit will not exist when I hit 62. So why should I have to pay for some other old people? Give me my money that I worked for so I can invest it for myself and not some Joe Blow that I dont even know.
Tell Joe to do it he’s still in office
@@mikehocking4836 I totally agree, it's a disgraceful sham. The government under the Dems have chosen to cherry pick what factors they use to determine the annual inflation rate. Even if they raised by 10% it wouldn't make up for the true inflation that has raised everything. My homeowners,auto, and life insurance have all went up by $40.00 to $60.00 per month each. The lousy $49.00 increase I will get won't even hardly cover one of those. And what's worse is we don't know what Medicare premiums will go up to for 2025.
@@TheSexyGemini you may take this joke. Wait until you see a 60% tariff.😂😂😂😂 because not only for him is for everybody
@@SoulOfRaife - are you saving any money now? Will you really invest it? most wont. If you will, kudos to you but the average american doesn't save any money on their own. they use all kinds of excuses as to why but they just don't. I'm not one of them but its sad that so many people have nothing for retirement except that ss check.
Birds flying high, you know how I feel
Sun in the sky, you know how I feel
Breeze driftin' on by, you know how I feel
It's a new dawn, it's a new day, it's a new life
For me
And I'm feeling good
As good as this sounds, I was hoping you'd go into how the tariffs will affect our bottom line as well. Lower taxes don't really mean much if everything skyrockets in price.
You understand that tariffs were how the government made money before 1914 and all it truly does is incentivize buying, growing and building locally or US built, not imported for cheaper labor. Lowering the taxes and having tariffs will only benefit the market and your pocket. If the prices skyrocket for something it’s because that company does Not want to build in the US and chooses to raise prices for consumers to keep paying cheap labor which is the corporations choice, not a fault of the tariffs. Lower taxes mean an enormous amount even if prices go up regardless because you’re making more money than you’d be spending anyway.
Excellent point. Most of everything is imported now a days, and it will take at least a couple if years before many of those companies move back to produce their articles here in USA. So, I guess we will have to 'bite the bullet' until then.
@@haillucifer69 until you run the numbers, what you say is just speculations. I like Trump's tax plan. But I am more realistic than most of my peers and his voters. I know we will have to pay for it one way or another. Just keeping it real.
@@lockiet7227 nothing I said is speculation. It has been tried and tested and proven that this is the effect of placing tariffs and the purpose of them being put into effect in the first place. Trying to act like you’re more “realistic” or that you’re more intelligent and understanding of the numbers than your peers is a gross overestimation of your own cognizance when we have the historical data to back up what I said. It’s not going to happen overnight so yes we will “have to pay for it one way or another” but in the end we will profit more from it than be hurt. Bonds and tariffs were the backbone of this country and it needs to be brought back.
@@haillucifer69 man you sound delusional af
What about remote workers? And what about those trying to start a new business service that’s remote? I do both I work for a company remotely in digital marketing and I’m starting my marketing company remotely. What about situations like mine?
Thank you for this information and for keeping us informed!!
Thank you Sherman for your clear explanation. I just subscribed and i am looking forward to more.
He's not telling you that most of that stuff is for people who make over $150,000 and businesses. All of these cuts increase the deficit. Also, the lowest income ppl pay more in taxes than the wealthy.
One of the best clear concise explanations of this I've seen. Well done
all good for me. need that 100% bonus depreciation, the lower corp tax even at 1% less is a W
You were very thorough and informative, I appreciate you thank you so very much
Where will the government get funds for all the public services, infrastructure projects, schools etc if taxes are reduced?
Stop paying for migrants is a start !
By printing it like always
By spending less money overseas. For example: no wars…
I guess Ukraine and Israel can go pound sand.
Oh, maybe cut the weekly payment of 80 million to the Taliban.
Cut the services due to no funding. Send those services to private industry then government will not have to pay for it or ask for money to fund it. Small government idealogy with self responsibility.
With that said, I hope I'm 💯 percent wrong.
Great video, I love how you break down the necessary information and get right to the point but not too dry at the same time
So no programs other than the military. Taxes pay for things.
.It comes down to "IF YOU QUALIFY" not clear across & Congress to "ok" this...
Your content is AMAZING. Also, the graphical representations are exactly how I like to see my information represented. Please keep on creating these extremely helpful and information dense videos❤❤❤❤❤🎉🎉🎉🎉😊😊😊
I would love to see an abolishment of the payroll tax and implementation of a federal sales tax
Yeah you clearly have no idea how taxes work
@camronmcelroy3103 weekly ypu don't either if you jave nothing to back that up. We have been on the same system for years, and we need to rebuild it. It complicated and has alot of loop hole that many dont know about. Trump told us this last election.
Lol, it's been tried since 1920s, it won't happen because the rich don't want to pay their fair share. A national sales tax would make them pay more in taxes.
I am Journey Linemen. Specifically no to taxes on overtime would give me such a big raise.
Sherman, are these no federal taxes? Or all taxes? State, federal, even Medicare?
Very good presentation. Now I know that government spending is the other side of the equation and I still get the feeling that many of these tax cuts (or extended ones) will not happen unless the government figure out where to cut spending first. My view is that the cuts has to come from stop giving money away (period ... all the give away). No money to anyone until we figure out what to do with the $35T+ debt we are passing on to our next generations. Also, significantly scale back on military spending .... I don't think we can continue having thousands of overseas bases and have all these reduction in government revenues at the same time.
This change would be a fundamental shift from how our past and current governments operated, because our elected officials have been under special interests lobbyist influence for so long, they have forgotten who they work for. Just my $0.02.
Great understanding, I'll be on the lookout for when or if the proposals pass with the Congress.
To be completely honest, this will have a significant impact on middle-income earners, particularly those who are dedicated and hardworking. Many of them will reap the rewards of their dedication and perseverance. 💪❤
I don't know how your getting your figures but man are you wrong
@@michealtran6389 Run back to your flock, little lamb. Your indoctrination and TDS have no place in America any more. Since you love socialism, give Venezuela a try. I'm sure you would be welcomed with open arms.
@michealtran6389 My accountant assists me with my IRS calculations, and I work overtime because I am employed in the healthcare industry - we save lives every single day! This tax break will aid in covering our mortgage, bills, car, and additional groceries. Ultimately, if you empower American consumers with purchasing power, it will have a positive cascading effect, leading to increased production and more job opportunities in the market. 💪🇺🇲 #EmpoweringAmericanConsumers
Let me guess it help the rich blah blah blah. @michealtran6389
Did you pass math class?😂😂
If A new car 🚗 import cost $15000 just at 25% tariff . Is $3,750 , now. The car will cost $18,750 , a middle income if the make $60,000 a year at 15% tax is $9,000 if it come down too 10% it will be $6,000 , now add the tariff 3,750= $9,750 😂😂😂 now Tell us where is the benefit?
Thanks and glad you are sharing this information!
An even bigger help would be to write off credit card interest
I've heard a temporary cap on cc interest is coming. I think 10% cap.
@Pam730 that would be good.
Thx for your time Sherman. Great info😎✌️
I posted your first tax comparison video you made a month ago to the legal eagles channel and it mysteriously got taken down so I re uploaded it.
Probably because you straight up stole his video
@doi5451 okay, by re uploaded, I just meant re posted. I know fully well this isn't my work. I just posted to his comments because literally everyone is losing thier minds
Thx so much!!!! I am 61 now, and I want to liquidate my prudential annuity (no penalty) but 52k of it will be taxed. I make around 98K yr now. Single and want to know would it be better to take the tax hit before 2024 ends or 2025? Appreciate any tips! God bless you Sir!
I am someone who works 20+ hours a week of overtime and I am so anxious for that to not be taxed asap
You know this administration'goal is to ax overtime. So it won't be taxed bc you won't be able to get it. Just food for thought.
I agree your social security money should not be taxed.
Is there a chance that they will raise property taxes to cover all those eliminations?😮
Thank you for stating the facts and keeping it simple.
If you are not in the financial market right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
Same here, I believe the Bitcoin ETFs will be life changing opportunity with my current portfolio of 132k made from my investments with my personal financial advisor I totally agree with you
YES!!! That's exactly her name (Maria Williams ) so many people have recommended highly about her and am just starting with her from South Savo
She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
How can I get in touch with Maria Williams ? What are her offerings?
She's always active on whats~appp..
considering withdrawing 401k to pay off debt that is incurring 30% interest. 1) will that count as taxable income the year of the withdraw? 2) Should I wait to withdraw until 2025 under Trumps new tax policy- will my income be taxed less?
I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem -- greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My wife and I will be retiring in the next two years n another country.
We are absolutely worried that SSI will no longer be funded. we'll have to rely on pension, a 403 (b) and a very prolific Investment account with my Stephanie Janis Stiefel my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.
What country you moving too?!'m headed to Thailand or the Philippines in 4 years.
I know this FA, Stephanie Janis Stiefel but only by her reputation at Neuberger Berman
; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since l watched her interview on WSJ last month.
@@FradAnnerWell her name is 'STEPHANIE JANIS STIEFEL'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@SehunEscobarI have a sister in Sri Lanka, should be easy for me to settle in
It absolutely does matter who occupies the top job. As the video correctly acknowledged TRUMP cut a 2-year production deal with Saudi Arabia that caused oil prices to rise substantially. This is not a R vs D issue it's a trump issue.
Biden was able to purchase large quantities of oil at a reduced price once trumps disaster deal was term ended. You are correct however, when you suggest that in the normal course of activities and absent undue influence, the person in the 'top job' doesn't generally make a difference. It was merely one self-centered, egotistical, buffoon acting on his own self interests that caused an unexpected disruption to normality.
Good content thanks for your wisdom.
Nothing set in the stone. I’ll believe when i see.
Simple as that 💯
What do you mean? It has been in effect since 2017, he is just renewing and adding to them. Democrats were going to let them expire and increase.
Um... He already did it.
then open your eyes. It's been visible for 7 years now.
You don't see the major impacts that resulted from Trump simply winning the election?
Any tax cuts for someone who is strictly commission based? If I don't sell anything I don't get paid anything..
AMEN IF EVERITHING IS TRUE MOST PEOPLE NEED IT SOME BREAK FROM THE UNCLE SAM
Most people now only pay 6-8 % Plus 40 million pay no tax
@@franklinaburto8434 we do since the cost of living will sky rocket
@@Satjr35031and you’ve got 29 million or more illegal immigrants in America who don’t pay any kind of taxes but still puts a huge strain on supply and demand. I guarantee when millions are all deported prices will drop. This tax issue will subside. You get taxed to be taxed then taxed on top of that. It’s all a fucking sham!
Lol it won't be for most people
45 isn't going to give you one, soooo...
Don’t get me wrong, I wouldn’t mind some extra cash in my pocket but how are we going to make up the loss of tax revenue? Are we going to increase the national debt? Or is the government going to do a better job at budgeting?
I mean in all fairness there should be a flat 10% tax for everyone regardless of income. It’s unfair the more you make the more you take, the government does not deserve our money they are not responsible enough with it.
I can back that. As one who makes enough not to be at poverty levels but not enough to get rich guy perks I get upset when lower and higher incomes get away with less to pay. I work hard for what I get and end up paying almost 30% in taxes and still owe at the end of the year. If I get anything out of this 4yr train wreck, I hope it is some tax relief so I can pay bills and feed the family.
Yep! I agree!!!
@@jdnance168 You're under Trump's plan NOW moron.
Absolutely not. How is it fair for someone making $250,000 to pay the same in taxes as someone making $35,000 a year... ridiculous
@@nikkin.9206 they pay the same percentage not amount. Someone making 250k They pay 25k in taxes and someone who makes 35k a year would only pay 3500. It’s 💯 fair. I bet if you were the one making a bunch of money you wouldn’t be saying what you’re saying. I definitely don’t make lots of money but I can easily put myself in their shoes and see how the current tax system is a joke!
Any thoughts on changes to Capital Gains taxes and NIIT? Thanks for your video.
The last Trump “cuts” cost me thousands’ of dollars! I went from getting $500.00 tax returns, to owning $3,000.00 in underpayment, for almost exactly the same wages and expenses!
That makes no sense unless you make more than most people and itemize. People who use the standard deduction all did well.
@ we make @150-k between us. We live in a state where there is a large metropolitan area across state lines. That state imposes income taxes whenever we cross over for work! The orange assclown’s tax cuts screwed people in our situation, by not allowing us to deduct non resident income taxes from working in another state!
You was cheating
@@donames6941 How so?
odd I had the reverse effect, It's almost like you were doing something you shouldn't have. And if you had a tax professional that you kept up with They would have advised you to change a bunch of stuff.
Can you please give me examples of what the state and local taxes can write off in California? Does it could grocery? Or eating at the restaurants?
What about mechanics? I spend a lot of money on tools but I am no longer allowed to write them off because I am not a "contractor" but it really doesn't change the fact that tool cost can amount to 2-4k just to be able to do my job.
You're part of the working class. You're irrelevant to Trumps tax plans.
If you’re a business owner you can write off your investment. The IRS rewards businesses so they say.
This doesn’t make sense. You need a new CPA
@@tigertoyin Had 4 CPAs tell me this.
@@gbuggy006 And where exactly did I say anything about being a business owner?
Concerning people collecting Social Security benefits, does this also apply to SSI as well as SSDI?
It was under Trump that caused me and many people I know to pay more for taxes. Now he'll be a hero reducing tax liability by reversing what he implemented.
Sorry, I don't follow you. It looked like he's just extending policies he put into place last time he was President.
Thank you, sir. That was a great information.
If OT is not taxed I wonder what companies are going to do take advantage or avoid this
Why would they avoid it? Companies pay payroll taxes too it helps them also
@ that’s the thing who wouldn’t pay tax the business or the employee? I don’t see it working out the way people thinks it going to work. Nothings that simple. If the employee doesn’t pay tax I can see the company reducing the overtime pay which would probably come out to the same. One of those nice to hear but in practice is complete BS
Can you share how tariffs can affect taxation in layman’s terms?
With the inflation and cost going up in the past 20 years, the standard deduction should raise from $35,000 to $75,00 for the Joint income for those below 65, and raised to $150,000 for the Seniors past age 65, and also for all Veterans and also all teachers. Since knowledge and education is important, those who write the books should not be taxed on the earnings from books. Similarly all expenses on medicines and medical treatment must be 100% tax exempt so also for all research scholars.
Great content. Thanks for posting!!!
What about capital gains?
How do they plan on paying for cuts, or the cost of extending them? The 2018 cuts were not paid for, still haven’t been and are adding to the deficit. If everyone is paying less, it is either adding to the deficit, or there will be massive cuts in Government.
Sounds like I'll have lower taxes. We all will. I'm also looking forward to an increase in the child tax credit Vance has mentioned.
Wake up, you fool!!! Only if you make 400k+/yr!
@user-zl1bh2gk1b nope.
🙏🙏🙏
How about parents who’s taking care of their children with disabilities.
@@user-zl1bh2gk1b He was already president, we already have a record of how this will play out. Your point belongs to a belief system, not reality.
How would the overtime thing work if you work on straight commission
Why is everyone but you telling us this is a bad plan? Raising tariffs to eliminate income taxes doesn't 'get rid of taxes', it merely changes who pays them. Do you get your income from capital? Do you make your money from investments? Great! You're in for a windfall. Do you get your money by selling your labor? You're well and truly in trouble. If you are on a fixed income such as a pension or Social Security, it's going to be way worse.
With no taxes on social security, how can it get worse?
@@OldManDave1960 because being on a fixed income it doesn't matter if you are paying taxes on Social Security. Social Security won't keep up with the rate of inflation caused by the tariffs.
Not to mention if Republicans don't decide to take those types of income benefits away.... They've been talking about taking away social security, Medicare and other work benefits from American's for years now
Bc he is lying to you. He needs viewers like you like minded to watch his videos
Bs
Thank you very much!!! All well explained…
I have a close friend that works in pricing for a major Consumer package goods company and they have already been having meetings to increase pricing drastically for packaged goods due to proposed tariffs. Buckle up folks inflation is about to get worse than it already is.
They’re not based in the US are they?
This is what they voted for higher prices and higher taxes
@kathylee4610 you must be a brainwashed Democrat
@@kathylee4610😂😂🤡
Great presentation!
No tax on overtime would be awesome. But Im scared everyone will work the overtime and leave none for me. I lot of people stay away from double time because they tax it so hard its overtime pay.
His plan is to get rid of overtime and the courts have sided with Trump
More likely they'll take the double time (usually Sunday) and take PTO on Monday!
Selfishness is the problem
I was at my company Christmas party last weekend and was chatting with the bartender there about the possible end of taxation on tips. He brought up a good point. i dont know the details of the law, especially state by state, but here in Texas he said tips are considered a "service charge" or something. Which brings up the question, can states still collect taxes on tips if they simply change the verbiage in legislature of how you define a 'tip'? Its deceitful and a loophole that Im curious if the new law would fight so companies or states cant continue to collect taxes simply based on what they call a tip.
Shouldn’t you be giving this advice after Congress passes tax laws?
Exactly
🎯
How are we going to pay for all of these tax cuts?
Thank you President Donald Trump ❤🤑
For what To destroy our Country by end of 2025
Does anyone know If they plan on cutting taxes on bonus pay as well as overtime?
The only to fair way is every one pays a flat rate no deductions if you make $100 million and the rate is 10%. You're going to pay $10 million in income tax. If you make $1,000, you're going to pay $100 in income tax. That is the only fair way to do it with no deductions. The biggest scam they got going is a earned income credit for people. It should be capped on the amount of money you actually paid in for income tax that year. If you have five kids or one kid you should not get back more than what you paid in. That is not fair to the people who do not have children but seem to have to pay the most. Like I said you should only get back what you paid in. If you didn't pay in you don't get no money back
And yet people still believe the Bible is not real or truth lol😅 when you 10% that is all scripture right there.
I’m a tax professional, who has prepared many tax returns, and there is some merit in your comments. Thank you.
If we could get this implemented it would eliminate the deterrent that keeps many people from climbing the economic ladder. As myself for example . I am in the 12% bracket currently and I am trying to start a business but I am worried about being successful because if I make only $10K more than I do currently my tax rate will double to 22%. If I could rely that my taxes would stay at a consistent 10% with the possibility of getting part of it waved I would be a lot less scared of becoming successful. And that's not the only hurdle worked into out current system, run by regressive democrats, with the intention of preventing lower income citizens from improving their ecumenic situation. I know of people on welfare who are able bodied and would like to get off welfare but there is such a huge difference between the maximum amount of money they are allowed to earn while on welfare before they lose their benefits and the amount of money they need just to survive that they are forced to stay on welfare just so they can meet their living expenses.
Common sense tells us 10% of 10mil is a lot more then 10% of 10k so why is it not set up this way? 🤔🤔🤔
That is bullshit! Someone living on $1000 per month would have to choose between food or medical. $100 is a lot of money for the poor.
Can u please do a video specific to new tax laws for ENTREPRENEURS?
FYI... This is all speculation... No changes have been made yet... so take everything said with a grain of salt... I'd also add the reason no taxes on overtime is that he doesn't want there to be overtime or they will change hours caps from weekly to monthly for overtime... so no employers have to pay overtime don't think you'll get your OT with no taxes...
FYI.... All this is speculation too. You can't prodict anything and you may be right but you could also be wrong.
Also some things to think about what his plan for no taxes on tips really add up to. First, not every worker in the country gets tips, so this won't affect them. Next, most people who rely on tips to afford things, do not make enough money even with tips to pay taxes. Next, even if some workers benefit from not having their tips taxed, their employers will see this as added income for the workers, and will counteract that by lowering their base pay, cutting hours or other means, which will result in a zero net benefit for them. Don't get me wrong, taxes should be removed for tips, and social security benefits as well (They started taxing social security when Reagan was President ), by the way. This just sounds good at first, but when you do your research and dig deeper, the real benefits, or lack of, will come to the surface for all to see. Remember, Corporate Greed will always find a way to keep the middle-class worker down.
I will still get my overtime. I work about 50-54 hours a week
As an Aircraft Mechanic we love overtime and hate being taxed this would be great. Companies really have very little control when it comes to playing with our skill set. So, no, they will not change any thing from weekly to monthly.
Curious why you think a company would limit overtime because of taxes, companies only take out taxes for the government?
Great and informative video. Thank you
his tax plan didn't help me or no one I know. we end up owing the IRS. we never owed that much under any president
Agreed
U filed wrong
You’re fos
You meant Joe Biden lol😅
@@queenlaker bs
I do not like the cap on itemized deductions because I had more than 10 grand in taxes and still had to pay more taxes so that did not make me happy. If we could take more deductions like car interest would help.
Yes sir, Trump is coming out blazing.
Blazing????, as he intends to burn down our economy again like he did when he was in office the first time? Do we really have short memories? 6 bankruptices, 11 failed businesses, and this is the guy you want in charge of our economy? How long do you think it will take, once his Tariffs start destroying the booming economy he inherited from Biden? Businesses have already started laying off workers in preparation for these Tariff wars to start with China. Also, workers are not getting their bonuses because companies have to save that cash to offset the higher costs tariffs will surely bring. And China is already using retaliatory tariffs, by refusing to buy American farmer's goods, and instead switching to other countries. This will again force many farmers into bankruptcy, just like it did when Trump was in office in 2018. Taxpayers bailed out the farmers three times, with over 21 Billion Dollars. Does that sound like coming out blazing to you, mikey boy?
Hi quick question is a pension considered income when applying for social security?
not in applying, but in the calculation of how much of your social security MAY be taxable
@@Ag2G2 😖so it is considered in the whole equation.
You forgot to add “out of control inflation” and “out of control national debt crisis”
This is gonna add to the debit crisis 😂
@@frankie3088 if we stop all aid to other countries that will save us trillions
@@hodaka175 it really wont tho
@@hodaka175 it won’t. Also we give the oil companies over a trillion every year in subsidies from our pockets. Let that sink in a little.
So does this same tax bracket apply to couples filing together?
tax breaks will almost 90% directly for the top money hoarders. The knock on effects for the working class will be carefully weeded out of the plan as much as possible. A few will slip through, but very few compared to what the money hoarders get.
Nancy Pelosi got it right when she called Trump's tax cuts for the middle class in 2017. as "breadcrumbs". That is what they were, compared to the 2 Trillion that went to the rich, and added over 8 Trillion to our National Debt in just 4 years when he was in office.
Great information!
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You are right.
But I don't know why people remain poor due to ignorance
Will there be taxes on bonuses from your job
Tax breaks are awesome. We'll definitely need those to offset the upcoming price increase to consumer-goods due to tariffs.
@@anw9485 you wouldn't have increases of goods due to tariffs if you don't buy the foreign made products
@raycromwell2001 tariffs drive manufacturing away, because the global market is orders of magnitude bigger.
Additionally, one nation can't make everything.
I work in automotive manufacturing, when the steel tariffs were imposed, all of our costs went up. Domestic steel rose 18% overnight. After a year of the tariff, we laid off 100 workers and sent a whole production line to Mexico.
@raycromwell2001 that logic is flawed. Yea, so I will have to spend more money and time trying to find USA made products that are usually always way more expensive.
@@raycromwell2001 Yes, you’re right. But that is the uninformed, over-simplified answer. I work in an industry where manufacturing left US shores almost 5 decades ago. In other words, it’s impossible to not buy foreign made.
So from a business owner’s perspective. It’s much easier to go about business as usual and raise prices VS investing millions and millions and years and years setting up a US based operation with no return-on-investment in sight. And even with all that done, goods would be priced similar or even higher than imported goods with the new tariffs. The presidency would be over by then.
Thank you sir.
Thanks for all this but I will be following our leader. My tax liability will be $750 which is the same as it was last year. I love that bonus depreciation.😊
This is kicking the can down the road. You keep cutting cost and slowly tearing apart this country. Infrastructure will continue to fail and the rich will keep getting richer.
you're forgetting the TRILLIONS in gov bloat about to be cut. Privatize everything (most everything)
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.
I don't regret the financial mistakes I've made in the past, as they've all taught me valuable lessons. However, my biggest misstep was planning my finances without consulting a licensed financial advisor.
I sought the guidance of a financial counselor, and as I near retirement, their advice has proven invaluable. I was initially concerned that compound interest on index funds wouldn’t suffice since I started investing later. It's quite amusing to realize that I’ve outperformed colleagues with more investment experience, having gained over $386k tax-free.
@@jeffDwyer1 This is definitely significant! Do you have any recommendations for professionals or advisors I could contact? I really need guidance on proper portfolio allocation.
Annette Christine Conte is the coach who guides me. With years of experience in the financial markets, her strategies have worked well for me and contributed to my success. She offers clear entry and exit points for the securities I focus on
Thank you for the tip. I found your coach online and conducted my due diligence before scheduling a call. Based on her resume, she appears to be highly proficient.
Great, so my taxes are gonna stay the same or possibly go up. I'm salaried, I don't even qualify for the mortgage interest deduction. I was hoping he would say something about that cap increasing.