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.
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.
what income tax ? i have not payed it or i should say VOLUNTEERED in 20 years stop paying income tax your not liable google " LOSTHORIZONS FEDERAL INCOMETAX IN A NUT SHELL "
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, ¨Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
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.
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@viviancarolgioao I plan to employ the service of an asset-manager this year. I've seen some off social media but wasn't able to get a response. Could you recommend one?
My CFA ’’ Sharon Ann Meny, 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 this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.
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 normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA Vivian jean wilhelm , 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.
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.
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.
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 🤷🏻♂️
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.
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.
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.
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
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.
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..
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.
If you eliminate all taxes, then you also eliminate road maintenance, bridge maintenance, military personnel and equipment to defend the country against attack from places like China and Russia. Clean water regulations and programs, clean air regulations and cleanup programs. Maintaining the flood control systems that also provide clean energy by using hydroelectric systems like Hoover Dam just to name one you might recognize. Police, fire and ambulance services in most major cities and even in some smaller places depend on income from taxes. So eliminating taxes will also eliminate a major portion of the things YOU and the rest of this country have begun to take for granted.
Yes, and our other taxes cover just about everything. also, fuel tax pays for road maintenance, bridge maintenance. There are many sources of tax money other than income and taxing our incomes only serves to slow the economy. There’s a reason why the politicians are always hunting for other countries to receive tax money from us. Once it goes overseas, it can no longer be tracked. It ends up in the hands of shady people running corrupt govts in foreign countries. After that the politicians here get huge donations to their foundations from overseas donors. It’s a money laundering scheme.
The current tax scheme just stalls our economy and hurts the middle class. It just a giant money laundering scheme. The politicians end up with it being handed back as donations to their foundations from overseas.
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.
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?
Sherman, I see 2 things seriously wrong with this video. 1.) It was way too short. 2.) I could only give it one thumbs up. Great vid dude! Have a blessed day.😀
@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 have a question on the Overtime Tax. Is it going to "get" us at the end of the year when we file our taxes? Our gross income will still be that much higher but the amount of taxes we paid in will be much less. Will we end up paying in more when we file because of the difference? The Gov has always "wanted their money" so will this plan actually benefit us or are they going to just tax us in the end for all the OT we put in? I understand that we will have that much more to spend during the year, but at what cost?
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?
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?
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
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.
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?
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.
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
@ 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
@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
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.
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!
@@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!
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!
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
Unfortunately, he also plans to get rid of OT to help corporations. So your company will not have to pay your OT unless your work a certain amount of hours over a month. Also no more OT if you work from home unless you work over 10 hours a day.
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.
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.
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?
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.
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.
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 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.
Just wondering: I like to gamble and have been pretty lucky this year, winning $7250 in taxable "earnings". This tax takes the fun out of winning. I have heard rumors that the limit of $1200 is being raised to $5000. Any word on that? True or false? My winnings this year will put me in a higher tax bracket and that means not only do I have to pay tax on winnings, but more on my entire income. I am a retiree and gambling is what I do for fun, but the fun is being diminished. I moved from CA to IN and won a $2000 jackpot and they immediately took state tax out of my payout, $61.
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.
Will the pair for paying a child support and child support be exempt to taxes exempt and when spouse are getting divorced the properties acids are divided do they get any benefit then what and what if this person bought this property before 2025?
Not one black person in his cabinet 😂😂😂😂but aye you never know anything can happen in the world wrestling federation hope you get everything though❤❤I don't vote just call reality and laugh at the bickering and suffering you guys endorsed this jerry springer show to be continued..You nee damn well a female especially black was not becoming president...
trump wants to get rid of social security in 2025, he wants to get rid of the board of education, he wants to get rid of welfare. He wants to drain the lower and middle classes.
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.
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.
@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.
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.
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.
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.
Income tax needs to be abolished
Absolutely
At least federal tax
Income tax when enacted in 1923 was to be temporary. It's still here and the percentage only went up.
You would have a smaller military.
what income tax ? i have not payed it or i should say VOLUNTEERED in 20 years stop paying income tax your not liable google " LOSTHORIZONS FEDERAL INCOMETAX IN A NUT SHELL "
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollars by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, ¨Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
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.
Get rid of Income Tax !
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@viviancarolgioao I plan to employ the service of an asset-manager this year. I've seen some off social media but wasn't able to get a response. Could you recommend one?
My CFA ’’ Sharon Ann Meny, 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 this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370K the last downturn, made it clear there's more to the markets than we average joes know.
Would you mind telling me how to contact this specific coach using their service? Unlike the rest of us, it appears you have figured everything out.
Her name is “Annette Christine Conte” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
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 normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyper inflationary environment, individuals must continue to use their hyper inflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA Vivian jean wilhelm , 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.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
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
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.
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
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.
My taxes are 900 a check. You know what i can do with 1800 a month.. we are over taxed
Dang. That’s just your pay check… that doesn’t include sales tax, property tax, this tax, that tax… we don’t keep nothing
@pkaseven exactly!!! Taxes on food, mortgage gas. Everything you buy
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
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.
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.
Thanks a lot for the recommendation. I'll check her out and I hope I'm able to connect with her.
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’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.
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.
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.
How about we just end income tax and the irs? How much does it cost to run the irs annually?
We have to pay for everything some how
If you eliminate all taxes, then you also eliminate road maintenance, bridge maintenance, military personnel and equipment to defend the country against attack from places like China and Russia. Clean water regulations and programs, clean air regulations and cleanup programs. Maintaining the flood control systems that also provide clean energy by using hydroelectric systems like Hoover Dam just to name one you might recognize. Police, fire and ambulance services in most major cities and even in some smaller places depend on income from taxes. So eliminating taxes will also eliminate a major portion of the things YOU and the rest of this country have begun to take for granted.
Yes, and our other taxes cover just about everything. also, fuel tax pays for road maintenance, bridge maintenance.
There are many sources of tax money other than income and taxing our incomes only serves to slow the economy. There’s a reason why the politicians are always hunting for other countries to receive tax money from us. Once it goes overseas, it can no longer be tracked. It ends up in the hands of shady people running corrupt govts in foreign countries. After that the politicians here get huge donations to their foundations from overseas donors. It’s a money laundering scheme.
The current tax scheme just stalls our economy and hurts the middle class. It just a giant money laundering scheme. The politicians end up with it being handed back as donations to their foundations from overseas.
I tried to explain this twice, but I guess they won’t let me.
Thank you for clarification on what is to come. Great content as always
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.
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.
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?
.It comes down to "IF YOU QUALIFY" not clear across & Congress to "ok" this...
Thanks!
So no programs other than the military. Taxes pay for things.
Sherman, I see 2 things seriously wrong with this video. 1.) It was way too short. 2.) I could only give it one thumbs up. Great vid dude! Have a blessed day.😀
I agree your social security money should not be taxed.
I have a question. Cutting taxes down means that we will make more money if we fill out for tax returns?
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?
Question? No taxes on overtime while you make them great, what about at the end of the year total when you file? Is that extra earnings taxable?
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 have a question on the Overtime Tax. Is it going to "get" us at the end of the year when we file our taxes? Our gross income will still be that much higher but the amount of taxes we paid in will be much less. Will we end up paying in more when we file because of the difference? The Gov has always "wanted their money" so will this plan actually benefit us or are they going to just tax us in the end for all the OT we put in? I understand that we will have that much more to spend during the year, but at what cost?
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?
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?
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.
Does anyone know If they plan on cutting taxes on bonus pay as well as overtime?
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Having an investment adviser is the best way to go about the stock market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $800K within a short time
@@disney-hefner That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
My CFA Izella Annette Anderson a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
Concerning people collecting Social Security benefits, does this also apply to SSI as well as SSDI?
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.
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?
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?
Another Fantastic Video!!! Keep them coming. ❤❤❤🎉
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
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.
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
Thank you for this information and for keeping us informed!!
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?
You were very thorough and informative, I appreciate you thank you so very much
Is there a chance that they will raise property taxes to cover all those eliminations?😮
Federal and local are two different things.
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
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
I didn't hear him saying anything about federal tax exemption for veterans. Can someone confirm if it is only a rumor?
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.
Great understanding, I'll be on the lookout for when or if the proposals pass with the Congress.
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!
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?
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...
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!
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
Any tax cuts for someone who is strictly commission based? If I don't sell anything I don't get paid anything..
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.
It going to happen
Unfortunately, he also plans to get rid of OT to help corporations. So your company will not have to pay your OT unless your work a certain amount of hours over a month. Also no more OT if you work from home unless you work over 10 hours a day.
So does this same tax bracket apply to couples filing together?
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?
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.
Shouldn’t you be giving this advice after Congress passes tax laws?
Exactly
🎯
Will NH will still jave no SALES TAX in 2026?
Taxes will change by eliminating the IRS AND federal taxes all together sooo let go help pack their desk
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?
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.
Should I wait to file my 2024 taxes to see if any of these things or additional things go into place?
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😂😂🤡
@@DontCensorMuahthe tariffs will effect everyone since the parts aren’t made here.
How would the overtime thing work if you work on straight commission
What about capital gains?
Any thoughts on changes to Capital Gains taxes and NIIT? Thanks for your video.
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.
Can you share how tariffs can affect taxation in layman’s terms?
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
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❤❤❤❤❤🎉🎉🎉🎉😊😊😊
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 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.
all good for me. need that 100% bonus depreciation, the lower corp tax even at 1% less is a W
Just wondering: I like to gamble and have been pretty lucky this year, winning $7250 in taxable "earnings". This tax takes the fun out of winning. I have heard rumors that the limit of $1200 is being raised to $5000. Any word on that? True or false? My winnings this year will put me in a higher tax bracket and that means not only do I have to pay tax on winnings, but more on my entire income. I am a retiree and gambling is what I do for fun, but the fun is being diminished. I moved from CA to IN and won a $2000 jackpot and they immediately took state tax out of my payout, $61.
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.
Trump added more to the debt, even before COVID.
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.
Who’s going to pay for all of this?
These are taxes changes, we have been doing it for years😂, what are you trying to ask?
@ really? We have a massive deficit
Your kids!!! Who else. 🤔
Will the pair for paying a child support and child support be exempt to taxes exempt and when spouse are getting divorced the properties acids are divided do they get any benefit then what and what if this person bought this property before 2025?
Go Trump ❤
I hope you get everything you voted for 🤞👌
Not one black person in his cabinet
😂😂😂😂but aye you never know anything can happen in the world wrestling federation hope you get everything though❤❤I don't vote just call reality and laugh at the bickering and suffering you guys endorsed this jerry springer show to be continued..You nee damn well a female especially black was not becoming president...
How do these tax cuts affect the Social Security fund which in some reports will be depleted by 2034-2036?
trump wants to get rid of social security in 2025, he wants to get rid of the board of education, he wants to get rid of welfare. He wants to drain the lower and middle classes.
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.
Well done informational vid. Nice to see a focused and professional tax expert explain what's to come in our journey to make America great again!
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.
Can u please do a video specific to new tax laws for ENTREPRENEURS?
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.
One of the best clear concise explanations of this I've seen. Well done
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You are right.
But I don't know why people remain poor due to ignorance