Are You Ready for Trump's Tax Plan?

The WealthAbility Show with Tom Wheelwright, CPA

Join Tom Wheelwright as he discusses how Trump’s tax plan will impact you and your small business with his guest and author of Taxocracy, Scott Hodge.
Scott is President Emeritus & Senior Policy Advisor at the Tax Foundation, which he led as President for over two decades between 2000 and 2022. He is recognized as one of Washington’s leading experts on tax policy, the federal budget, and government spending.
In this episode, discover how you and your tax professional can plan for and benefit from the upcoming Trump tax policies, which areas your small business may be vulnerable, and gain insight into what steps you can take in the next year.
Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/
00:00 - Intro.
05:00 - Trump's Promises: Which will be kept?
10:00 - Economic Growth Analysis: How Do We Move Forward?
16:14 - The Deficit: What or who will pay for tax reduction?
23:03 - Big Business vs. Small Business: Is the 20% deduction vulnerable?
26:21 - Addressing the spending side of the budget.
32:00 - Changes in the IRS Budget.
37:44 - What to do in the next year.
Tom Wheelwright, #CPA is a Best-Selling Author, Entrepreneur & Worldwide Authority on Tax. https://wealthability.com/tom/
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Looking for more on Scott Hodge?
Website: https://taxfoundation.org/about-us/staff/scott-hodge/
Books: “Taxocracy: What You Don’t Know About Taxes and How They Rule Your Daily Life”
DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.