Ep. 109 | 2024 Election Recap
Download MP3In this lively episode of the Teaching Tax Flow podcast, hosts John and Chris delve into the outcomes of the recent election, marking a notable shift with Donald Trump poised to return to the presidency. This episode serves as a third installment in their White House walkthrough series, carrying listeners through an engaging discussion on the implications of Trump's presidency concerning tax legislation, economic strategies, and potential changes to financial policies. With a blend of humor and insight, the hosts navigate through what these political shifts might mean for different stakeholders, from everyday American taxpayers to large business entities.
The conversation is particularly centered around the intricate proposals suggested by Trump, such as the extension of the Tax Cuts and Jobs Act and specific deductions. Chris unpacks some complex economic concepts, including bonus depreciation and the SALT tax deduction, underlining how these could affect both businesses and individual taxpayers. The episode also highlights the essential process of how tax proposals become law, providing listeners with a comprehensive understanding of legislative procedures in the tax domain. This episode is a valuable listen for anyone looking to stay informed on fiscal policies and the political shifts shaping them.
Key Takeaways:
- Election Outcomes: Donald Trump is set to return as president, prompting potential changes in tax policies and economic strategies.
- Tax Policy Changes: Discussions include extending the Tax Cuts and Jobs Act and 100% bonus depreciation, with implications for business taxation.
- Legislative Process: The episode outlines the route from proposal to law, vital for understanding how tax policies are decided and implemented.
- Taxation Nuances: Focus on deductions, including SALT and tax exemptions on various forms of income such as Social Security.
- Practical Insights: The podcast offers strategic tax planning insights, particularly beneficial for U.S. citizens in higher tax liability states.
Notable Quotes:
- "So ultimately, the theme would be whatever we have right now would continue moving forward in general. And I've said many, many times that taxes right now are on sale." - Chris Picciurro
- "We're just pontificating right now, but that's what this episode's about. Like, gosh, okay, we finally know where the heck we're at with this election and let's dive in and look at what's getting proposed." - Chris Picciurro
- "Social Security started becoming taxable. And now for many, many people, up to 80, 85% of the Social Security benefits are taxable." - Chris Picciurro
- "Bonus depreciation is the backbone of cost segregation studies for our real estate investors." - Chris Picciurro
- "Ultimately [with SALT deductions], if you're paying a tax somewhere else, you should probably get a deduction for it. I mean, that seems fair." - Chris Picciurro
Resources:
- (00:05) - Election Results, Tax Plans, and Political Humor
- (06:48) - Proposed Tax Changes and Their Potential Implications
- (13:31) - Community Engagement and Tax Law Discussions on Facebook
- (15:43) - Proposed Tax Exemption on Social Security Benefits
- (19:04) - Tax Policy Changes and Their Impact on Business and Individuals
- (26:18) - The Complex Process of Tax Legislation in the US
- (34:22) - Connecting Communities with Expert Tax and Investment Advice
