Sorry, but there already is no tax on retirement income if your income is low. But if you make a lot of money, why does it matter where the money came from to determine if you tax it or not???
@@Bmeri3 What is low? I mean with the average SS benefit in $1900 .... is this lo, highh, medium???????? The $$$ brackets at which the 50%/85% are set (they were set in 1980(s), should be indexed for inflation. Had they been indexed for inflation, then the whole discussion about SS taxes would become irrelevant. At this point the lower income / middle income retiree are getting bit by this 1980(s) 50% and 85% tax thresholds. 47% of retirees are paying taxes and the number is creeping up every year.
@@waheedali2429 This inflationary rise was a world event brought on by COVID/Supply Chain shortages then the two wars. Not to say that Trump and Biden didn't exacerbate it with Government spending and stimulus checks (which both did). But overall, the entire world had to deal with inflation, especially 1st world countries. In addition, US actually faired far better than most all first world countries with inflation. One of the main reasons is US economy, the Fed, and ability to produce its own energy. Under Biden administration, US produced up to 12 million barrels a day, which was greater than even under Trump at 10 million per day. Tariffs drive up cost and it is not even a disputed among economist. Outside of this recent world event, historically countries who implement substantial tariffs have high inflation. In addition, it is a very "anti-capitalism" move. Although that does not mean tariffs are all bad. They may be needed to protect jobs, industries, and counter foreign actions. Careful, there is a lot of mis-information out there.
@@MrNodeeeI am CLUELESS on all that you just said but would LOVE to understand... Is there anywhere I can read up on all of this? I mean, all the "no tax" on SS, tips and overtime, sounds GREAT but, it's hard for me to believe ANY "politician"...
@ Honestly. I get it from so many resources. If you google each term or issue you can parse it out. A good example is to Google Trump Tariffs and Soy Industry. That happened in 2018 and 2019 and so that is recent event for context. You will see Tariffs were enforced against China (I believe for Steel). China retaliated against Soy. US is a major exporter of Soy and China was a major importer. This devastated the US Soy farmers and US government had to come in and subsides them.
exactly it is just cost more to buy everything imported from china, which unfortunately is most everything we buy. Corporate greed is and has been the problem. Today the average CEO of a company makes 150 times the average employee salary. In 1985 it was 7 to 8 times!! look who is winning people wake up!!!!!!
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
@@hephzibahb.7370 I worked for a company and all they did was move their plant from China to another Asian country to avoid the taxes that trump put on china last time. Jobs did not move back to the US.
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days.
And stop thinking that "real estate" as it's commonly understood and stocks are good investments. They're not. Real real estate, as the term comes from the French, is essentially actually productive capital in the form of land. Fertile agricultural land or lumber land or mining land. Buying rental or lease properties are a short term solution for a childless couple or individual because it doesn't actually produce anything. It doesn't even hold value in real terms. It's value will fluctuate with migration patterns and population growth patterns. At least industrial and to a far lesser degree offices, are halfway decent investments. Real Estate as the French usage originally meant is the 2nd best investment and actually physically owning productive capital like equipment to produce goods or facilitate services are the #1 best possible investment. Holding "ownership rights" in anything shared with others is not nearly as good in this economy, especially with the WEFs proclamations of their objectives. Anyone who owns intangible rights to things are going to have a rough time soon
Wow! How did the tax cut of 2016 help the averge American? I am your average American and I got fucked by it. I can no longer right off my property tax, medial expenses, state tax and much more.
Tariffs taxes get passed down to consumers, countries find way around tariffs as China already has in Mexico. I'm NOT excited or looking forward to what will happen.
Tariff taxes will only discourage buying from foreign nations and only buying from US companies. If they have headquarters in the US there will not be tariffs. It will be a bonus to all of us. The proposed tax on unrealized capital gains by the other candidate would have had insane affects on all of us.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
President Musk will absolutely be cutting Social Security. He will be digging deep to get that $2 TRILLION. This means Medicare and Veteran's benefits will take a haircut as well. Elections have consequences.
Regarding tariffs: they get paid by the importer and then they get passed on to the consumer, making them more expensive. That’s how they work. Because the product is more expensive now the demand is lower and imports decrease. This is inflationary… want it or not. Now, the good part is that it makes local production more competitive, since, in theory, they were more expensive than the imported good. In theory future it will help increase local production, but in the short run we are stuck with higher prices.
@@mpierson66 that’s half the story. Then those countries retaliate and American made goods are no longer exported- corn, soy, lpg, wheat & many more. Those red Midwest states better spend Christmas starting whole new businesses
I think as long as supply can keep up with demand... it's ok. am I wrong? We found out tariffs are bad just by watching Ferris Bueller back in 1986... and they were bad LAST TIME Trump did them.
Look up the concept of negative inflation. The consequences for that are even better. This is what China is going through now. And if all goes well America will follow! Isn’t it great Trump won?😂😂😂😂🎉🎉🎉
Here! I have been waiting and super happy its here. I walked out of my job during COVID. I was targeted for being the only employee not getting the jab. I worked for a mega medical university. Never ever again… I’m now self employed!🙏🙏🙏🙏
Lower taxes cause more tax income to the federal government. It has happened repeatedly. Higher taxes ultimately reduce the tax collected. Why work if they are just going to tax most of it away?
Trump lowered taxes... and RAISED SPENDING = INCREASED DEBT... PROMISE BROKEN Republicans never pass tax cuts that are paid for... then they cry about the debt 🤪
Tariffs are not paid by the country that makes the product . It's paid by the country or company that receives the product . Than the American people will be paying those extra fees because the companies are never going to eat the extra cost . They will always trickle down to the consumer.
Correct. Good luck trying to impose a tax on a foreign entity. Tariffs are charged to the importer, i.e. the American company. Disappointing that Mark doesn’t recognize that many small businesses owners rely on imports from trusted partners around the world and would be crushed by Trump’s talk of across the board tariffs on everything. I agree with using tariffs in a targeted way towards certain countries or industries, and was pleased that even Biden did not roll back the tariffs on China. I am hoping Trump was just speaking hyperbolically for impact and his admin will implement a more targeted approach.
Commercial rent is ridiculously high here in Florida. Will this help lower rents? Don’t think so. These big companies buying these buildings are buying them for double their worth and charging almost double rent.
@DennisTheMenace55 okay it's not wrong that it's a tax on foreign countries. But who is paying to the foreign countries to pay to the US? Answer: The manufacturers in those foreign countries. Next question: Who is paying to the manufacturers so that they can pay to the foreign countries? Answer: The consumers. So in this case, who are the consumers? Answer: The people that live in the US that consume those products.
Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable.
@hephzibahb.7370 historically, tariffs have failed and will create higher prices on the goods most commonly consumed by the poor and middle class creating a demand for higher wages nationally and inflation to keep up with historical profit margins. It is an economics 101 lesson.
LOL… Nasdaq TRIPLED this summer from 2020 levels. As of today, we have not closed above those highs. DJT is due zero credit for stock market as of today. Let’s see where it’s at in 4 yrs.
Inflation has ALREADY been going DOWN from it's high June 2022 of 9 to 2.3% and dropping. The no tax on many things, how are these things going to be funded LONG TERM. The tax on tips, who really pays or even reports tips very few.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
Between tariffs and deporting our cheap labor lowering our housing costs, it’s hard to project low inflation in the future. This is the overly rosy view from a pro-MAGA real estate CPA. Bonus depreciation may lower your taxes but not your overhead. I’m surprised that Mark doesn’t understand how tariffs work. Yikes.
I think the IRS posted these changes for tax year 2025 on 8/22/2024. You didn’t really cover bracket ranges. IRS says standard deduction is 15000 and 30000. So you were off by 1000.
The whole point of tariffs is to promote industry in the US. If a good is only made in China and sells for $10 in the US, tariffs that increase the price of the good to $50 make people not want to buy it. But demand is still there. So a company starts in the US that sells them for $15-20 each. The item is more expensive than it used to be, but now you're employing more Americans, and with no income tax, you have more money to spend.
@@ChristiantrospectiveGamerExactly! The whole damn point of the tariffs is to keep the rest of the world (namely China) from undercutting everything that we want/need. They can do this because their people work for pennies a day in sweatshops and the government has no problem letting their industries rip off our patents left and right. Americans don’t want that so we must do something. To do nothing because “TaRifFs aRe inFlAtiOnARy” is a huge mistake. Tariffs require a bit of time for the US to compete with the product so that we can bring our goods back home and stop importing everything. It takes time!
I am literally amazed that there are still people - like this gentleman - who continue to promote the false idea that cutting taxes on the wealthy and business owners will result in higher employment. I've been a small business owner my entire life and I can assure you that there was only ONE reason that I would hire more people - if I needed to in order to provide services to my clients. Revenue up, and still able to provide services to our clients? Then that extra money went into my savings account, not towards hiring people we don't need.
Question, The cap on real estate taxes was passed during the Trump administration. I am in a high property tax state. The cap kills us as a 10000 dollar cap hurts us. 14,000 property tax bill each year. Also, social security is already going to be insolvent by the early 2030s. If we deport and eliminate the tax on benefits then won't it be accelerated? I have paid into SS taxes my whole life. Don't cut my benefits to keep SS solvent! There are a lot of great ideas but, if you cut taxes and don't cut spending we will run the huge deficits we have already been running. I am just worried.
Yes the spending needs to come under better stewardship . Like not opening borders for unvetted masses who will draw from every part of our nations infrastructure when we are in this kind of debt. There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation before we lose our place in the world. Then you will really see a loss of comfort.. We need to have equality in tariffs. We should not be paying more than we receive on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us. Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations and this means we pay more than they pay us. That is ridiculous and terrible leadership. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable. Period.
The “no tax on tips” part. That one scares me. Not because of loss of tax revenue, but because what’s to stop companies from moving away from raises and starting tip pools. Imagine every service you receive starting to ask for tips. From retail to fast food. Everyone is gonna be asking for tips so that companies can relieve themselves of the burden of paying their workers and gaining more profits. But hey, they don’t get taxed. Never mind that the burden of getting paid relies on the consumer and not the employer
@ I know. But now what’s to stop Amazon asking you to tip their drivers, Wal-Mart from asking for tips, or Kohl’s, or Barnes & Nobel, etc. This policy, either from Trump or Kamala (since she also wanted to do it), has the potential to be disastrous for the consumer and even worse for the employee
@@christophschultz3500 really? Went to Winco the other day to buy groceries, no tip jar. Kohl’s not too long before Winco and saw no tip jar. Also went to ordered from Amazon, no tip jar. You aren’t actually reading and understanding what I’m saying. You’re just responding.
@@lexluthor9509 and the majority of our microchips for our electronics. The oil we refine here for gasoline and diesel is from imported oil as our refineries are not set up to refine the oil we produce, so thats another tax on everyone.
He has a tiered plan that involves making products here again. Bringing manufacturing back and small business prosperity. Do you not get that? Its not as black and white as you might initially think.
Hey Mark, I’m a pastor of a church and I have 13 rental properties as well. If I purchase a new vehicle, am I able to write 100% of that vehicle off in the year that I acquire it?
I love your stuff, Mark, but don’t you have tariffs exactly the opposite way around? Tariffs that the US government applies on imports are paid for by the importing business and so that’s a direct tax either of business and/or on the consumer. So yes, tariffs can pay For other things, but at the expense of the business and the consumer. Oops.
If lower tax means government deficits which lead to more printing and inflation, foreign tariff also cause the inflation too,then it is not good, unless government get free money from other countries like military protection fee. The bottomline is that the real money has to be coming somewhere and who end up paying for it!
It's really insincere to say that under a different Administration taxes would have went up when realistically all that would have happened was the tax cuts and jobs act would have expired and we would have been back to our normal tax rate It's things like this that really bother me when people don't give full context and on top of that you didn't explain tarrifs correctly... it's not a tax on the other country. it's a tax on US. we pay the tarrifs
Exactly. He's a CPA. He knows better. Which means he's a MAGA plant intentionally lying to you. Tariffs are paid by the importing company who then increases their prices, increasing your price and increasing inflation.
@@MOstix13 Really? So virtually every economist and example of tarrifs in history showed that tariffs are passed on to the buyer. Happened in his last tariffs in last term. If he really puts a 60% tariff on all goods from China - and deports 11 million illegal aliens - cost of all goods and services produced by many of these people will go up and the tariffs will make that even bigger. I pray you are correct, but nobody can make his numbers add up.
@@MOstix13 Actually it is true. If you buy the 'imported' product, you will be paying the tariff. Now you have the option not to buy it. But then,if every one does not buy imported stuff, then the government revenue from the tariff is $0. In that case, you can't use tariff $$ to offset cutting taxes. 0$ does not buy you much ... etc. It is really a merry go round thing .... but again, if you buy it, you will be paying for the tariff.
This will encourage companies to keep their plants in the US, instead of outsourcing to foreign countries. Think Nike, Adidas and most name brand clothing that's made in sweat shops. Keeping the manufacturers here means more employment and more tax revenue from the companies.
Exactly. I would rather buy a quality pair of shoes that were made in the US. The first pair of Chaco sandals I bought were made in Colorado, then the company sold out to greed and started making them in china. Those sandals fall apart after a year.
I still don’t get how he’s planning on paying for his tax cuts, you said trim down government spending like what??? And tariffs don’t work like you say they do.
I don't understand your explanation of tariffs. It is a strange explanation. You make it sound like it will be a good thing for Americans because we are going to "stick-it to the the evil foreigners"! I like that idea, however that does not make sense to me. Won't we be paying that price increase? America is not making a lot of the goods that we will be placing tariffs on. So there is no competition. Americans will have to pay that tariff, right? Ah...so maybe it will motivate American businesses to make that product because the price point is at a high price? So American companies make the goods at that new price point that is worth it to them. And the working class person now has to pay the high price from the American company for the same product that was cheaper previously? That sounds like that will lead to inflation. So wait. Can you explain it in a way that is more logical---why are tariffs good? Your final conclusion was a sentence that did not make any sense to me even though it sounded really good: " we are going to use these tariffs to pay for the tax breaks" what??? OK so we get tax breaks but have to pay higher prices for the goods that we were paying low prices for previously? That logic does not compute for me. It sounds like a tax to the American people. And more so--the working class person whose discretionary income is lower than rich people. So in the end it seems like the poor people will be paying for the rich people's tax breaks. All in the name of patriotism. Sorry for my ignorance. Please explain further because you seem to be quite excited about it, but your explanation seems to based in flawed logic as I know it. That makes it hard for me to believe anything you say. Thanks :)
On top of all these wonderful things and thank God Trump's back in office. I hope they come up with a plan very soon for people collecting social security and there's an increase across the board for all over and above not having to pay taxes on it
Social security almost always get COLA increase... geez 🙄 that's nothing new. Go dig up Reagan and tell him not to tax social security. If there's a policy that's hurts us, it probably came from Saint Ronnie. If Trump does cancel taxes on SS or tips, you can bet he will make it up somewhere else or defer the taxes somehow, like with his tariffs.
Trump said he would get rid of federal income tax. Do you think there is a strong possibility he can get congress to pass it? Especially since both the house and senate are leaning conservative. If so, how do we pay for that in his plan?
@phiksit since when have democrats ever balanced anything. All they do is throw money at a problem, then when it isnt fixed, they blame someone else and just move right along by creating another agency that was supposed to have fixed it. But without shutting the agency before it, still funding both like the clowns they are. Also, Kind of like Kamalas campaign where she actually owes a lot of people a ton of money $20M in fact. Keep coping and cry more.
How would it be possible to remove tax on SS when we have an upcoming shortfall? If anything i would think they would be taxed 100% on all SS. Where is the funding going to come from?
I will probably get “censored” by Mark because of this comment. I thought this channel was fair and honest until I listened to him explain the impacts of tariffs on consumers and businesses in this video. The answer was misleading and omitted key drawbacks. Mark is a smart cookie so I know this was done intentionally. Sad to see 😢
One clarification about tariffs: the buyer is paying the tariff, not the seller in another country. I understand the concept, but it is a bit more complex - a simple scenario where a car manufactured in China pays an additional 100% import tax will benefit local manufacturers (it is essential to protect local jobs). However, if pistons are imported from China and a 60% import tax is charged, the price of the local car manufactured in the USA that uses these parts will increase. Moving production from China to the USA is complex, and it may still be cheaper to move from China to India and pay a 20% import tax. Finally, some items, such as shoes and shirts, might remain cheaper when manufactured outside the US, even with a 60% tariff that would be added (at least part of it) to the consumer price.
It's best not to be stuck in a holding pattern, but a lot of people are. ✈️ It keeps people from continuing on to success. #NoHoldingBack #KeepMovingForward
Most inexpensive products we buy in the US are either manufactured abroad (china) or have foreign components (china). Tariffs will increase the price of all these end products (electronics, automotive, appliances, etc). I just don’t see how tariffs aren’t ultimately inflationary until US manufacturing catches up with domestic replacements.
Self directed IRA and purchasing property. Can you buy your home from yourself with the SDIRA and then rent it out while you purchase a new house/property? Would like to hear your take on SDIRAs
Will start a small business. Should i make big business purchases like PC, Printers, office furniture over Black Friday in a couple of weeks or wait till 2025?
Lot of this sounds good but the Trump tax cuts expire next year, they've been in place the last 4. If they are so effective at lowering inflation, why has been so high while they have been in place?
Both sides will say things that sound good and make sense but then the results turn out to be different or not as expected. This guy says all these great things will happen but another will say the opposite, both sound like they know what they're talking about. We just have to wait and see for ourselves, but like you said, trumps tax cuts have been in place all this time and all I hear is how bad the economy and inflation is because of biden when it was probably covid the one to blame...
Because tax cuts don’t really influence inflation. The FED printed insane amounts of money to let everyone sit at home during Covid. It has little to do with anything else.
Whether it's a personal tax, corporate tax, or road tax, it's still a tax. Taxes are necessary for this country to function. Any tax cut in one place has to be made up in another. No way around that. Get real!!
Local roads come out of property taxes... and wheel taxes, where I live. Hey, lets privatize every road put a toll both on every corner. 👍haha... I shouldn't give republicans ideas 😎
Standard deduction for married couples was already $29,200 in 2024. IRS announced on Oct 23 the new tax brackets and deductions. Before the election. New deduction will be $15,000 and $30,000
@@stevenhoir4805 Dollar per dollar, middle class most times pays more in the percentage. The ultra wealthy afford the lawyers and accountants to read the opportunities that come with creating opportunities for more wealth production, LLC’s, Corporations etc…are formed to funnel money into accounts that can be taxed differently. Their dollar amounts are higher but the ratio is much lower, the write off on loss can save $$$$
you only gave half of the story with tariffs. for example, when T put tariffs on china in his last 4 years, china then stopped buying grain. that then caused the usa to have to pass a 28b bill that funded farmers that were hurt by the tariffs. also, you didnt cover how tariffs are paid by the consumer in the usa, not by the foreign company. please in your enthusiasm give the full story.
So what does it mean for the people that are too broke to pay attention? What if I'm not a small business owner. I'm struggling to pay bills while being stuck working at McDonald's (literally) because no one is hiring. I've applied for new jobs every week for the last year n a half....... What does this mean for me?
I dont' see a tariff strategy that would counterbalance the tax cut. I got a few bucks more a paycheck under Trump. Will Trumps products be subject to tariffs?
Using tariffs to pay for tax cuts is pure unadulterated STUPIDITY. It is okay to use it to pay for cutting the debt but if we are using it for tax cuts or to balance the budget going forward REQUIRES that the tariffs stay in place, which means we CANNOT negotiate better trade deals. This is because better trade deals will require us to reduce those imposed tariffs, which means we have to pay for that as well. Tariff income needs to be segregated and used for ONE TIME costs, not costs that are ongoing as a result.
Manufacturing has greatly increased in the past few years. New factories have and are being built, thanks to the infrastructure bill, the chips and science act and the inflation reduction act. Tariffs on imports of parts will negatively impact manufacturing, 100 years of history has proven that.
@@donnale3881the “chips act” is ~ $38 billion which was thrown into the Science and Research Act which is ~$280 billion. It was a way the government used a “crisis” to get a bill passed. How much money has the government paid to semiconductor companies from the “chips act”? $0. I’m bullish on America and manufacturing starting January 2025
More discretionary income, fine. What about when the tariffs get in place and we have to pay more for goods made in China? Like TV's, A/C's, smartphones, etc.
Build the greatest economy in history, consumers get ready to pay more. Nothing is free particularly particularly run from politicians. Someone always pays the price. Tariffs means consumer pays more for the imported goods. Any cost incurred by the company gets past to the consumer.
To me and my wife, doesn’t matter that interest rates cut. Our credit already ruined due to making choices on credit cards, or paying for fuel, our kids playing sports, buying food, etc… now, credit is ruined. Thanks dems …
There should be no taxes on any retirement income.
👍👍
@lauraparker-bey9926
When SS stops to exist there will be no taxes .That's logical 😂
not any, but social security should not be taxed
Sorry, but there already is no tax on retirement income if your income is low. But if you make a lot of money, why does it matter where the money came from to determine if you tax it or not???
@@Bmeri3 What is low? I mean with the average SS benefit in $1900 .... is this lo, highh, medium????????
The $$$ brackets at which the 50%/85% are set (they were set in 1980(s), should be indexed for inflation. Had they been indexed for inflation, then the whole discussion about SS taxes would become irrelevant. At this point the lower income / middle income retiree are getting bit by this 1980(s) 50% and 85% tax thresholds. 47% of retirees are paying taxes and the number is creeping up every year.
Fact is: tariffs are paid by the importing company and then passed down to the consumer. YOU KNOW BETTER!
In addition, it creates trade wars and spreads to other goods and industries.
By the way every country's have tariffs and they don't have inflation like US ha e 😂
@@waheedali2429 This inflationary rise was a world event brought on by COVID/Supply Chain shortages then the two wars. Not to say that Trump and Biden didn't exacerbate it with Government spending and stimulus checks (which both did). But overall, the entire world had to deal with inflation, especially 1st world countries. In addition, US actually faired far better than most all first world countries with inflation. One of the main reasons is US economy, the Fed, and ability to produce its own energy. Under Biden administration, US produced up to 12 million barrels a day, which was greater than even under Trump at 10 million per day. Tariffs drive up cost and it is not even a disputed among economist. Outside of this recent world event, historically countries who implement substantial tariffs have high inflation. In addition, it is a very "anti-capitalism" move. Although that does not mean tariffs are all bad. They may be needed to protect jobs, industries, and counter foreign actions. Careful, there is a lot of mis-information out there.
@@MrNodeeeI am CLUELESS on all that you just said but would LOVE to understand... Is there anywhere I can read up on all of this?
I mean, all the "no tax" on SS, tips and overtime, sounds GREAT but, it's hard for me to believe ANY "politician"...
@ Honestly. I get it from so many resources. If you google each term or issue you can parse it out. A good example is to Google Trump Tariffs and Soy Industry. That happened in 2018 and 2019 and so that is recent event for context. You will see Tariffs were enforced against China (I believe for Steel). China retaliated against Soy. US is a major exporter of Soy and China was a major importer. This devastated the US Soy farmers and US government had to come in and subsides them.
The tariffs are taxes paid on goods that are passed onto you.
exactly it is just cost more to buy everything imported from china, which unfortunately is most everything we buy. Corporate greed is and has been the problem. Today the average CEO of a company makes 150 times the average employee salary. In 1985 it was 7 to 8 times!! look who is winning people wake up!!!!!!
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
@@hephzibahb.7370 I worked for a company and all they did was move their plant from China to another Asian country to avoid the taxes that trump put on china last time. Jobs did not move back to the US.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days.
And stop thinking that "real estate" as it's commonly understood and stocks are good investments. They're not.
Real real estate, as the term comes from the French, is essentially actually productive capital in the form of land. Fertile agricultural land or lumber land or mining land. Buying rental or lease properties are a short term solution for a childless couple or individual because it doesn't actually produce anything. It doesn't even hold value in real terms. It's value will fluctuate with migration patterns and population growth patterns. At least industrial and to a far lesser degree offices, are halfway decent investments. Real Estate as the French usage originally meant is the 2nd best investment and actually physically owning productive capital like equipment to produce goods or facilitate services are the #1 best possible investment. Holding "ownership rights" in anything shared with others is not nearly as good in this economy, especially with the WEFs proclamations of their objectives. Anyone who owns intangible rights to things are going to have a rough time soon
Wow! How did the tax cut of 2016 help the averge American? I am your average American and I got fucked by it. I can no longer right off my property tax, medial expenses, state tax and much more.
Tariffs taxes get passed down to consumers, countries find way around tariffs as China already has in Mexico.
I'm NOT excited or looking forward to what will happen.
You can chose NOT to buy the chinese product. Which product(s) has china found a way around through mexico?
Tariff taxes will only discourage buying from foreign nations and only buying from US companies. If they have headquarters in the US there will not be tariffs. It will be a bonus to all of us. The proposed tax on unrealized capital gains by the other candidate would have had insane affects on all of us.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
Tariffs are taxes on FOREIGN GOODS not FOREIGN COUNTRIES.
While optimistic, you can’t bank on any plans until congress acts and sets 2026+ tax rates. 😮
With Republicans gaining House and Senate the Tax brackets aren't going to change.
President Musk will absolutely be cutting Social Security. He will be digging deep to get that $2 TRILLION. This means Medicare and Veteran's benefits will take a haircut as well. Elections have consequences.
"Well if Donald Trump said it - it must be true" - No One Ever
Exactly!
No no no... Dear Leader is always right
But millions of voters can’t be wrong!?!?!😂😂😂😂😂 Oh yes they can…
to his advantage and scheme
Regarding tariffs: they get paid by the importer and then they get passed on to the consumer, making them more expensive. That’s how they work. Because the product is more expensive now the demand is lower and imports decrease. This is inflationary… want it or not. Now, the good part is that it makes local production more competitive, since, in theory, they were more expensive than the imported good. In theory future it will help increase local production, but in the short run we are stuck with higher prices.
Bingo
Yeah! Get ready for 2025.
Trump want those cheap items flooding the country to stop coming in ASAP so we can make out own products
@@mpierson66 that’s half the story. Then those countries retaliate and American made goods are no longer exported- corn, soy, lpg, wheat & many more. Those red Midwest states better spend Christmas starting whole new businesses
Good. Made in USA!
Cut taxes=more money in people’s pockets = inflationary
Higher tariffs=imported goods will be more expensive =inflationary
Am I wrong?
I think as long as supply can keep up with demand... it's ok. am I wrong?
We found out tariffs are bad just by watching Ferris Bueller back in 1986... and they were bad LAST TIME Trump did them.
Look up the concept of negative inflation. The consequences for that are even better. This is what China is going through now. And if all goes well America will follow! Isn’t it great Trump won?😂😂😂😂🎉🎉🎉
@@phiksit Deportations will reduce labour supply. So how could supply keep up with demand? It can't - it's inflationary.
Inflation happens when the government is overspending . This why the taxes go up.
@@CurtOntheRadio no more hand outs so american ppl will have to work for there money so theres your labor
Here! I have been waiting and super happy its here. I walked out of my job during COVID. I was targeted for being the only employee not getting the jab. I worked for a mega medical university. Never ever again… I’m now self employed!🙏🙏🙏🙏
Go go go!!!!
What kind of work do you do now?
@@Cheeseheadhomestead1 I’m a solo Commercial cleaner and looove it!
Economic Boom inbound
@@thomasnickal9661 Wrong. Wrong. Wrong. You’ll see
Recession!!!!! Who’s going to pay for everything bro!!!!! The debt will explode!!!!!
Lower taxes does nothing for lowering the national debt… especially if they don’t decrease their spending!!!
@@CAROLINA_BULLDOGZ it’s called the Laffer Curve. It’s proven, it’s been done. You cannot tax a country into prosperity, that also has been proven
DOGE - department of government efficiency
How about a small fee on every barrel of oil we sell. Would that be satisfactory?
Lower taxes cause more tax income to the federal government. It has happened repeatedly. Higher taxes ultimately reduce the tax collected. Why work if they are just going to tax most of it away?
Trump lowered taxes... and RAISED SPENDING = INCREASED DEBT... PROMISE BROKEN
Republicans never pass tax cuts that are paid for... then they cry about the debt 🤪
Tariffs are not paid by the country that makes the product . It's paid by the country or company that receives the product . Than the American people will be paying those extra fees because the companies are never going to eat the extra cost . They will always trickle down to the consumer.
Correct. Good luck trying to impose a tax on a foreign entity. Tariffs are charged to the importer, i.e. the American company. Disappointing that Mark doesn’t recognize that many small businesses owners rely on imports from trusted partners around the world and would be crushed by Trump’s talk of across the board tariffs on everything. I agree with using tariffs in a targeted way towards certain countries or industries, and was pleased that even Biden did not roll back the tariffs on China. I am hoping Trump was just speaking hyperbolically for impact and his admin will implement a more targeted approach.
Here what would make Trump plan work if there was an American business setup to take up the slack when people don’t buy the imported products
Absolutely
We just have to wait and see how it goes since the sole purpose of the tariffs are to increase domestic production and not rely on other countries.
The goal is to become a domestic machine where Americans are giving money to American business for everything and it circulates along with taxes
Commercial rent is ridiculously high here in Florida. Will this help lower rents? Don’t think so. These big companies buying these buildings are buying them for double their worth and charging almost double rent.
Its the way it works.
Millions of investors from South America
The rich will slowly take over Florida and price out everyone else from the sound of it.
You explained tariffs the same way Trump said it. It's so wrong.
It’s not wrong
Dear Leader is like, a smart guy... with BIGLY brain
@DennisTheMenace55 okay it's not wrong that it's a tax on foreign countries. But who is paying to the foreign countries to pay to the US? Answer: The manufacturers in those foreign countries. Next question: Who is paying to the manufacturers so that they can pay to the foreign countries? Answer: The consumers. So in this case, who are the consumers? Answer: The people that live in the US that consume those products.
Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable.
@hephzibahb.7370 historically, tariffs have failed and will create higher prices on the goods most commonly consumed by the poor and middle class creating a demand for higher wages nationally and inflation to keep up with historical profit margins. It is an economics 101 lesson.
LOL… Nasdaq TRIPLED this summer from 2020 levels. As of today, we have not closed above those highs. DJT is due zero credit for stock market as of today. Let’s see where it’s at in 4 yrs.
shhhhh... Trumpers don't wanna hear that.
In my Cristal ball I see a dumpster fire 🔥!
Let the Circus begin!
I like this comment and all the comments of this comment 🎉😂❤
Inflation has ALREADY been going DOWN from it's high June 2022 of 9 to 2.3% and dropping.
The no tax on many things, how are these things going to be funded LONG TERM.
The tax on tips, who really pays or even reports tips very few.
There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation. We need to have equality in tariffs. We should not be paying more than receiving on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us.
This guy has no idea how tariffs work
or how the excise tax code or constitution work do you ? google " LOSTHORIZONS WHAT IS AN EXCISE ANYWAY "
I agree. He’s a snake oil salesman.
I think you're the one that doesn't know how to tariffS work
@@johnnierogue1410 google " losthorizons what is an excise anyway"
@@gust0204 think positive instead of being a fear monger
Between tariffs and deporting our cheap labor lowering our housing costs, it’s hard to project low inflation in the future. This is the overly rosy view from a pro-MAGA real estate CPA. Bonus depreciation may lower your taxes but not your overhead. I’m surprised that Mark doesn’t understand how tariffs work. Yikes.
Are you gonna do cheap labor work?
@ No. Are you?
Plus, the fed is going to continue to cut rates, which will have inflationary pressure. I can’t tell if this guy is delusional or what.
There's already companies announcing bonus are cancelled in anticipation of tariffs raising material costs.
I think the IRS posted these changes for tax year 2025 on 8/22/2024. You didn’t really cover bracket ranges. IRS says standard deduction is 15000 and 30000. So you were off by 1000.
Also $33,000 for 65 and older couples
Love the enthusiasm. Keep it coming!
Tariffs are actually paid for by the American people. Other countries price their goods and do not pay tariffs, that’s a fallacy.
Yep, simple economics.
Initially you are correct but the goal would be for those businesses to come back and provide better paying jobs.
The whole point of tariffs is to promote industry in the US. If a good is only made in China and sells for $10 in the US, tariffs that increase the price of the good to $50 make people not want to buy it. But demand is still there. So a company starts in the US that sells them for $15-20 each. The item is more expensive than it used to be, but now you're employing more Americans, and with no income tax, you have more money to spend.
Items we buy are taxed but Trump will always make sure it's balanced!
@@ChristiantrospectiveGamerExactly! The whole damn point of the tariffs is to keep the rest of the world (namely China) from undercutting everything that we want/need. They can do this because their people work for pennies a day in sweatshops and the government has no problem letting their industries rip off our patents left and right. Americans don’t want that so we must do something. To do nothing because “TaRifFs aRe inFlAtiOnARy” is a huge mistake. Tariffs require a bit of time for the US to compete with the product so that we can bring our goods back home and stop importing everything. It takes time!
Interest rates are not 4%...they are in the mid to upper 6% range. Where are you getting your info?
Yields are 4%, rates at upper 6%.
You will pay lower taxes, but pay higher prices because of tariffs. Either way you are paying it. Don't be naive
Bait and switch shell game. Three card monty... it's the Trump way. Bankrupted three casinos. Gonna be a LONG 4 years.
There was mention of abolishing agencies like the IRS, any news on that? Thanks.
😆
Irrational statement
How the hell do you think the country will operate?? You need to pay your taxes
@ Too many of his sheep don’t think like him.
I am literally amazed that there are still people - like this gentleman - who continue to promote the false idea that cutting taxes on the wealthy and business owners will result in higher employment. I've been a small business owner my entire life and I can assure you that there was only ONE reason that I would hire more people - if I needed to in order to provide services to my clients. Revenue up, and still able to provide services to our clients? Then that extra money went into my savings account, not towards hiring people we don't need.
Just because YOU didn't hire someone doesn't mean the next person did not.
What about deducting unreimbursed business expenses for w2 slaves?
Question, The cap on real estate taxes was passed during the Trump administration. I am in a high property tax state. The cap kills us as a 10000 dollar cap hurts us. 14,000 property tax bill each year. Also, social security is already going to be insolvent by the early 2030s. If we deport and eliminate the tax on benefits then won't it be accelerated? I have paid into SS taxes my whole life. Don't cut my benefits to keep SS solvent! There are a lot of great ideas but, if you cut taxes and don't cut spending we will run the huge deficits we have already been running. I am just worried.
Yes the spending needs to come under better stewardship . Like not opening borders for unvetted masses who will draw from every part of our nations infrastructure when we are in this kind of debt. There are so many moving parts, causes and effects in the works here. Perhaps we should consider the long term benefits that include strengthening and preserving our nation before we lose our place in the world. Then you will really see a loss of comfort.. We need to have equality in tariffs. We should not be paying more than we receive on tariffs. We must be balanced and can not live 100% as selfish consumers. We must also remember the importance of strengthening our production/ buying products in America. Jobs creation is essential. This nation once thrived with a culture of saving and sacrifice. Delayed gratification and better stewardship is critical to this nation all the way from the government down to each one of us. Tariffs create leverage with world leadership and resources. Presently, we have serious tariff inequality with other nations and this means we pay more than they pay us. That is ridiculous and terrible leadership. Historically, this method that he is proposing has redefined healthy boundaries and brought respect internationally. It is our choice to be myopic and watch a train wreck or see the long term benefits of taking action. I do not see why people want to spend so much time cursing what should have already been done administration after administration. What we are doing now is not sustainable. Period.
The “no tax on tips” part. That one scares me. Not because of loss of tax revenue, but because what’s to stop companies from moving away from raises and starting tip pools. Imagine every service you receive starting to ask for tips. From retail to fast food. Everyone is gonna be asking for tips so that companies can relieve themselves of the burden of paying their workers and gaining more profits. But hey, they don’t get taxed. Never mind that the burden of getting paid relies on the consumer and not the employer
They already suggest tips even for buying a coffee or even at a self service check out. And that has been happening for the last four years.
@ I know. But now what’s to stop Amazon asking you to tip their drivers, Wal-Mart from asking for tips, or Kohl’s, or Barnes & Nobel, etc. This policy, either from Trump or Kamala (since she also wanted to do it), has the potential to be disastrous for the consumer and even worse for the employee
Tip jars are everywhere already.
@@christophschultz3500 really? Went to Winco the other day to buy groceries, no tip jar. Kohl’s not too long before Winco and saw no tip jar. Also went to ordered from Amazon, no tip jar. You aren’t actually reading and understanding what I’m saying. You’re just responding.
@@hippieash2799 Hehe. So cute though.
a tariff gets passed to the consumer. stop lying to the people
It only gets passed if the consumer buys that product.
@@lexluthor9509 and the majority of our microchips for our electronics. The oil we refine here for gasoline and diesel is from imported oil as our refineries are not set up to refine the oil we produce, so thats another tax on everyone.
nope, manufacturing moves back home and in friendly countries!
You don't pay tariff on home, food, and service here in America. Which cost 90% of my expenses.
He has a tiered plan that involves making products here again. Bringing manufacturing back and small business prosperity. Do you not get that? Its not as black and white as you might initially think.
How does stimulating the economy bring down inflation? Isn't it the opposite?
Hey Mark, I’m a pastor of a church and I have 13 rental properties as well. If I purchase a new vehicle, am I able to write 100% of that vehicle off in the year that I acquire it?
I love your stuff, Mark, but don’t you have tariffs exactly the opposite way around? Tariffs that the US government applies on imports are paid for by the importing business and so that’s a direct tax either of business and/or on the consumer. So yes, tariffs can pay For other things, but at the expense of the business and the consumer. Oops.
The stock market has been at all time highs for three years. Where have you been?
If lower tax means government deficits which lead to more printing and inflation, foreign tariff also cause the inflation too,then it is not good, unless government get free money from other countries like military protection fee. The bottomline is that the real money has to be coming somewhere and who end up paying for it!
It's really insincere to say that under a different Administration taxes would have went up when realistically all that would have happened was the tax cuts and jobs act would have expired and we would have been back to our normal tax rate
It's things like this that really bother me when people don't give full context
and on top of that you didn't explain tarrifs correctly... it's not a tax on the other country. it's a tax on US. we pay the tarrifs
What’s insincere is that you haven’t been deported yet 😮
A tariff is directly passed on to the consumer.
Exactly. He's a CPA. He knows better. Which means he's a MAGA plant intentionally lying to you. Tariffs are paid by the importing company who then increases their prices, increasing your price and increasing inflation.
Nope
@@MOstix13 Really? So virtually every economist and example of tarrifs in history showed that tariffs are passed on to the buyer. Happened in his last tariffs in last term. If he really puts a 60% tariff on all goods from China - and deports 11 million illegal aliens - cost of all goods and services produced by many of these people will go up and the tariffs will make that even bigger. I pray you are correct, but nobody can make his numbers add up.
Yes they are. I will 100% pass a tariff to my customers. @MOstix13
@@MOstix13 Actually it is true. If you buy the 'imported' product, you will be paying the tariff. Now you have the option not to buy it. But then,if every one does not buy imported stuff, then the government revenue from the tariff is $0. In that case, you can't use tariff $$ to offset cutting taxes. 0$ does not buy you much ... etc. It is really a merry go round thing .... but again, if you buy it, you will be paying for the tariff.
What about Property Tax
Would be nice to be able to own property... instead of just renting it from the government.
Who pays for the tariffs? I believe the consumer aka us are paying more for the products that we are using. Am I correct?
Depends if your a Trump supporter or not... you'll get two completely different answers.
This will encourage companies to keep their plants in the US, instead of outsourcing to foreign countries. Think Nike, Adidas and most name brand clothing that's made in sweat shops. Keeping the manufacturers here means more employment and more tax revenue from the companies.
Exactly. I would rather buy a quality pair of shoes that were made in the US. The first pair of Chaco sandals I bought were made in Colorado, then the company sold out to greed and started making them in china. Those sandals fall apart after a year.
Will those tax cuts happen in March 2025 for the 2024 tax year?
No
@@Satjr35031 Thanks. Looking forward to when my taxes will be unburdened by what has been.
I still don’t get how he’s planning on paying for his tax cuts, you said trim down government spending like what??? And tariffs don’t work like you say they do.
I don't understand your explanation of tariffs. It is a strange explanation. You make it sound like it will be a good thing for Americans because we are going to "stick-it to the the evil foreigners"! I like that idea, however that does not make sense to me. Won't we be paying that price increase? America is not making a lot of the goods that we will be placing tariffs on. So there is no competition. Americans will have to pay that tariff, right? Ah...so maybe it will motivate American businesses to make that product because the price point is at a high price? So American companies make the goods at that new price point that is worth it to them. And the working class person now has to pay the high price from the American company for the same product that was cheaper previously? That sounds like that will lead to inflation. So wait. Can you explain it in a way that is more logical---why are tariffs good? Your final conclusion was a sentence that did not make any sense to me even though it sounded really good: " we are going to use these tariffs to pay for the tax breaks" what??? OK so we get tax breaks but have to pay higher prices for the goods that we were paying low prices for previously? That logic does not compute for me. It sounds like a tax to the American people. And more so--the working class person whose discretionary income is lower than rich people. So in the end it seems like the poor people will be paying for the rich people's tax breaks. All in the name of patriotism. Sorry for my ignorance. Please explain further because you seem to be quite excited about it, but your explanation seems to based in flawed logic as I know it. That makes it hard for me to believe anything you say. Thanks :)
Very well said!
Should I wait to start a small business till 2025 ? Will I be able to get these 100% bonuses today if I buy equipment to start a new business?
On top of all these wonderful things and thank God Trump's back in office. I hope they come up with a plan very soon for people collecting social security and there's an increase across the board for all over and above not having to pay taxes on it
😂😂😂
Bad news.MAGA congress introduced a bill cutting 2/3 in your social security payment
Social security almost always get COLA increase... geez 🙄 that's nothing new. Go dig up Reagan and tell him not to tax social security. If there's a policy that's hurts us, it probably came from Saint Ronnie. If Trump does cancel taxes on SS or tips, you can bet he will make it up somewhere else or defer the taxes somehow, like with his tariffs.
Didn’t you get the memo? Social Security is canceled!! 😂🎉🎉🎉
Trump said he would get rid of federal income tax. Do you think there is a strong possibility he can get congress to pass it? Especially since both the house and senate are leaning conservative. If so, how do we pay for that in his plan?
Since when have republicans EVER come up with a plan that was paid for? Or balanced the budget? They sure like whining about it though.
@phiksit since when have democrats ever balanced anything. All they do is throw money at a problem, then when it isnt fixed, they blame someone else and just move right along by creating another agency that was supposed to have fixed it. But without shutting the agency before it, still funding both like the clowns they are. Also, Kind of like Kamalas campaign where she actually owes a lot of people a ton of money $20M in fact. Keep coping and cry more.
Is there a possibility of getting the stretch Roth IRA reinstated for people who paid the taxes back in the 1990s?
How would it be possible to remove tax on SS when we have an upcoming shortfall? If anything i would think they would be taxed 100% on all SS. Where is the funding going to come from?
Perhaps tariffs and downsizing of Govt waste.
But we have 90 billion to send to Ukraine with no problems 🤔
Are these tax policies permanent for the people or just for corporations and larg businesses?
No tax on Social Security would be great. Removal of the NIIT would also be great.
You won't have to pay tax on SS, because you won't get any
That doesn’t help the 33 million on SS who currently pay no tax.
Full removal of SS is the answer. Put that 12% back in my paycheck.
google - LOSTHORIZONS what is a excise anyway - and youll learn the whole scam no federal earnings no liability
It really pains me to hear a CPA and lawyer say “amitorize” for the word amortize.
I can't believe how some educated folks can be so gullible.
I will probably get “censored” by Mark because of this comment. I thought this channel was fair and honest until I listened to him explain the impacts of tariffs on consumers and businesses in this video. The answer was misleading and omitted key drawbacks. Mark is a smart cookie so I know this was done intentionally. Sad to see 😢
One clarification about tariffs: the buyer is paying the tariff, not the seller in another country. I understand the concept, but it is a bit more complex - a simple scenario where a car manufactured in China pays an additional 100% import tax will benefit local manufacturers (it is essential to protect local jobs). However, if pistons are imported from China and a 60% import tax is charged, the price of the local car manufactured in the USA that uses these parts will increase. Moving production from China to the USA is complex, and it may still be cheaper to move from China to India and pay a 20% import tax.
Finally, some items, such as shoes and shirts, might remain cheaper when manufactured outside the US, even with a 60% tariff that would be added (at least part of it) to the consumer price.
Wow! I was hooked on the video, but I lost you on the tariffs. I would love to see a more in-depth explanation of tariffs from you.
It's best not to be stuck in a holding pattern, but a lot of people are. ✈️ It keeps people from continuing on to success. #NoHoldingBack #KeepMovingForward
Most inexpensive products we buy in the US are either manufactured abroad (china) or have foreign components (china). Tariffs will increase the price of all these end products (electronics, automotive, appliances, etc). I just don’t see how tariffs aren’t ultimately inflationary until US manufacturing catches up with
domestic replacements.
How much federal debt will we incur? How much under Trump first time?
The Federal debt went down last time Trump was in office, Biden made it shoot way up. Not sure where you get this question from.
Self directed IRA and purchasing property. Can you buy your home from yourself with the SDIRA and then rent it out while you purchase a new house/property? Would like to hear your take on SDIRAs
No. You can’t double dip on your SDIRA. You, your spouse, either of your parents nor children can benefit directly from anything within your SDIRA.
Will start a small business. Should i make big business purchases like PC, Printers, office furniture over Black Friday in a couple of weeks or wait till 2025?
Lot of this sounds good but the Trump tax cuts expire next year, they've been in place the last 4. If they are so effective at lowering inflation, why has been so high while they have been in place?
Both sides will say things that sound good and make sense but then the results turn out to be different or not as expected. This guy says all these great things will happen but another will say the opposite, both sound like they know what they're talking about. We just have to wait and see for ourselves, but like you said, trumps tax cuts have been in place all this time and all I hear is how bad the economy and inflation is because of biden when it was probably covid the one to blame...
Because tax cuts don’t really influence inflation. The FED printed insane amounts of money to let everyone sit at home during Covid. It has little to do with anything else.
Deficit spending. More money in circulation equal less value of the money equal inflation.
35% is not the top bracket. It is currently 37%.
Roads are NOT PAID FOR by our personal or corporate income tax.!!! THE GASOLINE/DIESEL/LNG taxes pay for ROADS.....
Whether it's a personal tax, corporate tax, or road tax, it's still a tax. Taxes are necessary for this country to function. Any tax cut in one place has to be made up in another. No way around that. Get real!!
Local roads come out of property taxes... and wheel taxes, where I live. Hey, lets privatize every road put a toll both on every corner. 👍haha... I shouldn't give republicans ideas 😎
200% increase in new car prices...smh...don't buy em ever now...
Standard deduction for married couples was already $29,200 in 2024. IRS announced on Oct 23 the new tax brackets and deductions. Before the election. New deduction will be $15,000 and $30,000
I bought a truck last year, can I still claim this truck on my taxes for this year?
Same question for me too
I think you need to go back to school on tariffs.
Does your Tax Pro course have prerequisites? Should I be a CPA or EA first or is it ok for tax preparers and alike as well?
So, what does IRS consider the tax free SS do to Medicare IRMA. Do we have to include it on bottom line?
A tax lawyer should know the top tax rate is 37% plus the Net Investment Income Tax of 3.8%.
Probably doesn’t work with many people that make 578k a year. Guess he is a little to human.
I hope he stops the wars Is costing a lot of $$$. I have learned more with your Chanel than they ever taught me in high school 😅
My taxes went up for the 2017 tax cut due to the loss of deductions.
I still don't understand how people voted to have less money.
Only of you are lazy
its no secret. we will pay more. corporations and billionaires will pay far less.
We pay more either way, corporations and the wealthy create more opportunities in theory and most times in actuality.
Please explain. I like my $28000 standard deduction better than reverting back to $16,000
@@stevenhoir4805 Dollar per dollar, middle class most times pays more in the percentage. The ultra wealthy afford the lawyers and accountants to read the opportunities that come with creating opportunities for more wealth production, LLC’s, Corporations etc…are formed to funnel money into accounts that can be taxed differently. Their dollar amounts are higher but the ratio is much lower, the write off on loss can save $$$$
I wrote it all down, let's see if at least one thing will come true... and the import costs are paid by the last person purchasing it, i.e. us
I would recommend not believing a word this guy says.
Who would you trust? And what’s your basis for deciding what’s trust worthy and what is not?
you only gave half of the story with tariffs. for example, when T put tariffs on china in his last 4 years, china then stopped buying grain. that then caused the usa to have to pass a 28b bill that funded farmers that were hurt by the tariffs. also, you didnt cover how tariffs are paid by the consumer in the usa, not by the foreign company. please in your enthusiasm give the full story.
So what does it mean for the people that are too broke to pay attention? What if I'm not a small business owner. I'm struggling to pay bills while being stuck working at McDonald's (literally) because no one is hiring. I've applied for new jobs every week for the last year n a half....... What does this mean for me?
Will these changes apply in the 2024 tax season, or starting in 2025?
That "tax bill" did NOT benefit me at all. My tax bill went up because of the lost "personal exemption"!
How can a small business compete with walmart or home depot?
That is not how Tariffs work. China does not pay for the tariffs. Importers pay for the tariffs. Guess who the importers pass that cost to?
That's what they tell you
But the reality is different
I dont' see a tariff strategy that would counterbalance the tax cut. I got a few bucks more a paycheck under Trump. Will Trumps products be subject to tariffs?
Using tariffs to pay for tax cuts is pure unadulterated STUPIDITY. It is okay to use it to pay for cutting the debt but if we are using it for tax cuts or to balance the budget going forward REQUIRES that the tariffs stay in place, which means we CANNOT negotiate better trade deals. This is because better trade deals will require us to reduce those imposed tariffs, which means we have to pay for that as well. Tariff income needs to be segregated and used for ONE TIME costs, not costs that are ongoing as a result.
Tarif beats income tax because I choose where and on what to pay that tax. Let's go!
i wonder if that tarrif is passed on to the buyer and will that too become deductable? as in, a Kabuto for a ditch digging company?
It would encourage USA made.
No income tax will kill the social security that 90% of senior Americans live off of…. Great, we’ll have homeless seniors
Manufacturing has greatly increased in the past few years. New factories have and are being built, thanks to the infrastructure bill, the chips and science act and the inflation reduction act. Tariffs on imports of parts will negatively impact manufacturing, 100 years of history has proven that.
@@donnale3881the “chips act” is ~ $38 billion which was thrown into the Science and Research Act which is ~$280 billion. It was a way the government used a “crisis” to get a bill passed. How much money has the government paid to semiconductor companies from the “chips act”? $0. I’m bullish on America and manufacturing starting January 2025
More discretionary income, fine. What about when the tariffs get in place and we have to pay more for goods made in China? Like TV's, A/C's, smartphones, etc.
The salt tax will have no CAP😂 he put the cap on it. 🤦🏾♂️ everyone is political
What about California? Can the governor of California block these taxes or can he raise them?
Will LLCs, C & S corp owners still have to disclose their home address?
Mark, when you write off 100% bonus depreciation, can any of it be written off against w-2 income or only the business revenue?
Build the greatest economy in history, consumers get ready to pay more. Nothing is free particularly particularly run from politicians. Someone always pays the price. Tariffs means consumer pays more for the imported goods. Any cost incurred by the company gets past to the consumer.
Elon gets a bailout and another term of wealth transfers
But a majority of Americans love that Trump is most interested in helping the wealthy become wealthier. They showed this on election day👍
great video but please be transparent- the Fed was going to lower interest rates this week regardless of who won the election.
To me and my wife, doesn’t matter that interest rates cut. Our credit already ruined due to making choices on credit cards, or paying for fuel, our kids playing sports, buying food, etc… now, credit is ruined. Thanks dems …
Last time Trump was in appliances almost doubled due to tariffs and it took months to get them. Same with parts.
I have a cleaning business and real estate, so how much can I write off and save on taxes
One of the richest men in america
Is selling his holdings of stock and not buying more.
Why is that?
The man with the most savey in investing.
Ya we were promised healthcare too.
Don't worry... it's only two weeks away. Just like everything else he promised to do the first time.
Concepts of a plan