POLITICO’s Post

Trump Won the 2024 Election, Now What? https://lnkd.in/gvDz4jJk After weeks of early voting and an eventful Election Day, Republican-nominee Donald Trump has officially won the presidency. When current-President Joe Biden leaves office this upcoming January, Trump will be sworn in as the 47th president of the United States. By the time the president-elect begins his second term, he will likely put many of his campaign promises into effect. What can you expect? As several popular provisions of Trump’s first-term Tax Cuts and Jobs Act expire in 2025, and as he promised on the campaign trail, an early move he will likely make is securing permanent lower tax brackets and higher standard deductions, or at the very least, extend their expiration date. This move will require Congressional approval, but with a Republican Senate and currently-leading Republican House, there will likely not be a shortage of allies for Trump to pass measures with. Another action many look forward to is Trump’s crusade on eliminating income taxes. While legislation this impactful could be difficult to secure, Trump’s effort to end taxation on wages earned from tips has support from both sides of the aisle, as Democratic-nominee Kamala Harris also expressed her intent to end taxes on tips if she won the election. Ever since he originally announced this proposal, Trump has expanded the elimination of income taxes towards overtime pay and Social Security benefits as well. However, these and many other campaign promises he has made will not be cheap to implement. The Tax Cuts and Jobs Act alone added trillions of dollars to the federal debt. Severely reducing tax revenue with permanent tax breaks could spell trouble for the government. In response to concerns, Trump claims that his foreign policy should pay for his tax cuts. This includes hikes in tariffs. A universal tariff of up to 20% would be imposed on all goods imported to the United States from other nations. But special rates for certain countries like China and Mexico would be much higher. China would face a minimum 60% rate on all goods, while vehicles manufactured in Mexico and then shipped to the US would be hit with a 100% tariff. In theory, this will generate enough revenue to offset costly tax breaks. Until Trump is back in office and begins taking action, we won’t know for sure how his second presidential term will affect the country’s economy. As his policy begins going into effect, it will be important for business owners to keep a close eye on their finances and have appropriate business plans for the next four years. Plan right with financial and tax experts by your side. XQ CPA’s experienced advisors are happy to give you the right guidance so you can thrive under the new president. Get in touch by giving us a call today. Phone: 832-295-3353 #trump #election2024

Why are Republicans afraid to think big? Explain to me this puzzle: They’ve been handed control of the White House and Congress, yet they’re stuck debating modest tweaks to Trump’s tax cuts. Democrats don’t hesitate when they have power. They transform the country. My latest for National Review explains how Republicans should do the same. You can read it in the comments below. It includes a bold vision to replace income taxes with a consumption tax. It’s pro-family, pro-growth, and impossible for the wealthy to dodge. Even better: It funds the government while slashing bureaucratic overreach like the IRS. The GOP has a chance to lead, inspire, and deliver real change. Why stick with minor fixes when sweeping reform is within reach? #taxes #leadership

Taxes take center stage in the 2024 presidential campaign: Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates' platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge from the candidates. Here's a breakdown of some of the most notable tax-related proposals of former President Donald Trump and Vice President Kamala Harris. Expiring provisions of... https://bit.ly/4gIe1Ov

📚Reading my Morning Brew ... "Republicans were projected to keep their narrow majority in the House of Representatives, meaning that come January, the GOP will gain control of the White House and both chambers of Congress. That single-party domination could pave the way for President-elect Trump to extend and deepen the trillions of dollars in tax cuts he enacted during his first term." ☕️ Translation: now is a great time to decrease or eliminate your tax footprint (i.e. taxes eventually owed on your IRA, 401k, etc).🥳 🤔 Do you have a specific plan? If not, you should! 🤩 We help our people with this EVERY day, take time to see how much we could save you: www.calendly.com/mkoosa 🤓💪 #taxstrategy #Fiduciary #YourWealthConcierge

Former President Donald Trump has won the U.S. presidential election, according to NBC News. After months on the campaign trail, Trump and running mate J.D. Vance now turn toward enacting the policy agenda they proposed to voters with the help of a Congress that is likely to skew Republican. The Trump administration inherits an electorate anxious not only about the election itself but also about the candidates’ potential impact on the issues that affect their personal finances. Some 57% of investors reported angst or fear surrounding the race’s outcome, according to a recent survey from Betterment, with inflation, tax increases and a potential recession among their most common worries. A president can’t unilaterally enact a legislative agenda on Day 1, even with a supportive legislature. Nevertheless, here are three policies Trump has put forward that could affect your money if they become a reality.

Taxes take center stage in the 2024 presidential campaign: Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates' platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge from the candidates. Here's a breakdown of some of the most notable tax-related proposals of former President Donald Trump and Vice President Kamala Harris. Expiring provisions of... https://bit.ly/4gIe1Ov

The Harris campaign claims Trump will give billionaires tax breaks. When taxes are reduced it benefits everyone. Everyone pays less. Harris is playing on jealousy and envy to manipulate. Democrats say tax cuts increase the deficit. The opposite is true. When taxes are cut, people have more discretionary income and they spend more. This grows the economy which actually increases government tax revenue. The previous Trump tax cuts resulted in increased tax revenue. Harris wants to increase taxes which will shrink the economy because we will have less discretionary income and we will buy fewer goods and services. Tax revenue will decrease. So, a vote against supposed billionaire tax cuts is a vote to raise your taxes. I don’t care if everyone else gets to keep more of their money if I’m included. Hating billionaires is ridiculous. They create a thriving economy. This creates job oppprtunities and gives us all a chance to grow our own wealth. The idea that the government can give us all basic income and be our provider is ridiculous. The government has no money. They have our money. Without jobs we have no money to give the government. The promise that the government will give us money is empty. At best they will be giving us a little more of our money back after taking more. Does that sound good to you? At worst, they will be giving your money to someone else that does not want to work. Vote wisely. Don’t be fooled.

The GOP is grappling with how to pass another tax cut for the wealthy, but one thing is crystal clear: their legislation will deliver for billionaires and corporations at the expense of working families. Instead of building a fair, equitable tax system, the GOP will stop at nothing to ensure their wealthy friends and donors get a massive tax giveaway. https://lnkd.in/geafygq5

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