It's hard to believe that election season is over and Thanksgiving is almost here! This week on Plan with the Tax Man, we're diving into the future of the Tax Cuts and Jobs Act now that the election results are in. Join us as we explore what changes could be on the horizon and what to expect moving forward. Important Links: Website: http://www.yourplanningpros.com Call: 844-707-7381 ----more---- Transcript: Speaker 1: This week on Plan With The Tax Man, let's talk about the future of the Tax Cuts and Jobs Act, the TCJA now that we know the results of the election. So let's get into what could be on the horizon in the coming years here this week on Plan With The Tax Man. Welcome into the podcast everybody. Thanks for hanging out with Tony Mauro and myself. Tony of course, a CPA, CFP, and EA with 30 plus years in the industry helping folks get to and through retirement. And he's at the Tax Doctor, Inc. You can find them online at yourplanningpros.com. That's yourplanningpros.com. And Tony, happy Thanksgiving, my friend. We are taping this a little before and dropping this podcast just a few days before Thanksgiving. So happy Turkey Bird Day to you, my friend. Tony Mauro: Yeah, same to you and everybody else. Speaker 1: Absolutely. Tony Mauro: It's getting that time of year. Speaker 1: Absolutely. Exactly. Tony Mauro: Yeah. Speaker 1: So hope everybody enjoys the holiday and hopefully we're just going to do a little speculation here this week, Tony. We know now, obviously President Trump is the, Trump President-elect, right, coming in here in January. And so one of the big questions and one of the big things I think that has people, especially in our demographic and the people that you serve and your clientele is what that might mean for the future of tax cuts. Right. So all through the Biden administration, we kind of wondered were they going to make any tax cuts changes or tax rate changes or anything. They never did. And then of course the big kind of question was, well, if Harris wins, will we see the Tax Cuts and Jobs Act go ahead and expire at the end of 25 like it's supposed to, or would we see a new tax program? Well, now that we know Trump is coming back in, I think it's probably a safe assumption to say that he's going to try to either extend the TCJA or maybe even make it permanent. Right. So there's conversation around that. So I thought we could talk a little bit about what that might mean for retirees, pre-retirees, and just from a planning and thought kind of process should that happen. Tony Mauro: Yeah. And I think now that hopefully everybody's emotions are calming down a little bit, depending on,- Speaker 1: We hope. Tony Mauro: Won or lost. Speaker 1: We hope. Right. Tony Mauro: Half of everybody is mad and half of everybody is happy. And I think the big thing with all of this is, and I've been putting it out in our newsletter since the election is even though it may not have gone your way, life is not going to change all that much for you. I mean, you need to be aware of some of these things and how it impacts you and how to use it to your best benefit. Because the end of the day, we go back to doing what we do and trying to make the best of what we've got and so,- Speaker 1: Right. And we know that fiscally our country's in really bad shape and whatever changes they're going to be working on is not going to happen overnight. It is going to take a little time. They're going to break some eggs along the way. It's not going to be a totally smooth process. I mean, we're in pretty bad shape, Tony fiscally. Right. So it's going to take a lot of work to kind of right the ship. And obviously the voters voted for hoping that prices come down, getting a better grip on the economy. That was one of the biggest poll movers, I suppose, in that conversation. So with that in mind, let's talk a little bit about that TCJA standpoint. If again, this is if, but since they're going to have the House and the Senate, it appears there's a likelihood that they're going to get this passed through at least if nothing else, an extension. Let's just start there. That's good from the fact that tax rates are historically low, right, for the common everyday working American tax rates are historically low. So that's a good place to start. Tony Mauro: It's a good place to start. Yeah. And from a taxpayer standpoint, who doesn't like low taxes? Speaker 1: Right. Tony Mauro: And me included. And so that's beneficial. Now the big picture, like you say, our financial situation as a country, we already know, everybody knows that Congress tends to spend way more than they take in. And that,- Speaker 1: Sure. Tony Mauro: I just read an article the other day about the TCJA, that if they extend it, it could, it could add another 2.6 trillion to the deficit over the next 10 years. Speaker 1: Correct. Tony Mauro: Which from a fiscal standpoint, it's like, ...
