America in today's video you're going to have a fair accurate analysis between the Trump and Harris tax plan from two tax lawyers and you're going to be able to make an informed decision on the policies can we do that we are going to stick to the facts about what are the policy differences and how does it matter to you is it going to make a difference to you on your taxes because we want you to make a decision not based on who I like or who has a prettier face or an uglier face or has
a word salad that sounds wonderful we want to look at the real economic impact it's going to have in your personal life and to the economy as a whole yeah and I think there's winners and losers depending on who you are actually I don't think it's the same winners and losers for each party like you can say I'm all in on this party or I'm all on this party in terms of the tax plan I think there's different winners and losers you might have suspicions of who they are but we're going to break down the
tax P so you know how it may affect you my name is Mark J Kohler this is Matt Soren and we're both best-selling author senior partners of a law firm for the last 15 years we've both done 10,000 consultations or more helping small business owners around America and we want you to trust in our thoughts and feelings on this yeah whether you have a family you're trying to grow and build a business build your Wealth live the American dream we're going to be focusing that as we go through the policies because these tax policies may
affect each of those things in your life the American dream your business or your family and we're not going to be talking about social impact or immigration we want to talk about Main Street America middle- inome Americans and what are all these numbers mean and what likely might happen in your bank account we're not for sure either but we're going to give it our best shot now before we get into the specific proposals between Trump and Harris Let's talk about where we're sitting right now the tax cuts and jobs Act is going to be expiring
at the end of 2025 no more tax cuts from that tax cuts and jobs act so let's break down each one of those going to be going away and I think it's important to recognize that that was the largest tax or economic legislation in almost 30 to 40 years since Ronald Reagan and it had some impact some good impact generally and it was also built to expire that's a whole other topic of why but we have to keep that in mind because whoever's going to be the next president is going to have the opportunity to
propose keeping things or getting rid of things but ah man oh some of it is so good what are we going to lose let's start with the individual tax brackets cuz this affects everybody when these rates expire in 2025 everybody's bracket is going up the highest rate is going to go from 37 to 39 and no matter where you are you're in the lower income or middle income your tax rate is going to go up number two we remember that standard deduction thing let's make it simpler for filing the standard deduction now this year is
well over $114,000 next year it'll be adjusted for inflation as well but after 2025 we could see the standard deduction go back to5 6 or $7,000 that's going to have an impact and then we see the itemized deduction train come back as well with salt which some argue is good or bad it actually these changes favor the middle income and I think higher income individuals would love to see salt come back so what is salt how would you define that so salt is state and local tax deduction so for example if you pay pay state
income tax or local taxes even property taxes you can take a deduction on your federal tax return now who pays the most state income tax High income people and so they capped it at $10,000 and so now that cap is going to go away so if you're a high income earner this actually hurts you if you're lower a middle income you're likely not paying over 10,000 anyways so it doesn't really hurt or or help you and we're going to talk about President former president Trump and his position on what would be extended if he were
to be reelected and let me just say again we're telling you where we're at now president Trump and vice president Harris have both said what they would like to see happen here but we're just kind of telling you that a lot is phasing out another one is this child tax credit yeah I mean that went from $1,000 to $2,000 on their tax cuts and job deck which is huge this credit can be refundable benefits a lot of people who have kids and families now both Harris and Trump have plans for this though so as we
get into the new plans coming out of this make sure you're paying attention to child tax credit particularly if you have kids or you're planning to have one yeah now another tax provision is the bonus depreciation it used to be 100% under the tax cuts and job act and it's been slowly going down so we're going to see that get back to I guess reasonable levels if you would like to say that but um if you're a small business owner and you were buying equipment or you were a real estate investor there was some segregation
depreciation strategies that were pretty cool those will be phasing out as well now one the other changes was the estate tax exemption you got a larger exemption when you passed away of whether you had to pay estate tax so when my heirs got my assets after I passed away my kids got an inheritance did they have to pay the federal government that exemption was expanded and is currently sitting at around 28 million for married couples 14 million for single that is going to get cut in half if the tax cuts and job deck is not
extended so at the end of 2025 that is going to be cut in half 50% reduction well I take issue with that I thought I was going to get some inheritance it's all going to your kids this is news to me for my inheritance you're not in the will man this kid is a killer all right you're just a trustee you get nothing yeah I hope I get paid for that all right now the last remaining tax strategy that will phase out here in the next year and a half is the opportunity Zone strategy I
should also say there's the work Opportunity credit there's so many little things in there but these are the ones affecting again Main Street America and so the opportunity Zone tax strategy was being able to sell property or some appreciated Capital asset and rolling that into real estate to defer on the taxes that's going to go away as well so let me just say this in general we've got a lot of strategy sunsetting which now it's kind of in a good way gives us a chance to take a fresh look at former president Trump and vice
president Harris's strategies moving forward and it's a big deal it's not like oh do no matter who gets you know elected things are going to stay on a train track here no we're going to have a whole new train on a whole new track no matter which president gets elected and we need to note one other thing because there was some stuff that was made permanent in the tax cuts and jobs act you might think this is unfair I didn't like that this was the one thing that was permanent corporate tax rate to 21% Max
rate that was made permanent all these small business tax deductions all these individual tax deduction really helping the people on Main Street expired in 10 years we're coming up on that in 2026 well the big corporate tax deduction the corporate tax rate for the C Corps not small business small business don't use C corpse they got a permanent reduction now these are fighting words what Matt is talking about because 8 years ago when these were passed 68 years ago we fought over this at that time too the reason why corporate tax tax rates were permanent
was there was a lot of laws passed to get corporations to bring money from offshore back on us soil in order to get that benefit the second point is all these individual and small business tax cuts had to be income or cost neutral over a 10-year period so it was very difficult to make a lot of these small business individual tax cuts permanent because they were going to cost us far too much in the long run we had to make it Revenue neutral in 10 years which I guess in some ways could I'm going to
argue is a good thing cuz we get to revisit it what worked what didn't work we get to look at it yeah I mean they could have done it another way and said let's just make permanent the individual and small business tax credits and we'll only set a 10-year window on the corporate tax break well would it could have should have okay all right now some of you may not think this is a laughing matter but this can be a very complicated and an emotionally charged topic and so hopefully you're appre appreciating a little bit
of joking here and a little bit of uh uh history going back over what happened and what didn't happen please keep your hackles down and just let's look at this pragmatically as much as we can because it is such a difficult topic okay I'm going to set the rules for our conversation or one might say debate okay so you have to abide by these rules are you going to turn the mic off when I I think I might when you're speaking you turn my mic off okay so what we're going to do is try to
choose a topic and see if we can compare one candidate's approach to that topic like capital gains maybe we could start with that so we're going to compare both candidates approach to capital gains now there's going to be other topics that some one party hasn't really offered an alternative but we'll get to that so maybe we talk about capital gains and each Canada's approach to that and then see if we can figure out pros and cons yeah so let's start with vice president Harris where she came out because right now the long-term capital gains rate
is 20% she wants the maximum capital gains rate to be 28% now she did get some praise for that I will say I'm like wait taxes going up you got praise for that the praise was it could be worse it could have been worse we could have had Biden's proposal on long-term capital gains which was in the 30s it was not 28% and so that is where um Harris is coming in this is long-term capital gains rate of 28% this will apply to your stocks you're selling real estate crypto a business 28% is the max
rate and I think a sister to her proposal is we want to tax unrealized capital gain so if you are worth more than a million dollars and you've got this gain sitting over there we're going to tax it even if you haven't sold the asset or the underlying asset that has the built-in gain all right pros and cons well let's say on the unrealized gain though the unrealized gain and I hate this as a concept in tax because it's like wait a second I own an asset that goes up in value think of your home
your stock portfolio and I haven't realize the gain I've just let that asset appreciate and I got to pay taxes appreciates over time it's a dumb idea and concept in my opinion because you haven't realized it yet yeah it's like but let me say you I was going to say but her plan doesn't apply except in like the tens or hundreds of millions of dollars so it's not going to affect most people but my problem with that is this is a terrible concept if it's bad for me it's bad for people making lots more zeros
behind what they're buying or selling and do you think that's where they're going to stop that tax concept is going to keep trickling down and down and down and down to other income brackets because what is the government do they spend more money than they make yeah and have you ever heard the concept of slippery slope meaning we allow this concept for the uber wealthy it'll only be a matter of time till they start bringing it down to your American dream and you want to have this dream of building this deferred wealth and all of
a sudden you get taxed on it my and we'll talk about some pros here this is not about just beating up vice president Harris here we're going to hit pros and cons on both sides but my other issue with this is that I'm an I'm a retiree I've been saving my whole life and I've been building up this asset it could be a second home A Farm a ranch and has got this built-in gain I'm going to get taxed on it this goes back to I have to sell the farm to pay the tax if
I don't have cash sitting over here to pay this built-in gains tax I'm now being forced to sell the asset so I think we could both agree not a good idea and when you try to increase capital gains tax it's also discouraging investment we want to this would be the second argument here is that at generally Republicans are about let's create more wealth in our economy let's invest in the economy let's build wealth and if I'm going to get taxed capital gains rates that are equivalent to regular income rates why am I going to invest
I'm just going to go out and make money I but we want to in create investment in infrastructure in small business and growth now is there a pro to this I guess it increases Revenue it increases Revenue which will pay for other tax credits that Harris has that we'll come back to buying a home and child tax credits will have big benefits under Harris's plan so we're going to come to that in a second but she's got to find a way to pay for it and shocker how are you going to pay for it we're
going to tax the rich the people making money yeah this goes back to the age-old where the government giveth the government taketh away you just want to be on the giveth side not the taketh the way side so that's how that basically works so well where's Trump on the capital gains rate though let's let's state that because tax cuts and jobs act some people call this to Trump's tax cuts that is where we're at now yeah which is the 20% long-term capital gains rate and Trump has said he's want to extend basically tax cuts and
jobs out so yeah that's right Trump wants to just continue this same extend what we've already been seeing happen for the last 68 years which hasn't hasn't been a bad thing uh we can estimate it we know that Max rat's 20% Then we have the affordable cares Act tax and we have state income tax in in some situations so uh this is a tough one but I like what you said if vice president Harris wants to benefit certain segments of our uh citizenry with some tax credits we've got to be able to pay for it
so that would probably be the benefit of this tax is that it's going to allow her to create some subsidies or handouts or tax credits somewhere else but no change on the Trump side on this issue no change all right let's talk small business this is my tribe I love you I love small business I love Building Wealth I like people that have an idea and can create it and so I'm going to let's talk about vice president Harris's approach to this and I'll give her credit for this if we want to stimulate the economy
let's reward a small business owner that wants to invest in a new small business so if you've heard about this she wants to increase the startup cost deduction now this is not a tax credit it's a deduction currently the law is if I start a small business and I spend $5,000 getting this business off the ground I can immediately deduct that five grand anything over five grand and I've got to amateu or some might think depreciate write it off over time is currently 15 years so if I spent 10 grand starting my new small business
I get a write off five and I have to amiz the other five she's like uhuh we want to stimulate the economy we're going to let you ride off up to 50 Grand never heard of this this is like well this 10 exit that's cool that's fine sounds good to me I'm for that I like that and so I've got to say that's the good thing the bad thing for me is uh there's 70 million small business owners out there already with small businesses they've already started they don't get this right off this is if
you start something fresh completely new so if you're a small business owner this means nothing yeah this is like the company that offers a new discount or pricing model for new customers but existing customers are still screwed you get the old pricing and you don't get the new benefits and so so what is there for existing small business owners under her policy not much maybe some down to you at the individual level so let's talk about that there could be some wins there but at a business level for an existing small business owner I don't
see any other tax breaks or benefits under the Harris tax plan because if we counter this with Trump under the Trump tax plan one of those things expiring and you mentioned a moment ago qbi qualified business income this was a huge win for small business owners where you got to take a 20% deduction this is expiring in 2025 that'll be the last year year you get this Trump would be extending this because this is part of his original plan when he was president last yep and if we stick with small business for a moment let's
keep our head around this vice president Harris has said I want to help you with startup costs that's all we've heard so far former president Trump has said I want to extend this 20% deduction off your income whatever you make take 20% of that write it off your personal tax return number two let's extend bonus depreciation if you go out and buy a a piece of equip equipment or even a vehicle a car or a truck for your small business the prior bonus depreciation 100% insane also the work Opportunity credit going out and hiring individuals
in certain zones to help create jobs we keep get to keep that and we have the opportunity Zone where I can defer capital gains which relates back to the capital gains issue I guess resident Trump wants to defer capital gains further by taking your profits and creating affordable housing and rebuilding areas of America that need reinfrank strategies that we want to see extended so I we'd be asking vice president Harris if you're really serious about small business give us something that's all you got the startup cost I'm going to be tough but that's that's the
economic takeaway if you're a small business owner yeah so to sum that up if you look at Harris's plan a nice perk for new business own owners with that 50,000 startup deduction that you can get existing small business owners not much help there but under the Trump plan we have qbi this is's original tax policy under tax cuts and job deck you get a 20% deduction if you made 200 Grand that year you get a $40,000 deduction on your income you're only taxed on 160 that's what qbi is it's in place now but it'll be
expiring in 2025 so this something Trump will be bringing back in his plan all right so let's go back to vice president Harris and some other proposals that former president Trump is either silent on or a little softer for example this child tax credit vice president Harris has come out and said we want to give you six grand it doesn't phase out until you make 200 Grand single or 400 married filing joint that's a big deal that would be a wonderful Boon for those of you that want kids just remember they're going to be teenagers
someday did you like we've had teenagers both of is it worth six grand in tax credit you got to give me a lot more than that no but you know we're not doing it for the money no but this is a wonderful benefit for those out there that want to have a family want to build a family uh vice president Harris has come out and said let's make it legit let's make it serious president Trump is like let's keep it where it's at now want to give my take on the child tax credit because it's
$6,000 that's for the first year by the way that's for a newborn up to one year of age because they there's a lot more costs in that you have a kid you have a newborn you're buying all the stuff 3600 per kid from AG 3 to and then it's 3,000 for any over the age of five all right so that's where it's going so I don't want you to think I you get I got you know a bunch of teenagers and I'm GNA get 6K per kid no it depends on where they're at here but
here's why I like it this is a policy thing for a second here is um who's going to be paying social security for me we have a problem in our country right now people aren't having kids you know why it's expensive yeah and we do need to think about how as a government are we going to afford to pay for Social Security and all the other benefits we have we need a little little payers we need a bunch of payers into the system yeah vice president Harris wants you to get busy okay now I want
I just this is my proposal for vice president Harris if you hear me here let's just turn your plan around when you have the baby you get a $1,000 tax credit when they're a toddler maybe2 to $3,000 that year when they become a 12-year-old and a teenager that's when you get the six grand because that's when you need it that's when it really hurts so I just flip it around that's an interesting take that's an interesting take now I want to make a couple other points on the child tax credit right now this was Trump's
proposal it went from 1K to 2K under tax cuts and jobs act we're seeing at $2,000 per child doesn't matter the age that's what Trump wants to extend is stay on that $2,000 per child yeah and the tax cuts and jobs Act was actually pretty robust regarding the child tax credit and Trump's like it's not broken let's not fix it let's just keep it and maintain it so vice president Harris has said let's ramp it up let's 3xit and really help these families with children so great proposal would help out uh anybody with a family
and uh you're right let's keep let's get our population growing that's right we need we need more babies and the phase outs are nice on it too 400,000 you don't phase out on until 400,000 annual income for married 200,000 single all right now let's talk about tips now this is kind of a precarious one because we heard former president Trump come out with this first he's been out on the trail quite a bit about we do not want to tax tips and uh that's great proposal that's good for those that are out there working that
second or third job and trying to make inss meet and then vice president Harris gone on the bandwagon and say I'm the on board with the same proposal and the same strategy so I don't know if there's any difference there and I don't want to one of them more credit than the other for thinking of it first they both want to reduce or eliminate the tax on tips you know and I think that's a great idea that is such a good idea most workers that are getting tips should not be taxed on that anyways it's
gratuity and let's be honest most people aren't tracking that and paying it so the government is going to see the money anyways are people really tracking their tips I know when you're paying on a credit card sometimes they have to but that's been one of the Phantom areas of tax anyways of whether it's being claimed or not and so I think it makes sense to get rid of it also Trump came out and said no tax on overtime that's right that's right and I don't know that we've heard from Harris on that yet this is
more recent we're cutting Ed share but no tax on overtime pay um now if you're salary it doesn't matter you you know you're in that salary bucket but for any of you are on an hourly pay no tax on overtime yeah and I'm going to Let's digress for one moment here and I'll be a little hard on both candidates here for a moment when you're out on the trail you can pretty much say whatever the hell you want on what you're going to try to do with tax planing because saying it on the trail getting
elected and then getting it passed through Congress very different things and it's uh a good chance we're going to have a split Congress here and it's going to be difficult for either president to get through all of their wish list when it comes to these Tax Strategies and let's get real here too I don't think there's any news flash here that these policies are something we haven't seen before Republicans want less government less regulation less tax and let Americans build their own future their own economic success and and small business owners that resonates with them
on the other hand Democrats are like hey we can manage your money better than yourself we'd like to take care of certain social benefits help some of those that don't have the resources small business owners may have we want to create a little more equality and the rich they don't need all that money anyway Let's help some people that really do need it and there's nothing wrong with that either they're two separate policies in effect and then what they can pass in laws to make that happen that's kind of what Republicans and Democrats about generally
yeah and this is a contrast whether you look at it at the business level the individual level families and these child tax credits we've talked about this is a contrast between Trump and Harris and where Harris is winning in this tax summary in my opinion and we're going to hit a couple more here still is she's trying to say families lower income middle income earners wants to higher tile tax credit want to talk about the homeowner credit here Trump is more on the side of hey I want to stimulate the economy I want to create
more jobs I want to let small business continue to grow on Foster I want large companies to even grow and pay less tax now as we kind of wrap up those business Tax Strategies proposed by both candidates let me give an example of a comparison on what it might look like practically now you can use the fact patterns in different ways to benefit maybe one candidate or another but let me try to be as neutral as I can on this let's say you have a landscaping business you have someone that wants to start one and
you have one that currently has one and to go out and start this landscaping business you're going to buy a truck maybe new or used and you're going to buy a trailer and you're going to buy some lawnmowers and some all the equipment that goes with the landscaping business well under vice president Harris's plan she wants to give you a tax deduction not a credit that you can write off up to 50 Grand of whatever you spend out there now if you spend less than 50 Grand you'll be able to write off your whole startup
of your new landscaping business in the first year that's great if you spend more than 50 Grand you're not going to get a write off for anything over 50 you're going to have to amateurz that over time now let's say you have currently a landscaping business or you spend more than 50 Grand the extension of the tax cuts and jobs Act of the bonus depreciation which is a big one means that I can write off all of that equipment including the truck No Limit there was no limit on the bonus depreciation deduction so if I
spend 70 grand 80 grand or 100 Grand getting that business off the ground I can write off the entire amount it's not just limited to 50 oh in that landscaper that's currently in business that needs to expand and grow and buy additional equipment 100% deduction of anything they buy moving forward under an extension of the tax cuts and jobs act the $50,000 dollar startup cost nothing so I want to applaud and say thank you to vice president Harris on helping people that want to start a small business you get a bigger tax deduction in that
first year but it's just a narrow exception for just a small segment of our economy when there's already 70 million small business owners that won't get to use that so I just want to try to provide a fair analysis of some fact patterns of what that might look like okay let's hit a couple strategies where the other side has been silent first so Social Security former president Trump has said I don't think Social Security should be taxed it's pretty cool uh we already have problems with the Social Security System a lot of people are scared
to death about it running out and if you're living on Social Security having it taxed is like adding insult to injury now he's going to have to pay for that just like talking about a moment ago that vice president Harris is going to have to come up with ways to pay for her incentives but that's pretty uh cool I think Social Security people living on that they're already in a bad way and not taxing it kind of a cool thing yeah I think a lot of people are surprised when they hear wait a second the
government took the Social Security money from me invested it poorly gave it back to me 40 years later and I have to pay taxes on it how does this work okay that was and so so this is Trump's policy is like you don't pay taxes on your social security benefit the government's sending you a check it seems ridiculous to then have to send them money back because they sent you money so I get that that makes sense it actually simplifies things totally makes sense let's talk about people trying to buy their first home this is
a big problem in our economy right now we've had real estate prices go up interest rates are high it is the most unaffordable time to buy a home now Harris's plan includes $225,000 in down payment assistance to buy a home up to a purchase price of 715k plus a $110,000 tax credit that is a big proposal she is out there campaigning on trying to increase home ownership and make it more affordable for middle or lower income people to afford to purchase a home all right now I think this is a bad thing because if we
can create more demand and throw money into the market to get into a house what do you think is going to happen to the housing prices that are already too high we are going to see interestingly home prices continue to go up in fact maybe to the rate of about $25,000 whatever that home price is putting more money into the system is just like during the pandemic let's throw money at the system and hope sells it when what we're going to see is more inflation home prices go up and we're right back where we started
why don't we try to go out and create incentives for development in rural or even Redevelopment in urban areas creating more inventory rather than greater Demand on the already existing low inventory if you want prices to go down let's create more inventory not more throw more money at it to create a higher demand and price so I I get the idea I like what she's trying to do I want people to buy their first home but just throwing money at it doesn't solve the problem let's create more inventory let's get a little more strategic a
little more surgical about solving this housing problem in America yeah I mean the great point because we do have a supply problem right it's like supply and demand that's why our prices have gone up and we're going to create more demand and we have crappy housing Supply now Harris does have a plan it's an innovation fund is what she's called it $40 billion that will go to local governments to make it easier for them to provide local housing at the local level and also they're going to provide access to development for on federal lands which
is pretty big deal to allow for more affordable housing well and and I think that's great we need more Supply so if if she can pull that off that would be great now there's not a lot of detail in that this is a very broad stroke type policy proposal out there but she has got a counter punch at least I'll say to the we've got a supply problem not a demand problem necessarily let's create more supply of homes that'll bring down the cost and make it affordably naturally in the economy instead of just shoveling more
money into the economy like we did back in Co exactly right if she's going to adopt one of those proposals let's go with that one throwing money at the problem only makes it worse let's try to create more supp Supply that will bring down housing prices which is better than a handout and again this would fall into the opportunity Zone tax credit which we want to see extended anyway that's what the opportunity zones are about and they've been around for 10 years so let's keep that and get but opportunity Zone didn't help me to buy
a house this is why this is why I like at least this process or this policy that is targeted someone trying to buy their first home that's a big freaking deal it's part of the American dream we want to make it accessible and available to people same thing as the mortgage interest deduction right the home ownership mortgage interest deduction that we have makes it more affordable to buy a house instead of renting because I get a tax deduction over here when I buy a house I don't get a tax deduction when I'm paying rent and
so I think some of these incentives are good I like people to have ownership of their home it gets them invest in their Community yeah fair enough I'll own that the opportun own tax credit was for commercial and for business uh rental property not for personal home ownership so but let's just not throw money at people to buy what we already have a problem of which is current supply all right couple last points here we left the corporate tax rates for last because who cares about big business but it does affect our economy here we
want to hit small business and individuals first corporate tax rate under Harris is going to go to 28% now right now the max Federal corporate tax rate is 21% Trump's plan is to go to a Max 20% rate rate and a Max 15% rate if you make your products in the US and I think a related point to this is Trump wants to increase tariffs on foreign corporations selling in the US so he's I like both parties here trying to do something the problem with both candidates on this issue is that trickle down economics meaning
if we increase tax rates even on foreign corporations or on domestic corporations it's going to increase prices at the r register so I like reducing corporate tax rates which the Republicans would argue injects more Capital into our system the Democrats would say nope corporations never take that money and give it back to us let's increase taxes on them it's it's a very socioeconomic policy that is hard for I think the average American to understand except higher inflation and higher prices yeah let's keep in mind this is C corporations that pay corporate tax this is not
you llc's or S corporation owners you s Proprietors this has nothing to do with you this is for the big corporations that use C corpse the thing that I will say is that I do like corporations paying their first share I'm not a big fan of Wall Street I never have been I love Main Street America so if vice president Harris you want to tax corporations more I don't have a problem with that except it's probably going to increase prices at the register and impact inflation what I do like about pres former president's Trump's plan
is if we're going to tax a corporation let's tax those foreign corporations and let's buy American and let's in fact reduce tax rates on American corporations fundamentally for me I like that and yeah it may increase some of the prices of products on the shelves that were foreign made well go buy American that's my take yeah I mean it's there's there's a lot of policy behind those decisions I mean that tariff issue and think of all the stuff we're buying buying from China I mean we have a lot of stuff from China guys and you're
right Matt it's true that corporations that are Manufacturing in the US where do you think they buy a lot of their supplies they're going to be buying from China even though they manufactured in the US maybe there will be trickle down effect for us as Americans FD or inflation or inflation and more inflation that's what we're going to have and then what's the FED going to do keep rates high and what does that mean home ownership's expensive and we get in this cycle yeah and how's that going to turn out for us I don't know
yeah we're going have to have the government give you more money give you more down payment assistance to afford a house so I don't like it I don't like tariffs I'm a free market guy yeah well in between the two candidates president Trump wants to increase the taxes or the tariffs on foreign corporations vice president Harris wants to increase the taxes on all corporations and then where how's this all going to level out maybe it's a neutral wash out I don't know yeah who knows you can always find something bad with any policy that's the
great thing about government and politicians right there's something to not like about all of them I love this presentation because we just get to backseat drive and crap on anything we want yeah that's pretty much our job all right let me try to summarize some pros and cons on the Trump versus Harris tax plan now Harris has some great plans and is focused on home ownership for first-time homeowners she's focused on new business owners with $50,000 startup deduction and I think she is focusing on on the families on families and having children okay the $6,000
tax credit for the first year and she's increasing the 2,000 to 363,000 no matter the age of the kid that is a huge benefit a lot of people can benefit from that now where's Trump winning capital gains rates are going to be lower corporate tax rates will be lower domestic corporations are going to have a benefit because foreign corporations are going to have tariffs particularly China soal Security benefits aren't going to be taxed small business and small business we're going to get qbi we're going to get bonus depreciation all those tax cuts and job benefits
are coming back if Trump is reelected and so when you look at these tax se you to look how does it benefit me and and think about how does this benefit the economy around you it's not just about you it's the country you want to live in and the economic system you want to be in in the future as well what is your American Dream how does that look for you I think if you look at in perspective you can make your decisions there I love it and I don't even want to try to restate
what you said because that was fantastic summary what I want to say is folks whoever gets elected the sky is not falling the American dream is still alive this is not a decision that is going to decide whether our you know our country blows up on November 7th stay calm invest on continue to save get out of debt yeah if you meet certain criteria or a certain demographic or fact pattern one candidate might benefit you over another but sit back and go what is your master plan where are you going going with your Investments what
is your economic goal from a investment standpoint or a small business standpoint and just have faith in God and can you do work hard and be patient to try to think that one of these candidates is going to solve all your problems is not realistic but their decisions will impact your bottom line based on your fact pattern and what you've got going on in your life try not to get emotional about it stick to the policies what is it going to mean and hopefully you can make a better decision when you take that approach yeah
and I want to let you know that our team at kkos lawyers has the ability to look at your tax situation make a plan for you make an organizational diagram make an implementation plan to try to save taxes because there's a ton of great Tax Strategies no matter what president is going to be in office and we want to help you make sure you only pay the taxes that you have to well and under both candidates proposals no one is going to be touching the Roth IRA or the RO 40K and real estate Tax Strategies
this is a great opportunity to still build your wealth Social Security is not going to cut it for you it's not going to cut it for anybody so try to build your own wealth through strategies that are completely tax-free both vice president Harris and former president Trump want you to invest in your Roth IRA and invest in what you know best we've been doing that for 15 years here you can go to directed ira.com and open an account today and start saving and work on getting out of debt and building your own wealth so that
you're not dependent on the government no matter what political party you're in if you're looking for a tax adviser a tax strategist that can help you get through this massive strategy this year and years to come please get over to our tax Pro Network it's at Mark jer.com the links down below we have been training tax advisors all over the country for the last two years they're trained on 80 different strategies they meet with us weekly for training we learn from them the tribe and Community is amazing so you can go to that Network and
find a strategist near you across the country wherever that can help you through this crazy time now if you are already an accountant enroll agent CPA or certified financial planner or an attorney and you would like to be certified as a Main Street tax Pro please click on the link down below and do a demo see what we have to offer 12 modules 80 different classes and ongoing trainings to help you get clients like the ones we want to send you and to help you up your game in your tax advisory practice and once you
get certified you can be on our Tax Advisor Network we want to help Americans all over the country find the right tax strategist for them the American dream is still alive and well and together we can make it happen yeah I think no matter who's in office whether it's Trump and all the Tax Strategies that need to be implemented from Trump policy that help small business owners Real Estate Investors individuals or you're looking at the Harris tax plan some of the new proposals she had that haven't been in the tax code before and I'll say
it higher tax rates which what does that mean tax planning is more valuable to you it's more important to you when tax rates are higher and so getting a handle on this is important make sure you've got the right Tax Advisor if you're someone looking to learn those strategies and stay on The Cutting Edge get over to the Tax Advisor Pro program by the great and powerful Mark J kler and I want you to remember our mission is to help every small business owner in America live their American dream we value the American dream we
value entrepreneurism and these incredible freedoms we have in our country this opportunity is available to all of us and with a little bit of learning and hard work you can have it too hope you found this podcast insightful please make sure you're subscribed either on YouTube or on the podcast app you're listening to this on give us a review if you've loved it and if you didn't like it you can tweet at the candidate that you didn't like and we'll see you next time thanks everyone
