473: Retirement Tax Planning: Exploring the Impact of a Republican Trifecta on Your Taxes and Bottom Line
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 13 December 2024
⏱️ 30 minutes
🔗️ Recording | Apple Podcasts | RSS
🧾️ Download transcript
Summary
With the 2024 presidential election now behind us, what does that mean for the future of tax policies, tax rates, and their impact on your lifelong savings?
In this episode, we discuss:
- A brief history of tax policy changes
- Impact of the Tax Cuts and Jobs Act (TCJA)
- Potential results of the set TCJA 2026 expiration
- State and local taxes (SALT) cap changes
Today's article is from Kitces.com titled, 2024 Election: Evaluating The Impact Of A (Likely) Republican Trifecta On The TCJA Sunset And Tax Planning. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
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Show Notes: Howardbailey.com/473
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ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
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| 0:00.0 | With the election behind us, now we shift our focus to the future of taxation. |
| 0:05.6 | Today, we evaluate the impact of a Republican trifecta on the future of taxes and your bottom line. |
| 0:20.5 | Hey, I'm Casey Weed, and it is my mission here on the podcast to deliver clarity and purpose and elevate meaning in your life. |
| 0:27.8 | We do that in a number of different ways here on the show, both focusing our conversations around the financial and non-financial elements of this part of your lives. |
| 0:36.8 | We do that weekend and week out by bringing you world-class guests on a variety of topics. |
| 0:42.2 | And then we also get with you every single Friday to discuss a trending topic. |
| 0:47.2 | Today, our focus is going to be on taxation. |
| 0:50.1 | We're going to be talking about an article that came from our weekend reading for retirees email series. |
| 0:56.3 | That is an email that hits your inbox every single Friday with four articles on trending topics in the retirement planning space. |
| 1:03.5 | If you'd like to get a link to this article this week with summaries and takeaways for myself along with the other three articles, all you have to do is shoot us a text, |
| 1:11.9 | and we'll also send you a free digital copy of my Wall Street Journal bestselling book, |
| 1:16.6 | job optional. Just text us the key letters, WR to 888-59499, or just visit us at |
| 1:24.7 | Howard Bailey.com. Today I am joined by my good friend and co-host for these |
| 1:30.4 | financial-based editions at least. I'm Marshall Johnson here with me. Hey, hey, what's up good buddy? |
| 1:35.3 | Hey, we're talking taxes today. Talking taxes. And we're going to make taxes fun again. |
| 1:39.9 | Let's do it. That is the focus of the conversation today. I want that hat. |
| 1:52.6 | I don't know that we're going to get it to be that fun over the next four years, but we're going to see what we can do and what we can get some clarity around today. |
| 2:02.4 | Largely, we're going to be making some predictions and outlining some of the key pieces of legislation and tax code that you're going to want to be paying attention to and probably going to see some resolution around over the next 12 months. This should impact the way that |
| 2:07.1 | you're planning through the end of this year. And it'll definitely impact the way that you plan |
| 2:11.4 | over the next decade. And so, Marshall, what's happened? So now we have a Republican Party that has unified control of the House, the Senate, the White House. |
| 2:23.2 | So we have that good old trifecta going on right now. |
| 2:27.3 | Now, when the Republican Party last one unified control over the federal government in 2016, what was their most immediate priority? |
... |
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