Mexico is bracing for potential trade impacts of the U.S. election
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 23 October 2024
⏱️ 8 minutes
🧾️ Download transcript
Summary
The U.S.-Mexico-Canada free trade agreement will come up for renewal in the second year of a Trump or Harris presidency, which comes at a time of tension in the U.S. trade relationship with China and Chinese businesses increasingly building facilities in Mexico. Marketplace’s David Brancaccio speaks with the Wall Street Journal’s Santiago Pere about potential disruptions in the two countries’ trade relationship. Plus, a look at the IRS’s new inflation-adjusted tax brackets for the upcoming tax year and what that means for taxpayers.
Transcript
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| 0:00.0 | It is the season income tax brackets wander a bit. |
| 0:05.0 | I'm Dave Brancaccio in New York. |
| 0:08.0 | Americans have a better idea of the taxes they'll be paying in 2025 |
| 0:12.0 | given new federal adjustments to standard deductions and income |
| 0:15.7 | tax brackets. |
| 0:16.6 | The annual tweaks matter especially for people with income that might be at the upper edge |
| 0:20.8 | of their tax bracket. |
| 0:22.0 | Does it flip to the higher tax or not |
| 0:24.0 | marketplace's Elizabeth Troval has more. When it comes to paying Uncle Sam two big |
| 0:29.8 | things to know in 2025 are that? |
| 0:32.5 | The seven tax brackets, they're all indexed higher. |
| 0:36.7 | Jim Buffington is the CPA at Intuit. |
| 0:39.6 | And 90% of taxpayers use the standard deduction in their tax returns and that deduction is going to rise |
| 0:48.1 | four hundred dollars for single filers and eight hundred dollars for married filing joint filers? |
| 0:55.0 | Those changes are so the government doesn't take a bigger bite out of your sandwich |
| 0:59.5 | than it should. |
| 1:00.5 | They're adjusted this year to an inflation rate of 2.8%, says Alan |
| 1:04.8 | hourback at UC Berkeley. If your income went up by 2.8%, it really didn't go up at |
| 1:10.8 | all because the cost of the things you're buying also went up by 2.8%. |
| 1:15.2 | So the tax system adjusts to reflect that. |
| 1:18.8 | Alex Durranti is with the Tax Foundation think tank. |
| 1:21.6 | The idea with the inflation adjustments |
... |
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