Paycheck Politics: What Presidential Tax Plans May Mean for Your Wallet

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 17 October 2024

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Explore how the 2024 presidential candidates' tax plans could impact your finances and what to know before voting. What tax proposals are the 2024 presidential candidates making, and how might these policies affect your finances? What should you know before voting on tax issues? Hosts Sean Pyles and Anna Helhoski discuss the key differences in the candidates' tax plans and how to make informed decisions to protect your financial future. They begin with a discussion of the importance of tax policy, how taxes fund government services, and the long-term effects of tax laws on your paycheck. Then, Anna talks to Amy Hanaeur, the executive director of the left-leaning Institute on Taxation and Economic Policy, to discuss the candidates' specific tax proposals. They discuss proposals to cut corporate taxes, extend expiring tax cuts, provide child tax credits, and eliminate taxes on Social Security benefits. In their conversation, the Nerds discuss: Trump tax proposals, Harris tax proposals, 2024 tax plans, presidential tax policies, tax policy comparison, how tax cuts affect the middle class, child tax credit, corporate tax cuts, small business tax credits, housing tax credits, personal finance and taxes, presidential election taxes, tax cuts for wealthy, understanding tax deductions, tax credits explained, government spending and taxes, tax policy and inequality, tax laws 2024, income tax changes, tax reforms 2024, tax policy for corporations, presidential candidates tax proposals, tax policy debate, tax reform proposals, and corporate tax rate. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:30.6	Taxes. Nobody likes them, but it's how we pay for government, from local police and fire departments,
0:37.3	to the folks at the national level
0:39.0	who make our currency, and on and on. So what's a fair and effective tax structure? That's an
0:46.1	argument democracies have been having since the Greeks came up with the system of government. And it's an
0:50.7	argument that we're still having in earnest in the 2024 presidential campaign.
0:55.7	Two-thirds of the cost of making those individual tax cuts permanent would go to the richest fifth of Americans.
1:03.6	So to the richest 20% of Americans.
1:06.9	So just for a sense of what that would cost, like in 2026 alone, that would cost more than
1:12.4	$280 billion.
1:20.4	Welcome to Nerd Wallet's Smart Money podcast.
1:23.0	I'm Sean Piles.
1:24.0	And I'm Anna Halhouski.
1:25.6	This is episode three of our nerdy deep dive into presidential policy and personal finance. And I'm Anna Halhouski. This is episode three of our nerdy deep dive into presidential
1:28.8	policy and personal finance. And today, Anna, it's so exciting. We're going to talk tax policy.
1:35.8	Wait, wait, don't everybody leave yet. This is really important stuff. It has a huge effect on
1:40.7	your bottom line. So you should know what the two presidential candidates are
1:44.3	proposing to do with your tax dollars. And then vote accordingly. Sometimes it's hard to figure out
	...

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