Tax Reform and What it Means for You
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 21 December 2017
⏱️ 32 minutes
🔗️ Recording | iTunes | RSS
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Summary
Big changes are coming to the U.S. tax code, but how will it impact YOUR bottom line? This week we’re doing something a bit different. No guest! Just me diving deep and offering up my two cents on the GOP’s plan to remake the tax system for the first time in over three decades. Given the historic nature of the event, I wanted to break it down and mull over some of these questions:What will change for most Americans?How does geography play into the calculation?What happens to homeowners?How will corporations deploy their tax windfalls?What will the near term and long term economic impact of this reform be?Thanks for allowing me to hog the mic and rant! Depending on how it goes, you may be hearing a bit more of that in 2018! “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/ Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2
Transcript
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| 0:00.0 | Welcome to the Better Off Podcast. We're sponsored by Betterment, the largest independent online |
| 0:08.1 | financial advisor. Okay, we are responding to your needs wants and desires. |
| 0:13.0 | Some of you have asked for me to just spiel on about something that is topical. |
| 0:19.0 | And so that is what we're going to do this week because we've got the final GOP tax bill and I am here to |
| 0:25.9 | explain what this is all about and how you may want to think about your own financial |
| 0:32.1 | life vis-Ă -vis this bill. |
| 0:35.0 | It's always tough to do something like this talking about it without the graphics. |
| 0:39.3 | This is when I really need my television graphics people to help out. |
| 0:43.5 | But let's think about this bill in the broadest sense first. |
| 0:48.0 | The biggest part of this bill centers around corporations. |
| 0:52.9 | The corporate part of the whole tax bill is a reform. |
| 0:59.2 | The individual part is a temporary tax cut. |
| 1:04.4 | Just hearing that, I know you might say, I don't really care about corporations, but there's |
| 1:08.9 | a thesis behind the way the Republicans have attacked this. Their thesis is as follows. If we cut the top |
| 1:16.4 | corporate tax rate from 35 to 21 percent, companies will use the money that they save |
| 1:22.4 | and they will invest that money. |
| 1:25.0 | There will be a big surge in capital expenditures. |
| 1:29.0 | They will pay people more money. They'll hire more people, that growth, |
| 1:32.8 | economic growth will pick up. |
| 1:35.5 | In that part of the thesis, just simply by doing that, |
| 1:39.4 | it will trickle down into ordinary Americans pocketbooks and that people who are criticizing |
| 1:46.3 | the plan are not taking that part of it seriously enough. |
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