Garrett Watson, Director of Policy Analysis at the Tax Foundation, shares insights on the impending 2025 tax law changes and their potential impact on individuals and businesses. He discusses the efficacy of tax reductions in stimulating growth and evaluates the legacy of the 2017 tax reforms. The conversation also delves into the tension between investment and consumption, and how crucial deductions, like SALT and child tax credits, will shape financial strategies moving forward. Staying informed is essential as these legislative shifts approach.
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insights INSIGHT
Tax Reductions and Growth
Tax reductions can stimulate economic growth by encouraging investment and hiring.
Not all tax reductions are created equal; some incentivize investment more effectively.
insights INSIGHT
2017 Tax Law Impact
The 2017 tax law did have a positive impact on investment and wage growth, although not as substantial as some predicted.
External factors like the trade war and pandemic make it hard to isolate the law's impact.
insights INSIGHT
Impactful Tax Changes
The most impactful tax changes incentivize investment, like bonus depreciation and corporate rate cuts.
Permanent tax changes offer more certainty and long-run growth than temporary ones.
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Join Tom Wheelwright as he discusses how the massive tax law changes will impact you and your business in 2025 with guest and Senior Analyst, Garrett Watson.
Garrett Watson is Director of Policy Analysis at the Tax Foundation, where he conducts research on federal and state tax policy. His work has been featured in the Washington Post, The Atlantic, Politico, the Associated Press and other major outlets.
In this episode, discover how the process works so you can plan accordingly, how we may navigate the deficit, and what policymakers in Congress are considering for their legislative package in 2025.
Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/
00:00 - Intro. 02:20 - Will tax reductions actually generate growth? 06:11 - 2017 vs. 2025: Tax Growth & Tax Reduction Projections 14:04 - Investment or consumption? 20:25 - Extending the 2017 Law 24:51 - Investment Provisions 28:45 - Corporate Tax Rate Deduction 32:41 - State Local Tax Deduction 39:19 - Taxing Tips 44:44 - Other Taxes 51:36 - ERTC
Tom Wheelwright, #CPA is a Best-Selling Author, Entrepreneur & Worldwide Authority on Tax. https://wealthability.com/tom/
********************************** Resources ********************************** Tom’s Book: Tax-Free Wealth https://taxfreewealthbook.com Visit WealthAbility® https://wealthability.com/ Sign up for Tom’s Free Weekly Report https://wealthability.com/getreport/ Schedule A Call With My Team https://wealthability.com/schedulecall/
Looking for more on Garrett Watson? Website: taxfoundation.org
DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.
The WealthAbility Show with Tom Wheelwright, CPA 
