410: Are We In A Recession? IRS Audits Increase with Tom Wheelwright

Aug 15, 2022

41:47

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Is the economy healthy or unhealthy?

We’ve had two consecutive quarters of GDP contraction. High inflation and supply problems persist. On the other hand, we have a strong jobs market, low unemployment, and high rent increases.

Ultimately, the NBER decides whether or not we’re in a recession.

Today’s guest, Tom Wheelwright of Wealthability, tells us why he thinks we’re in a recession.

I share with you the exact rent increase numbers I’ve had on my rental single-family homes.

Historically, a recession occurs every five years, on average.

Whether we’re there yet or not, I believe there’s a likelihood of a recession soon.

Tom thinks whether or not a recession is declared is important; it affects consumer sentiment.

He breaks down the new “Inflation Reduction Act”. It does not appear to help reduce inflation.

Rather, it appears that it will: increase union wages, enact climate change policy, add taxes to pharmaceuticals, hurt small business, and increase IRS enforcement.

“People who have never seen an IRS audit will see IRS audits.” -Tom Wheelwright

Resources mentioned:

Show Notes:

www.GetRichEducation.com/410

Get started on lowering your taxes with Tom Wheelwright:

GetRichEducation.com/Tax

All U.S. Employed Persons:

https://fred.stlouisfed.org/series/PAYEMS

30-Year Mortgage Rate History (gray bars are recessions):

https://fred.stlouisfed.org/series/MORTGAGE30US

Get mortgage loans for investment property:

RidgeLendingGroup.com or call 855-74-RIDGE