Building Your Money Machine What Trump's 2024 Term Could Mean for Taxes and Social Security
Welcome to another thought-provoking episode of the Building Your Money Machine Show. Today, we’re diving into some of the most crucial changes that might impact your taxes and Social Security, especially if we see a return of a Trump administration in 2024. This episode is here to help you understand what’s on the horizon and how it could shape your financial future—without getting political!
You might feel overwhelmed by the idea of rising taxes and expiring benefits, not to mention what the future holds for Social Security. Trust me, you're not alone. These are massive issues that could significantly impact your income, retirement, and overall financial security. But don't worry—I've got your back.
We'll delve into two critical areas: the expiring provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 and the potential changes to Social Security. We’ll break down what could happen to your taxes if these provisions expire, how they might affect different income groups, and what you can do to prepare. We’ll also explore the complexities surrounding Social Security benefits, including taxation and potential reforms.
IN TODAY’S EPISODE, I DISCUSS:
- The potential expiration of the Tax Cuts and Jobs Act (TCJA) and its impact
- How rising taxes could change the tax landscape for low, middle, and high-income earners
- An in-depth look at what changes to Social Security could mean for your retirement
- Strategies to prepare for potential increases in taxes and changes to Social Security
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