Retire With Purpose - The Retirement Podcast

473: Retirement Tax Planning: Exploring the Impact of a Republican Trifecta on Your Taxes and Bottom Line

Dec 13, 2024

Marshall Johnson, a co-host specializing in retirement tax planning, delves into the implications of recent tax policy changes following the 2024 elections. He discusses how the Tax Cuts and Jobs Act is set to expire in 2026, impacting future tax rates. Johnson provides insights on navigating state and local taxes, estate tax planning, and strategic financial planning for retirees. He emphasizes the importance of staying informed to maximize retirement tax opportunities and shares advice for optimizing personal financial strategies.

30:10

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Marshall Johnson

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Quick takeaways

The recent Republican trifecta raises critical questions about the future of tax policies, particularly regarding potential expiration of the 2017 Tax Cuts and Jobs Act.

Retirees must adapt their tax planning strategies in light of anticipated changes to various tax credits and deductions influencing their financial landscape.

Deep dives

Impact of Republican Control on Taxation

The recent Republican trifecta in government sets the stage for significant discussions around taxation, particularly in light of previous tax reforms. Historical context reveals that the 2017 Tax Cuts and Jobs Act aimed to simplify the tax code and lower tax rates, though it ultimately resulted in increased complexity without achieving its simplification goals. Most notably, provisions from this act, such as lower tax brackets, are set to expire by the end of 2025, raising concerns about possible tax increases of up to 20% across various brackets for retirees if previous rates are reinstated. With this backdrop, understanding potential extensions, amendments, or a total rollback of these tax cuts becomes crucial as the political landscape evolves.

Intro

3min

Tax Reform Complexities and Retirement Implications

16min

The Qualified Business Income Deduction and its Impact on Various Professions

2min

Revamping R&D Tax Policies for Innovation

2min

Estate Tax Planning and Political Debates

4min

Maximizing Retirement Tax Planning Opportunities

3min

With the 2024 presidential election now behind us, what does that mean for the future of tax policies, tax rates, and their impact on your lifelong savings?

In this episode, we discuss:

A brief history of tax policy changes
Impact of the Tax Cuts and Jobs Act (TCJA)
Potential results of the set TCJA 2026 expiration
State and local taxes (SALT) cap changes

Today's article is from Kitces.com titled, 2024 Election: Evaluating The Impact Of A (Likely) Republican Trifecta On The TCJA Sunset And Tax Planning. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.

Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register.

Show Notes: RetireWithPurpose.com/473

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📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu

📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw

ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process

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