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The Compound and Friends
Bill Sweet on the Tax Time Bomb, the Bull Market Turns Two
Oct 15, 2024
01:36:49
Snipd AI
Bill Sweet, CFO of Ritholtz Wealth Management and principal at RWM Tax, dives into the potential fallout from upcoming tax cuts expiring in 2025. He discusses how individual tax cuts from the 2017 reform are temporary and the implications of potential tax increases for American households. Sweet also highlights the challenges of navigating the SALT cap's effects on high-income earners in blue states. Additionally, he reflects on the current bull market, especially the impressive recovery of tech stocks, and emphasizes key year-end tax strategies for investors.
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Quick takeaways
- The potential expiration of the Tax Cuts and Jobs Act may result in higher taxes for 62% of U.S. households starting in 2026.
- Electoral outcomes significantly influence tax policy, as Republican control could extend cuts while Democrats may increase taxes on higher earners.
Deep dives
The Impending Tax Time Bomb
The discussion centers on the potential impact of upcoming tax changes due to the expiration of the Tax Cuts and Jobs Act (TCJA) at the end of 2025. A significant consequence of the upcoming elections, particularly for taxpayers, is the potential increase in taxes if Congress does not take action. If the tax cuts expire as scheduled, it is estimated that 62% of U.S. households may face higher taxes starting in 2026. The podcast underscores the urgent need for listeners to understand the implications of these tax policies and the importance of being prepared for various outcomes.
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