Does The 1% Need To Be Worried?
Now the the election is “over”, what will be in store for your taxes?
Well, for the ordinary, average person on the street, nothing much will change. Here’s what I think will change:
1.) Tax breaks for couples earning $75 to $150k a year
2.) Interest Carrying charges for the rich (Trump addressed this specifically)
3.) Reduction of the earned income credit
In order to get the economy moving again, taxes will have to be lowered for the upper middle class. This will most likely come in the form of lower tax rates, not deductions. Very easy to lower the rates.
Unfortunately, I believe Trump will lessen the amount of earned income credit people receive. In some people’s eyes, this has been abused over the years and, is in fact, free money.
The “rich” folks will have some of their tax preferences eliminated or reduced. However, as most people who know the tax code well, they will find other legal ways to reduce their taxes. So, do not count on them to fix this dilemma.
As ALWAYS, you cannot fix the economy by just tax cuts, just as you cannot lose weight just by exercising. You must control your diet as well.
This means the government MUST spend less money in addition to tax cuts. Wether they do this is another story.
What can YOU do to help lower your taxes? Get yourself a home based business and start taking advantages of the deductions available to you! Do your part to lower your own taxes and put money back into the economy!
CLICK HERE to find out how!