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Trump & The Republicans got their tax plan passed and as of today is now law. Will it be as good as they hope? Is it as bad as the Democrats claim it be? The real question is what does it mean for you? In this episode, we cover the main changes and discover that though things change they somehow remain the same…
In this 34 minute episode:
- If you didn’t know, there’s a new tax bill [2:01]
- Reference from last weeks episode on How Taxes Work
- Every tax bill is for the Rich [4:18]
- What’s Changed? [7:13]
- Lower Corporate Tax Rate [8:00]
- Here’s how Corporations pay taxes [9:14]
- 20% deduction for Side Hustlers [10:53]
- Removal of health insurance mandate [12:20]
- What is SALT [14:00]
- Say BYE BYE to the Personal Exemption [16:27]
- Health care cost deduction gets lowered [21:09]
- New Child Tax Credit [21:44]
- 529 Plans for K-12 [23:02]
- The cuts come with an expiration date [24:17]
- In closing… [31:20]
Links mentioned:
- Link to the actual bill: https://www.congress.gov/bill/115th-congress/house-bill/1/text
- How the GOP Tax Bill Affects You | Investopedia
- Show notes found at https://yourmoneyright.com/80
- The Money Misfits Facebook Group