Episode Details

In this episode of the Main Street Business podcast, hosts Mark J. Kohler and Mat Sorensen analyze the potential tax changes as the Tax Cuts and Jobs Act nears expiration. They discuss Kamala Harris's proposal to increase capital gains taxes and enhance child tax credits versus Donald Trump's plan to maintain lower rates and extend business deductions. They also cover strategies for family tax planning and corporate tax management, offering tips for adapting financial strategies to these upcoming changes.

Here are some of the highlights:

• Mark and Mat begin by pointing out how individual tax brackets will increase, while standard deduction will decrease.
• A breakdown of how Harris will increase child tax credit ($6000 for first year, $3600 for ages 3-5, $3000 for older)
• Trump’s plan to reduce corporate tax rate to 20%, 15% for US-made products.
• In-depth look at Harris’ proposal of a $50,000 startup cost deduction for new businesses.
• How Trump will go about increasing tariffs on foreign corporations and eliminating tax on Social Security benefits.
• How both candidates support removing tax on tips for workers.
• Mark and Mat discuss the potential economic impacts of each plan.
• Importance of focusing on personal financial goals regardless of the election outcome.

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