Episode Summary:

In this insightful episode of the Teaching Tax Flow podcast, hosts delve into the tax proposals of former President Donald Trump, as part of their White House Walkthrough series. With input from tax expert Chris Picciurro, the episode breaks down Trump's proposed reforms, comparing them to both current policy and Vice President Harris's outlined plans. It offers a deep dive into potential impacts on business taxes, capital gains, deductions, and the estate tax, providing listeners with a nuanced understanding of how these changes might affect individuals and businesses alike.

Throughout the episode, TTF highlights Trump’s significant tax strategies, including the proposed reduction of corporate tax rates and the introduction of tariffs on imports, particularly from China. Chris Picciurro emphasizes the potential permanency of the Tax Cuts and Jobs Act of 2017 and its implications for both business and personal taxes. The hosts explore contentious subjects such as the exemption of Social Security benefits from tax and the uncharted territory of exempting tip and overtime income from taxation, providing listeners with crucial insights into how these policies could reshape the financial landscape.

Key Takeaways:

• Former President Trump proposes reducing the corporate tax rate and potentially implementing a 15% rate for companies manufacturing in the U.S.
• Plans are on the table for exempting Social Security and tip income from taxation, alongside making the Tax Cuts and Jobs Act of 2017 permanent.
• A proposed 10-20% baseline tariff on all U.S. imports, with a 60% tariff on Chinese imports, could have wide-reaching economic implications.
• The reinstatement of unlimited deductions for state and local taxes (SALT) could significantly benefit high-income earners in higher-tax states.
• Exempting overtime pay from federal taxation is among the unique tax proposals discussed, impacting many American workers.

Notable Quotes:

1. "Your marginal tax rate is way more important than your tax bracket."
2. "The estate tax exemption now, if it comes back down, is going to hit a lot of people that it wouldn't really affect before."
3. "We're doing the best we can here to compare apples and apples, not apples and oranges too much."
4. "Tax laws are written to encourage and discourage certain behavior."
5. "Taxes are on sale. Taxes would potentially go on sale permanently."

Episode Sponsor:
Strategic Associates, LLC
Roger Roundy
www.linkedin.com/in/roger-roundy-86887b23

Listen to the full episode to explore comprehensive insights into Trump’s tax plan proposals and how they could potentially impact your financial strategies. Stay tuned for more enlightening content from the Teaching Tax Flow podcast as they continue to provide expert tax insights and strategies.

• (00:04) - Exploring Trump's Tax Proposals on Teaching Tax Flow Podcast
• (02:39) - Trump's Tax Proposal and Its Impact on Corporate Taxes
• (08:16) - Understanding Tax Credits, Deductions, and Their Impact on Income
• (11:31) - Estate Tax Changes and Their Impact on Middle America
• (15:32) - Trump's Tax Proposals and Their Impact on Individuals
• (19:27) - Proposals for Tax Exemptions and Tariffs Impacting the Economy
• (28:06) - Exploring Tax Proposals and Community Engagement in Finance

In this episode of the Teaching Tax Flow podcast, hosts John and Chris delve into the politically charged waters of taxation as part of their White House Walkthroughs series, covering proposed tax changes by current candidates. The focus for this episode is Vice President Kamala Harris's tax proposals, analyzed strictly from a factual perspective using reliable resources like the Tax Foundation.

Chris Picciurro outlines the potential impacts on both corporate and individual taxation, navigating listeners through the intricate possibilities of future tax policies.

This episode examines Harris's initiatives regarding key areas such as business taxes, capital gains, and tax credits. The hosts explain the implications of increasing the corporate tax rate to 28% and taxing long-term capital gains at a higher rate for high-income earners. They highlight proposed changes to the net investment income tax and the introduction of new credits and deductions for tips, families, and housing. As the conversation progresses, Chris outlines the potential broader economic impacts of these proposals, equipping listeners with an informed understanding of what these political discussions might mean for their tax strategies.

Key Takeaways:

• Vice President Kamala Harris proposes increasing the corporate tax rate to 28%, significantly impacting C corporations.
• Changes to capital gains and dividends tax rates could see increases for high-income earners, introducing a higher tax burden on incomes over $1 million.
• Expanding tax credits, such as the child tax credit and earned income credit, aims to provide financial relief across various taxpayer demographics.
• Estate and wealth taxes remain a critical focus area, with potential adjustments given the expiration of the Tax Cuts and Jobs Act.
• Economic implications of these proposed changes could result in a shift in gross domestic product and employment levels according to tax analysis.

Resources:

• Tax Foundation (taxfoundation.org)

Episode Sponsor:
The Mortgage Shop

Listeners are encouraged to explore the complete episode to grasp the nuances of these tax policy discussions and anticipate how they might tailor their own tax strategies effectively. Stay tuned for the subsequent episode, which will cover the proposals by the other major candidate, providing a full spectrum view of potential future taxation landscapes.

• (00:04) - White House Walkthroughs: Analyzing Kamala Harris's Tax Proposals
• (04:53) - Proposed Tax Increases on Corporations and High-Income Capital Gains
• (08:50) - Proposed Tax Changes and Their Impact on Income and Deductions
• (15:34) - Proposed Tax Credit Expansions for Families and Homebuyers
• (22:31) - Tax Planning Amid Potential Legislative Changes and Economic Impacts
• (32:32) - Upcoming Podcast on Trump's Proposals and Tax Changes

About the Guest: Chrissy Siders
Chrissy is a seasoned professional in the credit union industry, having begun her career in 1998. A degree holder from Michigan State University, Chrissy has developed a deep understanding of the financial industry through her extensive work in compliance, fraud, security, and internal audit. Since 2017, she has served as the President and CEO of True Community Credit Union, headquartered in Jackson, Michigan. Under her leadership, the credit union has expanded significantly, undergoing mergers and converting from a federal to a state charter, illustrating her commitment to strategic growth and technology enhancements.

Episode Summary:

In this episode of the Teaching Tax Flow podcast, co-hosts Chris Picciurro and John Tripolsky delve into the intriguing world of financial institutions, focusing on the distinctions and similarities between banks and credit unions. Joining them is Chrissy Siders, the knowledgeable President and CEO of True Community Credit Union, who shares her insights and expertise accumulated over a career that spans more than two decades.

Through engaging dialogue, the episode sheds light on how credit unions and banks differ in their structure, membership requirements, and community involvement, drawing attention to how credit unions operate as not-for-profit cooperatives versus the for-profit orientation of banks. Chrissy Siders elaborates on the evolutionary path of credit unions, detailing their increased involvement with both personal and business banking, and highlighting the notable technological advancements that make credit unions competitive in today's digital-first landscape. Listeners will gain a deeper understanding of these financial institutions and be encouraged to consider the best fit for their personal and business banking needs.

Key Takeaways:

• Credit unions differ fundamentally from banks in their not-for-profit cooperatives structure, with volunteer boards elected by members, contrasting with banks' profit-driven models with shareholders.
• Credit unions are deeply embedded in community engagement, often extending beyond regulatory expectations to deliver impactful local support and services.
• Technological innovation is a priority for credit unions like True Community, with significant investments in digital tools to facilitate banking processes and enhance member experience.
• The eligibility for membership in credit unions involves specific qualifications related to community ties, unlike banks that open accounts to any prospective customer.
• Credit unions are increasingly competitive in offering business, home, and specialty loans, often personalizing services to ensure comprehensive member financial support.

Notable Quotes:

1. "Credit unions are not for profit. We operate with the intent not to make some gigantic profit margin, but to invest back in our members." – Chrissy Siders
2. "It's inherent in our DNA and our business model to be deeply ingrained in the community." – Chrissy Siders
3. "Your money is just as safe in a credit union as it is in a bank, backed by adequate insurance." – Chrissy Siders
4. "We want to partner with you in writing a life story that stretches beyond your imagination." – Chrissy Siders
5. "We can't cookie-cutter approach to everybody. Every individual human is different." – Chrissy Siders

Resources:

• True Community Credit Union

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

• (00:04) - Comparing Banks and Credit Unions: Differences and Similarities
• (03:44) - Credit Union Industry Insights with Chrissy Siders
• (07:49) - Differences Between Credit Unions and Banks in Structure and Community Impact
• (18:27) - Credit Unions' Technological Investments and Fintech Competition
• (22:13) - Credit Unions' Unique Approach to Banking and Risk Management
• (30:06) - Exploring Credit Union Benefits and Community Engagement in Michigan