2024 Election Aftermath: Planning & Tax Implications – No Tax on Social Security?

After months of political debates and campaign ads, the election season has finally come to a close. While some of our clients are celebrating the results, others are feeling disappointed. However, the reality is that many of the key financial issues we faced before remain unchanged. Taxes, investing, Medicare, long-term care, estate planning—these are the areas we’ll continue navigating regardless of the election outcome.

In today’s episode, we’re going to discuss what we might expect now that the Republicans have secured control of the Senate and likely the House of Representatives. We’ll also dive into tax and planning considerations in the wake of the election and explore what lies ahead.

Here’s some of what we discuss in this episode:

• The possible extension of the Tax Cuts and Jobs Act
• State and local tax (SALT) proposals
• The potential elimination of taxes on Social Security benefits
• The Social Security solvency issue and proposed changes

Links for today's show

Federal Tax Rates –

https://taxfoundation.org/data/all/federal/2024-tax-brackets/

The SALT Deduction –

https://suozzi.house.gov/media/in-the-news/trump-signals-hed-restore-full-salt-deduction-democrats-are-skeptical

https://www.cnbc.com/2021/11/19/house-democrats-pass-package-with-80000-salt-cap-through-2030.html

Taxation of Social Security Benefits –

https://taxfoundation.org/blog/social-security-benefits-tax-inflation/

The Social Security Trust Fund and Future Cuts-

https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html

The Debt Clock –

https://www.usdebtclock.org/

Get in touch with Don and learn more: https://doncashpodcast.com/