Memo – State Of The Union 2024 – Income Tax Perspective

The most important concern we all should have in an election year is a selfish one. Is my family doing better financially? Will the person who we vote for maintain or create an environment that puts my family and our country and its citizens first?

One main way to assess your family’s financial health is at tax time.

Did you know that President Trump’s tax cuts are set to expire at the end of 2025?

If this is allowed to happen, the cost in increased taxes, especially to middle class families, will be devastating.

If the wrong person is elected president in November, 2024, you can be sure that these once in a lifetime tax reductions given to us by President Trump will be history.

What could this mean in real dollars for your family?

The average tax increase, or tax inflation as I call it, will be 20%.

Can you afford that along with all the price increases and inflation we have been enduring the past four years?

My family can’t and neither can yours.

Here are a few representative examples.

First Example

Single Person with $75,000 of taxable income.

Total Tax Pre-Trump $14,489
Total Tax Post-Trump $11,553
Increase in taxes coming when Trump tax cuts expire $2,936.
A 25.4% increase.

Second Example

Single Person with $150,000 of taxable income.

Total Tax Pre-Trump $34,082
Total Tax Post-Trump $29,043
Increase in taxes coming when Trump tax cuts expire $5,939.
A 20.5% increase.

Third Example

Middle class family with $250,000 of taxable income.

Total Tax Pre-Trump $56,885
Total Tax Post-Trump $46,085
Increase in taxes coming when Trump tax cuts expire $10,800.
A 23.4% increase.

Fourth Example

Family with $500,000 of taxable income.

Total Tax Pre-Trump $141,883
Total Tax Post-Trump $115,750
Increase in taxes coming when Trump tax cuts expire $26,134.
A 22.6% increase.

This November, vote selfishly.

Vote for the long term financial health of your family.

Vote for the candidate that will extend the Trump tax cuts.

Remember, casting the wrong vote for the wrong candidate can dramatically increase your tax bills for the coming decade.

Maintaining Trump’s tax cuts is the most pressing and direct personal financial issue to consider when you cast your ballot this November.

All the other talking points are misdirections meant to divert our attention from this real issue we need to be fighting for to keep our families solvent.

Vote with your family’s financial future in mind.

Nothing is more important this election year.

Questions? Concerns? Call me on (732) 673-0510.