Scripts

Sample Script

For decades, we’ve had the same tax rules so there really hasn’t been any guesswork. We all know what’s up, right? Well, the new tax law signed by President Trump changed all that. We’re talking sweeping change and it’s got a lot of us wondering how it will affect is. That tax return money you may count on every year – will it be coming your way? Are the brackets changing and will you fall into a more expensive bracket? The questions seem to be coming from all segments of our economic society. The rich aren’t sure how their tax situation just changed. The poor aren’t sure either…and the middle class – they’re just hoping they don’t get a big surprise tax bill in the mail. Even the experts…financial planners and officials with the IRS…they’re all in a hurry to understand exactly what the Tax Cuts and Jobs Act actually does. Let me tell you, if they’re scrambling to figure all this out – what about the rest of us?

Here’s what we know: Most Americans will get a tax cut because of the new law – but that might be short lived. For technical reasons, the law’s provisions covering individuals and families will expire in 2025. At that time, it will have to be extended by Congress and we all know that’s never a sure thing. The part of the law that covers businesses – that’s more permanent. If you’re thinking that doesn’t seem fair, hear this…the bipartisan Joint Committee on Taxation says that while most Americans will pay less in taxes initially, if those cuts aren’t extended come 2025, more than half of taxpayers will be paying more by 2027. So for many of us, it may be beneficial financially to look down the road a bit and see exactly what may be in store. That plays into retirement for many of us.