The 2018 TAX CUTS | When? What? Why? – Hour 1
Audio Transcription
Tune into the show today to find out the when, what and why of the 2018 tax cuts. Business Coach Clay Clark and Dr Z. are breaking down what you need to know about tax cuts.
FUN FACT – 1913
The United States imposed income taxes briefly during the Civil War and the 1890s. In 1913, the 16th Amendment was ratified, permanently legalizing an income tax
FUN FACT – Here’s how much the average American earns at every age
16 to 19 years: $422 weekly/$21,944 annually
20 to 24 years: $525 weekly/$27,300 annually
25 to 34 years: $776 weekly/$40,352 annually
35 to 44 years: $976 weekly/$50,752 annually
45 to 54 years: $975 weekly/$50,700 annually
55 to 64 years: $966 weekly/$50,232 annually
65 years and older: $904 weekly/$47,008 annually
https://www.cnbc.com/2017/08/24/how-much-americans-earn-at-every-age.html
NOTABLE QUOTABLE – Teachers Need Real Feedback – Bill Gates
FUN FACT – “Republicans on the House and Senate committees that wrote the final bill say a family of four with the median family income of $73,000 will get a tax cut of $2,059, at least through the end of 2025.” – How soon after President Trump signs the tax bill could you see the effects? USA Today
MYSTIC STATISTIC – 81% of Shoppers Conduct Online Research Before Buying
81% of Shoppers Conduct Online Research Before Buying [Infographic]
MYSTIC STATISTIC – How Important Are Customer Reviews For Online Marketing?
https://www.forbes.com/sites/jaysondemers/2015/12/28/how-important-are-customer-reviews-for-online-marketing/#a8543a619284
NOTABLE QUOTABLE – “Monumental, brazen theft from the American middle class.”- Nancy Pelosi – (The Minority Leader of the United States House of Representatives. She currently is representing California’s 12th congressional district.)
NOTABLE QUOTABLE – “It raises taxes on 86 million middle-class households” and “hands a breathtaking 83 percent of its benefits to the wealthiest 1 percent of Americans.” – Nancy Pelosi – (The Minority Leader of the United States House of Representatives. She currently is representing California’s 12th congressional district.)
NOTABLE QUOTABLE – “It’s a tax bill for middle class; it’s a tax bill for jobs, it’s going to bring a lot of companies in; and it’s a tax bill for business, which is going to create the jobs.” – President Donald J. Trump
What is included with the tax cuts?
FUN FACT – “The centerpiece of the plan is a permanent reduction in the corporate tax rate from 35% to 20%. The plan also reduces individual tax rates somewhat, while eliminating various tax preferences and deductions. “ https://www.businessinsider.com/how-tax-bill-affect-people-different-jobs-2017-12?op=0#/#bakers-3
Hourly pay: $10.08
Average salary: $20,960
Weekly pay: $403.08
Current tax: $1,118
Tax under the Republican plan: $896
Percent tax cut: 19.8%
Total savings: $222 per year
Hourly pay: $11.31
Average salary: $23,530
Current tax: $1,503
Tax under the Republican plan: $1,193
Percent tax cut: 20.6%
Total savings: $310 per year
Hourly pay: $13.03
Average salary: $27,110
Current tax: $2,040
Tax under the Republican plan: $1,623
Percent tax cut: 20.5%
Total savings: $417 per year
Hourly pay: $15.40
Average salary: $32,040
Current tax: $2,780
Tax under the Republican plan: $2,214
Percent tax cut: 20.3%
Total savings: $566 per year
Hourly pay: $19.90
Average salary: $41,400
Current tax: $4,081
Tax under the Republican plan: $3,338
Percent tax cut: 18.2%
Total savings: $743 per year
Hourly pay: $22.84
Average salary: $47,510
Current tax: $4,840
Tax under the Republican plan: $4,071
Percent tax cut: 15.9%
Total savings: $769 per year
Hourly pay: $28.32
Average salary: $58,910
Current tax: $6,929
Tax under the Republican plan: $6,260
Percent tax cut: 9.7%
Hourly pay: $35.30
Average salary: $73,440
Current tax: $9,905
Tax under the Republican plan: $9,296
Percent tax cut: 6.1%
Total savings: $609 per year
Hourly pay: $44.04
Average salary: $91,620
Current tax: $13,534
Tax under the Republican plan: $12,491
Percent tax cut: 7.7%
Hourly pay: $54.25
Average salary: $112,860
Current tax: $17,731
Tax under the Republican plan: $16,701
Percent tax cut: 5.8%
Hourly pay: $67.17
Average salary: $139,720
Current tax: $23,556
Tax under the Republican plan: $22,606
Total savings: $950 per year
Hourly Pay: $121.59
Percent tax cut: 4.0%
Average salary: $252,910
Current tax: $48,667
Tax under the Republican plan: $53,272
Percent tax cut: -9.5%
Total savings: They must pay an extra $4,605 per year
When?
The first sign of the tax changes should show up in workers’ paychecks in January, when employers adjust tax withholding to reflect lower (or, in the case of an unfortunate few, higher) tax liability. – https://www.businessinsider.com/trump-gop-tax-cuts-reform-impact-2017-12
Action Steps – 4 things to invest IN your business during a boom:
Optimize your website
Improve your branding and the look of your facility
Improve your sales systems
Invest in good people
