Biden Administration, Paul W. Smith, Brian discussed on The Paul W. Smith Show
Smith or already thank you very much, Mr Announcer and to Brian. No. I did not see your last message until too late. Um, after traffic and weather, But we'll get to that commercial that you need me to do coming up. See? There they would. Everything is Out in the open here when we have the open camera for the whole show, and there's no way for me to actually talk back and forth to Brian except via his message board. But meanwhile, the gentleman joining us now is the Detroit leader of the U. H Y evaluations. Group. U H Y is a great company. I mentioned Tony from Bada. Longtime friend of the program, way back to the JP days on now helping me with my tax information, Keith bore and especially Jonathan Shoemaker. These guys that worked very, very hard as Jacob Katz works very hard and very well aware of Keith and Jonathan and the whole team. They're euh. Why, Jacob, Welcome to the Paul W. Smith Show Tell of you, J. R. Thank you. Thank you very much for having us pleasure is our pleasure it We're all looking at changes. We have a new administration, a whole different philosophy and let's face it. There's changes in the tax code. Under the Biden administration, and it's my feeling that given everything I've heard so far that it won't just be people making $400,000 arm or that they're going to see kind of a tax increase. What's what's your professional thought? That's absolutely correct, Paul. We do expect there to be changes in the income tax code, especially with what happened on January 6th in Georgia and extensively control the Senate moving over to you. The Democrats. But the tax changes that we expect the low hanging fruit that we expect the administration go after is more centered the estate and gift side which is going to affect many of our business owners, Ondas well as their employees. You know, for instance, you had a piece about Blakes cider. Here was a company that was very, very small at one point, and now it's very large on but that's the type of tax code that's going to affect them dramatically and what they plan to do in the future and therefore effects everybody down the line. Everybody. And I contend that if you make $50,000 a year, you're going to see it or feel it. And frankly, there are other taxes out there that we don't necessarily automatically think of taxes. But they truly are the way they affect our Ability to spend or save any money and that is that there's inevitable that the gas prices are going to go up. We are going to be producing. We are going to be his energy. Efficient and not be able to stand on our own Once we stop. Drilling and getting natural resource is in certain areas that we've kind of got used to, which has helped keep the prices down. So those prices are gonna go up there. So this is not a thing that You know, you might have said, Well, it's gonna affect Jeff Bezos and Bill Gates and all these billionaires, so it's gonna affect all of us. And when do you think these, these changes will go into effect? Sure. Well, there's a bit of a political question. They're obviously we do expect that weaken, bracket it to some degree. So, for instance, we don't expect it to occur before the impeachment. Debate is over. On the other hand, that Biden administration has about a two year period of time and, frankly, ah lot less than that, in order to enact some of their larger pieces of legislation. And their tax piece is one of those they're going to face ardent opposition by the Republicans in the Senate as well as in the House. On. And so they're going to likely want to spend that political capital that they have sometime in 2021 begin proposing tax law changes and again. These aren't just legislative changes. There are certain things that we've seen from the by administration, as we saw from the Trump administration that could be changed with the just play piece of panna panna on a piece of paper. So they're also changes that you've alluded to that could affect a number of tax laws without having to ever go through Congress. Wow. It just means it's gonna be a bit more confusing and we really need to, uh, like I do depend on the professional, so I would never pretend to be able to In this day and age, do my own taxes. I need help. And you guys that you h Y help, and I appreciate that if we focus on this great state of ours on Michigan. How does what happens in Washington, D. C. Affect things here directly? Sure. Well as we saw from the state of the state address yesterday evening, Governor Whitner has substantial plans on what to do for the budget and, more importantly, for the covert response. Republicans have countered with their own plan that is somewhat approximately $2 billion less. But that money isn't conjured out of thin air. A lot of that money is coming from Washington, D. C right now his country We're spending a lot of money, which is appropriate when we're facing a pandemic. And again that money itself doesn't get conjured out of there, even though in the short term, sometimes it seems like it does what this means is that this bill is coming due. For the for the country and that and with the Biden administration in place, we expect to see substantial changes in the income tax, but also in the estate and gift because a lot of people don't focus their attention on that side of things. S O that effects Michigan Because every business that supports the automotive industry and manufacturing and all of those businesses, many of them are family owned, or they've been family owned, and that will have a direct impact on although so, what we see right now is for the business areas. The clock is ticking. And now is the time to start doing that planning before. Legislation gets changed in the planning is no longer Bible..