Certain tax cuts are set to expire next year. Here's what that means

The video discusses the implications of the 2017 Tax Cuts and JOBS Act, focusing on its impact on the wealthy and potential changes if it expires. It highlights concerns for high earners, the effects on the middle class, and the importance of tax planning. The discussion includes insights from Jared Feldman on how these changes might affect the top 1% and strategies for future tax planning.

What was one of the primary benefits of the 2017 Tax Cuts and JOBS Act?

• Increased capital gains tax

• Reduced corporate tax rates

• Higher estate taxes

• Increased taxes for the middle class

What is a potential consequence if the Tax Cuts and JOBS Act expires?

• Lower tax rates for all

• Permanent SALT deduction cap

• Increased standard deduction

• Higher tax rates for high earners

How might the expiration of the Tax Cuts and JOBS Act affect the middle class?

• No change in tax policy

• Increase in tax brackets

• Decrease in tax rates

• Increase in standard deduction

What might happen to the SALT deduction cap if the Tax Cuts and JOBS Act expires?

• It will be reduced further

• It will remain the same

• It will be removed

• It will be increased

What is one of the criticisms of the 2017 tax bill according to the American Progress Report?

• It increased revenue significantly

• It reduced inequality

• It provided the largest tax cuts to the wealthy

• It benefited the middle class the most

What is a key strategy for taxpayers in light of potential tax changes?

• Ignoring tax changes

• Waiting until changes are confirmed

• Planning and communication

• Relying solely on tax professionals

What is the main takeaway for taxpayers regarding future tax changes?

• Rely on government announcements

• Avoid planning until changes are confirmed

• Focus on short-term gains

• Emphasize planning and communication