We all know taxes are inevitable, but what we don’t know is how much taxes will be in the future. Is your retirement plan set accordingly? We’ll discuss an interesting tax proposal that came up recently.
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You never know what new kind of tax might come up. As more and more people are adjusting to working from home, many are preparing to do so even after the pandemic. Because of this, economists from Germany’s Deutsche bank say people working from home should be taxed extra because they aren’t contributing as much to society. But CNBC contributor Guy Adami feels otherwise.
What do you do to prepare for new taxes? When there is a deficit in funding, how do you pay for it? By charging more or by cutting programs? What politicians have done this well?
Regardless, taxes are likely going up. Doesn’t matter what side of the political lines you fall, it’s hard to find a politician who runs a campaign about cutting spending and cutting programs. If you look at some of the countries who have come before us, you can get an idea of how tax plans may go.
Ultimately, you won’t be able to control the taxes set in the future. So instead of depending on one tax rate, be sure your financial plan is diversified and prepared for whatever the future holds.
[0:16] – Some people will continue working from home, even after the pandemic.
[1:27] – What do you do to prepare for possible new tax?
[3:13] – What kind of government cuts may be necessary?
[4:36] – When taxes go up, there’s often nothing you can do.