Brett Ewing, Chief Market Strategist at First Franklin Financial Services, takes a look up the potential economic impact of tax legislation.
Transcript:
Brett Ewing: I think some of the biggest risk right now is this tax bill not getting passed through the Senate. If that were to happen, I think that would be disaster for the economy going into ’26. And I also think if some of these trade deals, going back to the tariff issues, if we don’t really get some trade negotiations worked out with India and China, I know we’re in talks and things seem to be making progress. But if those don’t actually happen and the trade war were to escalate, that’s the biggest risk to our economy right now that I see.
The tax bill for everyday Americans is going to be a significant continuation of some tax cuts that were put on them back in 2017. Without this, everyday Americans would certainly feel a major hit in their taxes. I believe that there are some good policies that are in this tax bill that will help lower income, such as the savings account for children. I believe that there is some cuts as far as when you look at deductions on interest. If you’re buying vehicles, those are some big deals. The standard deduction of course, would maintain itself. These really do help out. I work with thousands of clients across the country. Some of them are very wealthy and some of them are not so well off. And this standard deduction has been a game changer for a lot of people. And I really believe it’s important that that’s continues on.
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