The 2018 TAX CUTS | When? What? Why? – Hour 1

Business Coach | Ask Clay & Z Anything

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. “ http://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. – http://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

Feedback

Let us know what's going on.

Have a Business Question?

Ask our mentors anything.

Reserve Your Seat

Attend the world's best business workshop

  • Credit cards accepted

Get More Info

Learn more about the world's best business workshop

Get Started

Your first month is ONLY $1!

Get Started

Schedule your FREE 60 minute coaching session

Don't miss out

Watch the rest of this video and get access to thousands of other online trainings by signing up for an account. Get Business School for $1 Go Back Home Browse More Videos

Get Your FREE eBook

Get Your FREE BOOM eBook

You will be redirected to your dashboard in a moment.