HomeFinance NewsPersonal financeRun to Shelter! Tax Bomb Set to Explode, Prepare for Financial Devastation!

Run to Shelter! Tax Bomb Set to Explode, Prepare for Financial Devastation!


Op-ed: There’s a potential tax increase coming. Here’s what you need to know


The Tax Cuts and Jobs Act of 2017 (TCJA) brought relief to many Americans, but it’s important to recognize that many of the tax cuts were temporary.

After years of wage growth, the expiration of these temporary cuts could result in higher taxes for many individuals.

Under the old tax brackets, a higher portion of your income would be subject to taxation, potentially leading to increased tax liability.

Furthermore, other tax provisions that were eliminated or capped under the TCJA may not be reinstated.

For example, the once-unlimited state and local tax deduction is now capped at $10,000, which could affect individuals in high-tax states.

The return of these tax breaks and deductions would require action from Congress, but they would come at a significant cost to the federal budget.

This could raise concerns about the government’s ability to address other pressing issues, such as rising national debt.

Additionally, permanent life insurance has emerged as a potential strategy for long-term tax savings and wealth accumulation.

Policyholders can borrow against the policy’s cash surrender value tax-free and repay the loan with the death benefit upon their passing, providing tax-efficient access to funds.

However, it’s essential to consult with a tax advisor to determine the best solutions for your individual financial situation.

By carefully planning and considering all available options, you can mitigate the impact of expiring tax cuts and potentially reduce your overall tax liability.

  • Overall sentiment: negative
  • Positive

    “The provision that reduced the corporate tax rates to 21% is permanent.”


    “If a divided Congress fails to make amendments, the old tax brackets will return after years of wage growth — which means more of your income may hit the older and more onerous brackets sooner.”

    “There are also under-the-radar excise taxes imposed on the sale of things like fuel, airline tickets, tires, tobacco and other goods and services that can mitigate some of the savings from many of the federal tax cuts that are temporary and may disappear after 2025.”

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