Solutions 4 Financial Independence: 07/31/18
Question: I heard that tax reform 2 is coming out. What is your opinion?
Answer (John Halterman, Beacon Wealth Management): “I love tax reform. There are a lot of naysayers out there that constantly say the current tax reform is not working. You know what? The economy is actually getting stronger.
Don’t let the stock market fool you right now because there are a lot of people that say if it’s so good, why is the stock market not going gangbusters yet? But the reality of it is the stock market is based on other short term things that are affecting it.
We are getting a stronger and stronger economy. Let’s face it, history has shown us every time there has been tax reform, there has been stimulation and it has been good to our economy.”
Question: What are the specific details about it that you like?
Answer (John Halterman, Beacon Wealth Management): The first thing, which is what the naysayers talk about, it that it is only temporary. Well guess what, it is going to turn permanent. They are going to make all the cuts permanent so they won’t be able to say, hey the average person won’t benefit because it’s going away. Now that is a big step right there.
The second thing is universal retirement accounts. One thing that I am sick of, from a perspective of a client, is that there are so many different types of retirement plans. There are simple IRAs, IRAs, Roth IRAs, 403b, 401k, it makes it very, very confusing. So they are talking about creating one type of retirement plan to where you can just put money in, the limits are the same, and just whatever you want to save.
Big, big step for the consumer if that happens. I would be thrilled for those two things.”