How can we take advantage of Trump's tax plan? Mark J Kohler is here to explain several key tactics, and it's not what you think. 🧐 Mark J Kohler is the founder of Main Street Tax Pro, and brings his decades of expertise in tax and legal matters, as well as Main Street business operations, to the show. He delves into the implications of Trump's proposed tax cuts, providing insights into their impact on small business owners and everyday operators in the U.S. Mark and Ryan also unpack the contrasting narratives presented by various political sides and discuss ways to navigate through the often polarized information landscape. Donald Trump's latest tax relief proposal has sparked intense debate about the future of income tax policies and their impact on everyday Americans. The internal revenue service (IRS) guidelines could see significant changes, while tax preparation experts weigh in on potential implications. Dive into this comprehensive analysis of how financial literacy plays a crucial role in understanding these proposed changes. 🎯 Takeaways: The Trump tax cuts aim to benefit Main Street America and are backed by tariffs and efficiency. Small business owners should think globally and seize broader opportunities. AI enhances human-driven business activities by automating routine tasks. 💬 Sound Bites: "We're gonna use tariffs, and we're gonna use Doge... to create efficiency in the government." "AI is like your superpower because now all of these other tasks that take away our resources and energy can now be automated." "The American dream is still alive and real... Let's be patient, let's not just jump on every rhetoric statement that's out there." 🔗 Connect and Discover: Website: https://markjkohler.com/ YouTube: https://www.youtube.com/c/markjkohler 📌 𝗙𝗢𝗟𝗟𝗢𝗪 𝗠𝗘: Website: https://go.ryanhanley.com/ Course Page: https://masteroftheclose.com/ Instagram: https://www.instagram.com/ryan_hanley
Chapter 1: What insights does Mark J. Kohler provide on Trump's proposed tax cuts?
Yeah, so I want to get right into the meat and potatoes of something that just came out. Trump just released his proposed tax cuts. There's a ton of stuff in there, right? And then there's all this information coming from, we'll call them people who don't agree with Trump or tend to not agree with him.
And there's a lot of information that I think and I'm getting people reaching out to me and I don't know anything about taxes. But buddies are like, hey, how does this impact us? Is this what he promised, et cetera? So, you know, I guess maybe let's start with the extension of like the tax cuts and Jobs Act in terms of like what he had in place before he's kind of bringing back.
And maybe just in general, break down for us, is this really tax cuts for the labor class, for the middle class, for Main Street, as he promised and as it seems? Or is this, as we're kind of being told from the other side, a backdoor into tax cuts for billionaires and all his oligarchical friends?
Yeah. Now, thank you. It's a wonderful question. And I don't want any of the listeners here to think I'm just out on the Trump campaign trail. I am not. I am all for Main Street America. And whether it's Democrat or Republican, let's pass good tax legislation to help small business owners and real estate investors, because that's the backbone of this country. It's not the big corporations.
It's 90% of our economy are small business owners with less than 100 employees. And so I'm with you. We are... going to hope that this new legislation this year will have the best and the most impact on that segment of our, of our country and that economy. So, well, what's kind of fun here is we've got Terminator one. Now we get Terminator two. What did we see in the first movie?
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Chapter 2: How do Trump's tax cuts impact small business owners?
You know, in the first movie, that's exactly what we got. We've got Bonus depreciation for equipment and real estate investors. The opportunity zone provisions. Better deductions for autos and mileage. Better tax rates. We simplified the tax rates and lowered the tax rates across the board for the wealthy and the middle class and the low. Everybody got a tax cut.
And so that Tax Cuts and Jobs Act, which was about 500 pages, I used to carry it around with me for a year or two as I was on the road explaining it, wrote a second edition of my book to explain it. It was packed with a lot of stuff. But here's the interesting point. The guts of it was, we're going to offer all these tax incentives for the middle class, lower tax rates and these tax strategies.
How in the hell are we going to pay for it? He brought... foreign corporation, U.S. corporations doing business abroad, they had to bring their revenue back to the U.S. He slammed all the foreign bank account issues going on in Switzerland and multiple countries. He was tough on the corporations. He said, bring your money back to the U.S.
And in turn, I'll give you a 21% corporate tax rate, but I want all this money brought on shore. So that's what a budget has to do. So when he passes this bill, everybody, last point, When you pass a budget like this, or bill, it's got to balance in 10 years. It's legislative required. So it's got to balance in 10 years.
So where the government giveth all these great, cool tax strategies, he's got to show how we're going to pay for it. And I'll tell you how we're going to pay for this round. But your first question was, did the Tax Cuts and Jobs Act really do that? It did. And we saw it. And we saw the economy flourish. Will he do it again? We're all crossing our fingers.
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Chapter 3: What was included in the Tax Cuts and Jobs Act?
And the promises he made this week say he is. So we can get into how he's going to pay for it.
And hopefully it's going to work. Before we get to how he's going to pay for it, one of the things I'd really like to, with each topic that we address today, I would love to get into kind of the almost like How are people who are fighting this, right? Because, you know, I follow along with what's going on. You hear Elizabeth Warren. You hear Chuck Schumer. You hear Bernie Sanders.
And everything they say, you know, AOC, these guys stand up or they go on social media, and it's just this drumbeat of this doesn't help anybody but the elite. This is just him glad-handing his friends. You know, how... How are they – like, is that argument just completely based in false narrative?
Like, how do – if you're sitting here and you're not educated, right, you don't follow along with what these things are going on, and you just pop your head in and you hear these two sides, how is someone supposed to start to really make up their own mind? Like, how do we sort through all this – conversation and to me feels so often like a very intellectually dishonest take on what's happening.
Ryan, your skepticism is completely valid and millions of Americans are frustrated by this. They turn on mainstream media or listen to a C-SPAN cut hearing, throw it out on social media, and they're like, what the hell? Trump just said he's not going to tax tips. He's not going to tax Social Security. He's not going to tax overtime. We're going to keep our tax rates up.
That's what he campaigned on. That's what he followed through before. And he says, I'm going to do it again. Then how in the hell can I turn on my social media feed and Bernie Sanders or some other congressional senator or congressman says, Trump's evil. He's really going to get breaks to billionaires. You're like, how do I reconcile this?
Yes.
I... It frustrates the hell out of me. Someone that's read tax legislation my whole career from the left and the right side. Here's the only way I can make sense of it, Ryan. And two years ago, I'd sound like a conspiracy theorist. Now you're like, holy crap, maybe this is true. And that is, and look at the USAID issue right now.
And when we see the USAID budget funding mainstream media, not only in the U.S., but all over the world, sending out disinformation, wanting to censor so that they can control their narrative, so they can keep spending this money however the hell they want. And we're just getting to the tip of the iceberg.
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Chapter 4: How can tariffs fund Trump's tax proposals?
Is it truly that they're just so... I mean, your belief is it that they're so captured? And I'm trying to get to how we work these things out in our head if we're not as involved as maybe you and I are, right? Is it just that they're so captured? Could it be that the corruption is so deep they don't want to lose their money train? Or is it honestly that...
They've just lost the narrative because they live in this tiny little bubble and they just simply don't see or that that these things that the American people, the boots on the ground, American people are looking at, you know, eight million dollars for DEI studies in some other country that's not here. And they just can't relate to that. Like, like.
I think it's a little, there's never one thing, right? You're smart enough to get that. I love the way you're analyzing this, but I think it's a combination of both of those. And then you blend in their lobbyist money, the cyclical rotation of the unelected officials that are in Washington on the left as well. And that's a big money train for them.
And they're going to feed Elizabeth Warren and others the narrative that benefits them. And I have to believe, I think some of those political representatives have been bamboozled
tricked fed so much information they are literally in that little bubble of a different reality and then i have to believe i think some know exactly what they're doing yeah they're scared to death that when any id or when when usa id comes out with the real story of who's got paychecks under the table, it's going to be ugly. It is going to be crazy.
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Chapter 5: What are the contrasting narratives around Trump's tax policies?
And I think there's going to be Republicans as well on that list. For sure. So why Elizabeth Warren can get up? How she can get up and say, we don't want Doge to forgive us. Why? Why not? He doesn't have check writing ability. Holy crap. He just wants to go in there and go, let's see where all the money went. I love that James Stewart was doing an interview the other day.
And even the Democrat talking heads are like, let's get to the bottom of this. Holy crap. What's there to fear? And I just think it's unauthentic. Absolutely. Or just they're brainwashed.
Continuing down the USAID path and Doge, how does the work that Doge is doing, finding these things, how will that trickle back down for someone who is Main Street? They own a coffee shop. They own some rental properties in town. How does that work in all these stories? How does that trickle down and actually impact us on Main Street?
Okay, this is probably my biggest message, and I held a live on this last week, and it blew up. And this is super important. Okay, so let's just... Just for a minute, if you can, folks, let's assume whether you love Trump's style or not. We can go there and all that crap. But with the Tax Cups and Jobs Act, we all kind of felt some cool stuff.
If you're a business owner or a real estate investor, man, that tax bill has some sweet provisions in it. Okay. Let's say he's going to propose this again, which he is up at the Hill right now. His team is talking with GOP leaders. They're crafting a bill. It's going to be a monster. I'll be breaking it down back here with you, Ryan, when it comes out, man. Yeah, yeah. But it's going to be sweet.
Okay. How in the hell this gets to the payment? How is he going to pay for it? He's already got so much of the corporate revenue back on shore. How is he going to pay for it? Well, he said, this is super cool. We're going to use tariffs. and we're gonna use Doge. it's kind of like we all have a house. We all have a household. And what are we spending our money on?
I spend way too much money on DoorDash. I mean, I should not spend as much as I do on DoorDash. I think it's the coolest app ever. In two or three minutes, I can get whatever the hell I want. I'm like, I'll pay the 10 bucks. That saves me an hour. I don't want to drive over there. I love it. But it is way too bad on my budget. It is not good. It is inefficient.
Now, no one's... I'm not ripping off anybody, but there's some inefficiency there. So... If we can create some efficiency in the government, and so that's how these USAID issues really play out. Because if we can find billions of dollars over here that's being wasted or spent in areas we don't want it, and we can turn around and pay for a tax cut, for not taxing Social Security?
Because it's going to cost us. There's a couple billion dollars a year that comes in on tax revenue by taxing Social Security. So if we say we're not going to tax it, we got to make up for that $200 billion. So how do we do it? Well, we're going to tariff a country that has an unequal trade balance with us. And we're also, and I love this was in his proposal, and I'm going to give a tax cut to U.S.
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Chapter 6: How can listeners find unbiased information on tax legislation?
actively used against us around the world. Yes. They're all completely used to it. It's how they make revenue is tariffing goods that would come in from the United States. We just haven't done it in return. So it's not like we're this bully who just decided to all of a sudden start pushing tariffs on everyone.
This is what's been happening to our manufacturers in our country, which is why so many of our manufacturing plants moved. I mean, it's not the only reason. But it is part of the reason is if they then move their manufacturing operations into foreign entities, now they can actually sell at a reduced rate in those countries. So it's – and then we wonder where the jobs go, right?
It's like – but there's so many layers to this that I think it becomes very confusing for people. Yeah. And I want to get to the World Economic Forum in a minute because I did not know you went there, and I'm incredibly interested. But I guess my last question on this topic before we move is if you're a Main Street business owner or you're just interested and you're trying to become more informed,
Besides coming and following your content, which, guys, I would highly, highly recommend. I am not just stroking Mark's ego. It is incredible. Tax, general business, business formation, all this kind of stuff, wonderful, wonderful content. So we're going to direct everyone to you.
Where else, how else do people start to set up information filters in their life so that they can get information that isn't necessarily biased one way or the other or maybe has the least amount of bias that they can start to download and understand these issues on their own?
Well, here's a great question. Here's what I'd offer to your listeners. And please hear me out here. Let's take the NFL for a moment. Let's say Jalen hurts. You're like, don't really. Let's just hypothetically say you're like, I really don't like him as a quarterback. And I took you to the Super Bowl. Cool.
But early in the season, he was getting a lot of heat and a lot of heat for the way he'd run the ball or not or pass the ball or not. I mean, Stephen A. Smith beat the crap out of it. I just love that. I love that guy. OK, so but you're an Eagles fan. And you're like, you know what? I'm going to get behind Jalen because holy crap, he's all we got. He is our quarterback.
So I mean, I love the guy, but he might pull it off for us. And he did. All right. So here's my offer to all of you out there. Yeah. Trump style. It can be a little abrasive. He may not have the personal lifestyle choices that you would like or whatever the case. And there's a lot of accurate information and misinformation out there. You go find a politician that's live a squeaky clean life.
But besides J.D. Vance and good luck. So I mean, so go out there and find that perfect politician. You know what? Why don't we find a politician that's going to go kick ass for us? May not like him. And you may have not voted for him, but guess what? He's your quarterback now. And you know what? So here's what I'd offer to those listening. There is a lot of rhetoric out there.
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Chapter 7: What is the future outlook for small business amid Trump's policies?
It was a very different Super Bowl than we've seen the last few years.
They were playing YMCA in the crowd and chanting USA. I'm like, where are we? It was, like, freaking awesome.
Yeah, it really was fun to, like – I mean, I just remember I'm sitting there with my kids and some friends, and I just kept whacking everybody, like, are we back? Are we back? It was like, is it okay to, like – You know, be pro-America again. I mean, I always have. Isn't that weird? But it's true. Yeah, yeah, yeah. I mean, it's funny. I'll give you this anecdote. I want to get to the WEF.
So I live in New York State. Very, very – well, my area, I live in upstate, so it tends to be more red, but it's blue in general, right? Yeah. And during the first Trump presidency, if you had a Trump campaign in 2016, if you had a Trump sign out, there were people driving around ripping them out, etc. So in August of this year, I put out two signs.
I put out, you know, Trump sign, and then I put out presidents are temporary, but Wu-Tang is forever. And I spaced them about 10 feet apart. And the best part was even my Democrat friends that were walking by my house when they're walking their dog or whatever, like, Oh, I like your signs. They're like, I wish I could, you know, I wish I could put them out, but like no one ripped them down.
No one, no one stole them. And like, that was like a sign for me very early that I was like, something is changing because there was so much energy. I think people are starting to realize that being America first, focusing on main street, coming back to our communities, you know, really dialing into our day-to-day lives and getting out of all this, this kind of,
you know except we're focusing on these exceptions instead of what what really the core of growing our country is it's it's an exciting time and i'm with you i think it's time to you know if you've got capital on the side you know now's the time to have your antennas up be looking to deploy be looking to see what's going on because i think opportunity is going to be everywhere over the next four years so coming off of that let's talk about the world economic forum one
very cool you're there. What is it like for someone who's obviously never been? I'm very interested. What's it like? And then maybe why you went and what you took away.
Oh, you bet. Thanks for asking. And it was kind of unexpected about four or five months ago, one of the houses that sponsors some of the presentations and panels and events asked me to come speak and represent small business. And but can you do that, Mark, and come on your own dime?
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