This week, Angela discusses key financial and legislative updates, including the Corporate Transparency Act, Social Security Fairness Act, Secure Act 2.0, the impact of executive orders on financial markets, and more.
Key Takeaways 💡
- The Corporate Transparency Act, though not currently enforced, could impose significant fines and prison time for non-compliance. A new rule is expected by March 21st, and Congress is discussing potential changes or elimination of the act, which could benefit businesses.
- The Social Security Fairness Act addresses unfair provisions like the windfall elimination provision and government pension offset, benefiting 3.2 million people retroactively from January 2024. Listeners are encouraged to check their eligibility for potential benefits.
- The Secure Act 2.0 introduces automatic enrollment in retirement plans and increased catch-up contributions for employees aged 60-62, effective in 2025. These changes provide an opportunity to maximize retirement savings.
- Executive orders are creating uncertainty in financial markets, with reactions depending on whether policies are pro-business. Angela emphasizes the importance of seeking opportunities amidst the chaos and adapting to the evolving landscape.
- The Tax Cuts and Jobs Act of 2017 faces slow progress for extension in Congress due to political strategies and reconciliation bill complications. Angela highlights the implications for business deductions, tax brackets, and the challenges of balancing the budget.
- Angela stresses the urgency of addressing the debt ceiling and the limited timeframe Congress has to achieve proposed goals. It's important to stay informed about tax cuts and legislative changes through reliable resources.
- Listeners are urged to adapt to inevitable changes and find growth opportunities, quoting Jack Canfield. Proactive planning is recommended to navigate the ongoing changes from Washington.
