Despite Congress and the Biden Administration’s bragging about not raising taxes, in 2024, your taxes will be significantly raised due to the expiration of the Trump-era tax cuts. In fact, the standard deduction of $26,000 for married couples filing jointly will be cut in half—that’s $13,000 married couples will lose to the government right off the top.

Americans are faced with record inflation eating away at household incomes largely because of the Biden Administration’s economic policies—the cost of food and fuel at levels never before experienced by this generation. Many Americans are suffering from the squeeze between their expendable income and an increase in the cost of items consumed.

In addition to the economic pressures, tax breaks that eased financial burdens are going away. The Hartford’s Gene Marks explains,

“A lot of these changes have to do with the 2017 Tax Act that was passed under the Trump administration. That tax act had a lot of provisions and benefits for individuals and small businesses, and a lot of the provisions of that tax act are starting to expire. So now, let me explain what I mean. At the end of 2025, individual tax rates are gonna go back to the 2017 levels, with the top tax rate going up to close to 39%…. The bottom line is taxes take a huge bite of your income, and there are significant changes coming to taxes over the next couple of years, and you need to be aware and take action now.”

This is due to Congress not renewing the Trump tax breaks and the IRS increasing its enforcement.

Bankrate Chief Financial Analyst Greg McBride says there is great pessimism among Americans regarding their financial future. McBride stated on Bankrate.com,

“A staggering 61 percent of those not expecting their financial situation to improve point to continued high inflation as a culprit–nearly twice that of any other reason. Of the 37 percent of households expecting improved finances in the new year, higher income, better spending habits, and less debt are the most common explanations for their optimism.”

Anna N’Jie-Konte, president and director of financial planning for Re-Envision Wealth, agrees:

“High interest rates, widespread layoffs, and staggering inflation at the grocery store are all real pressures folks currently feel. There is no relief in sight; therefore, it’s not hard to understand why Americans are pessimistic about their personal financial prospects.”

According to a recent CBS News poll,

“Inflation’s impact may even go beyond the immediate pressure on Americans’ pocketbooks, to a larger sense that it is stifling opportunity in America and the deeper sense that the nation’s economic troubles of recent years have been, as a whole, tougher than others it has faced in generations.”

Piling on another tax increase while politicians are saying there are no tax increases just adds to the financial burden suffered by most Americans.

Christ said in Mark 12:17, “Render to Caesar the things that are Caesar’s, and to God the things that are God’s.”

Caesar is oppressive in all things, but in God, there is perfect freedom. Lean in to the Lord, stand fast, and seek first the kingdom of God.

https://www.bankrate.com/personal-finance/personal-finances-outlook-survey/#not-improving

https://sba.thehartford.com/media/podcasts/7-upcoming-tax-changes/?cmp=EMC-SC-SBA-48653855&eml=1

https://www.cbsnews.com/news/cbs-news-poll-inflation-impact-living-standards-opportunity-2023-12-10/

Posted in The Daily Jot

There is a lot of angst in this world. God’s creation warring against itself. If you read the Biblical prophets, they indicate that things will not get better prior to the return of Christ. There are difficult times ahead, raising many questions.

How do we handle it? Do we go with what the world says? Or do we go with what God says? How do we know that God is talking to us?

Difficult situations can cause us to react emotionally or respond spiritually with wisdom and discernment. Shutting out the noise of the world and listening to that still small voice. Discerning what you hear—God will not go against his word. Checking his word is a good path to take. Remember that God works all things to the good for those who love him.

Recall Joseph, son of Jacob, sold into slavery and ending up in Egyptian prison because of false accusations. After two years, the Pharaoh had a perplexing dream, and Joseph was called up to interpret. Joseph rightly interprets the dream to be God’s warning of a coming famine in seven years. There would be seven years of plenty and seven years of famine. The repetition of the second dream meant that the matter was fixed, and God would shortly bring it about. Joseph then advises Pharaoh on what to do, and Pharaoh puts Joseph in charge of everything— his household and all of his people. He said in Genesis 41:38, “Can we find anyone like him? The Spirit of God lives in him!”

Joseph became second in power, only to Pharaoh, and was given an Egyptian name, Tzafnat-Pa’neach (discerner of secrets), and an Egyptian wife, Osnat, the daughter of a pagan priest. Joseph went throughout the land preparing for the famine by collecting extra grain during the seven years of plenty. When the famine came, Joseph’s father, Jacob, heard there was grain in Egypt, and he was very decisive. He said in Genesis 42:2, “I have heard that there is grain in Egypt. Go down there and buy some for us, so that we may live and not die.”

Long story short, these actions resulted in reunion and reconciliation among Joseph and his family, as well as saving countless lives from starvation. There are many more incredible outcomes from this reunion and types and shadows of the coming Christ and his salvation plan.

Herein, we can learn from Pharaoh, Joseph, and Jacob. God spoke to Pharaoh through a dream. Joseph, who had the Spirit of God living in him, interpreted the dream. Then Joseph was led by God to wisely prepare for the famine. Jacob decisively sent his sons to Egypt to buy grain. These events were not happenstance. Joseph and Jacob shut out the difficulty and emotions of their situations and focused on what the Spirit was telling them. Then they acted with wisdom.

As we look at our challenges today and the constant noise around us, how are we to hear from God?

First, we must be in relationship with Christ. Then we need to fellowship with him and listen. Making sure what we hear is from God, we check our thoughts with the Bible. Then we take action. That action may be the opposite direction from the world, but faith will prove true.

Posted in The Daily Jot