Tax policy and the economy shape nearly every financial decision a business owner makes, from hiring employees to investing in assets. In this episode, Tom Wheelwright sits down with Tax Foundation Senior Policy Advisor Scott Hodge to explain how government tax decisions influence economic growth and the future of entrepreneurship.

Wheelwright and Hodge break down how tax legislation affects investment behavior, why political narratives around “class warfare” often drive tax proposals, and what business owners should realistically expect from upcoming election-year policy changes. Rather than reacting emotionally to headlines, they focus on how entrepreneurs can position themselves intelligently.

You will learn:

• Why tax incentives determine where capital flows
• How federal tax changes impact hiring and expansion
• What policy shifts may occur in 2025 and 2026
• How the tax code can both help and hurt economic growth
• Practical advice small business owners should discuss with their advisors now

This episode matters because tax law is one of the largest controllable expenses in a business. Entrepreneurs who understand policy changes early can adapt, plan investments strategically, and protect cash flow while others wait for rules to take effect.

Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com

00:00 – Intro.
02:48 – Taxes on Free Will.
09:00 – Current examples of Taxocracy.
11:40 – History of Political Favors & Punishment.
14:44 – Biggest concerns in Biden’s Budget.
19:36 – Small Business Tax Provisions in Biden’s Budget.
22:50 – Corporate Tax Increase.
26:17 – 2025-2026 Predictions.
30:05 – Advice to Small Business Owners.
32:10 – Inflation Reduction Act.
36:40 – Employee Retention Credit.

Looking for more on Scott Hodge?
Website: https://taxfoundation.org/
Books: “Taxocracy: What You Don’t Know About Taxes and How They Rule Your Daily Life”

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DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.