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Mon, 15 August 2022

410: Are We In A Recession? IRS Audits Increase with Tom Wheelwright

Is the economy healthy or unhealthy?

We’ve had two consecutive quarters of GDP contraction. High inflation and supply problems persist. On the other hand, we have a strong jobs market, low unemployment, and high rent increases.

Ultimately, the NBER decides whether or not we’re in a recession.

Today’s guest, Tom Wheelwright of Wealthability, tells us why he thinks we’re in a recession.

I share with you the exact rent increase numbers I’ve had on my rental single-family homes.

Historically, a recession occurs every five years, on average.

Whether we’re there yet or not, I believe there’s a likelihood of a recession soon.

Tom thinks whether or not a recession is declared is important; it affects consumer sentiment.

He breaks down the new “Inflation Reduction Act”. It does not appear to help reduce inflation.

Rather, it appears that it will: increase union wages, enact climate change policy, add taxes to pharmaceuticals, hurt small business, and increase IRS enforcement.

“People who have never seen an IRS audit will see IRS audits.” -Tom Wheelwright

Resources mentioned:

Show Notes:

www.GetRichEducation.com/410

Get started on lowering your taxes with Tom Wheelwright:

GetRichEducation.com/Tax

All U.S. Employed Persons:

https://fred.stlouisfed.org/series/PAYEMS

30-Year Mortgage Rate History (gray bars are recessions):

https://fred.stlouisfed.org/series/MORTGAGE30US

Get mortgage loans for investment property:

RidgeLendingGroup.com or call 855-74-RIDGE