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 or e-mail: [email protected] JWB's available Florida income property: www.jwbrealestate.com/gre or (904) 677-6777 To learn more about eQRPs: text "GRE" to 307-213-3475 or: eQRP.co Available Central Florida new-build income properties: www.b2rdirect.com Analyze your RE portfolio at: (use code "GRE"): MyPropertyStats.com Best Financial Education: GetRichEducation.com Get our free, wealth-building "Don't Quit Your Daydream Letter": www.GetRichEducation.com/Letter Our YouTube Channel: www.youtube.com/c/GetRichEducation Top Properties & Providers: GREmarketplace.com Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold

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This episode was published on August 15, 2022.

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