Does your company make things? Do you own a restaurant or a retail store? Maybe you build homes or mow lawns or put up drywall. If you do, then I wish you the best for 2025. But I also have some bad news for you: You chose the wrong profession.

You should have become a tax accountant or a labor attorney. Why? Because as good a year as you may have in 2025, I can guarantee you that the people and firms in those professions will make a lot more money than you this year.

Take your tax accountant, for example. This year, most provisions of the 2017 Tax Cuts and Jobs Act will be expiring. That means that huge individual deductions may go away and tax rates could rise. Small businesses that are pass-throughs and partnerships may also lose a significant deduction. Other businesses could see tax benefits and credits they've enjoyed from purchasing capital equipment and making research and development contributions permanently disappear. Estate taxes could skyrocket. Corporate tax rates may go back up. Withholdings could change, and some of our workers may no longer be subject to taxes on their tips or overtime pay.

All of this may happen. Or none of it may happen. Likely, some of it will happen. The thing is, we just don't know.

Our incoming president has

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