One of the great things President Trump did was pass the 2017 tax cuts.
He let more Americans, of all income levels, keep their own hard-earned money rather than fork it over to the government.
Well, you can rest assured that a Biden presidence would wipe all of that away!
Biden has not only promised to get rid of the Trump tax cuts, he’s also promised to raise taxes on millions of Americans.
Take a look at the reporting from Fox Business on Biden’s pledge:
Presumptive Democratic nominee Joe Biden pledged during a call with potential campaign donors on Monday that his administration would reverse the bulk of President Trump’s tax cuts, even though “a lot of you may not like that.”
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden said, according to a pool report of the virtual fundraiser.
The former vice president vowed to raise the corporate tax rate from 21 percent to 28 percent, which he said is projected to raise $1.3 trillion over the next decade. The Trump administration permanently slashed the corporate tax rate from 35 percent to 21 percent with the passage of the 2017 Tax Cuts and Jobs Act.
He also floated the possibility of capping deductions — Trump substantially increased the size of the standard tax deduction in 2017 — and sanctioning companies for tax avoidance. Biden’s comments came after he was questioned by Vincent Mai, the founder and chairman of Cranemere, about how he would balance short-term needs in addressing the worst economic downturn since the Great Depression with long-term investments the nation needs to make — and how he would pay for it.
The recovery from the pandemic and subsequent shutdown could be used as an opportunity to build a “stronger, more inclusive middle class,” he said, in part by investing “record sums of money” in clean energy innovation and infrastructure.
But Biden lambasted Trump’s “irresponsible, sugar-high tax cuts,” accusing the president of making it “much harder to foot the bill” of the nation’s recovery.
Think Biden’s only going to soak the rich?
Watch CNBC’s segment where they admit that Biden’s tax plan will raise taxes on middle class Americans:
Here's the latest on Twitter regarding Biden's ludicrous idea to hike taxes on Americans:
Naturally, many are concerned that Biden and the Democrats have their eyes on their money.
CNBC also details how Americans are attempting to prepare for higher taxes come 2021 should the Democrats get their way:
The wealthy are preparing for tax increases, working with their accountants to give away money or shift their income to avoid some of the impact of higher rates.
With rising deficits at the state and federal levels, as government spending soars and revenue drops from the Covid-19 crisis, taxes are likely to go up in coming years, especially for the highest earners. Presumptive Democratic nominee Joe Biden told wealthy donors at a fundraiser Monday that he planned to forge ahead with his campaign plan to hike taxes on the wealthy.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden said, “and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped up basis.”
Accountants and tax lawyers say they’re seeing a surge in calls and emails from wealthy clients asking about actions they can take now to avoid tax hikes in 2021 and beyond.
“It’s coming up in almost every conversation,” said David Handler, partner in the trusts and estates practice at Kirkland & Ellis. “People are not just thinking about it, they’re acting on it. They know that one way or another, tax rates may be headed up.”
The main action the wealthy are taking now is giving money to family and friends. Under the current estate and gift tax, individuals can give away up to $11.58 million — and couples can give away up to $23.16 million — over their lifetimes without paying the gift tax of 40%. Democrats in Congress have been pushing for years to lower the exemption for the gift and estate tax to raise more revenue.
So accountants are advising the wealthy to give up to the maximum $11.58 million this year in case the exemption falls or the tax rate increases.
“For many clients, this is a motivating factor for gifts they were planning to make all along,” Handler said.
Regardless of who wins the White House, accountants say the wealthy fear some form of tax increase at the state or federal level. At the center of Biden’s tax plan is an increase in the capital gains tax and the elimination of the step-up in basis, which allows any appreciation in the value of property that occurred during the owner’s life to go untaxed.
Accountants say they’re also advising the wealthy to sell assets now that have appreciated over a long period of time, and that they intended to sell soon anyway. That way they will pay a top tax rate of 20% rather than risk the 39.6% rate proposed under Biden’s plan. Of course, given the decline in some asset values and the stock market so far this year, many of the wealthy may not want to sell yet.
If you value your 401k, then it's vital you vote Trump come November.