Let's see how those numbers look after the tax hikes and inflation bite takes hold.
Team Biden now seeks to raise such taxes on the wealthyand then, according to the Times, raise taxes on just about everybody else at the start of the next presidential term.
Taxpayers at all income levels, whether they own stocks or not, could be in danger of a Biden tax hike. A 2020 Tax Foundation report showed that the 2017 Trump tax reforms reduced effective tax rates for filers up and down the income scale.
NYT: Biden Plans Middle-Class Tax Hike (Wall Street Journal; May 27, 2021)
In summary... Dont count on another roaring economy or a federal budget surplus if the Biden agenda is enacted. In the first year of his second term, President Clinton collaborated with House Speaker Newt Gingrich (R., Ga.) on a capital gains tax cut, slashing the rate to 20% from 28% and encouraging investment and the economic acceleration that followed. Team Biden now seeks to raise such taxes on the wealthyand then, according to the Times, raise taxes on just about everybody else at the start of the next presidential term.
Team Biden now seeks to raise such taxes on the wealthyand then, according to the Times, raise taxes on just about everybody else at the start of the next presidential term.
Taxpayers at all income levels, whether they own stocks or not, could be in danger of a Biden tax hike. A 2020 Tax Foundation report showed that the 2017 Trump tax reforms reduced effective tax rates for filers up and down the income scale.
Quote:
NYT: Biden Plans Middle-Class Tax Hike (Wall Street Journal; May 27, 2021)
In summary... Dont count on another roaring economy or a federal budget surplus if the Biden agenda is enacted. In the first year of his second term, President Clinton collaborated with House Speaker Newt Gingrich (R., Ga.) on a capital gains tax cut, slashing the rate to 20% from 28% and encouraging investment and the economic acceleration that followed. Team Biden now seeks to raise such taxes on the wealthyand then, according to the Times, raise taxes on just about everybody else at the start of the next presidential term.