#Biden #president #taxes
“Remember, Joe Biden is not the President-elect“– Paul Ebeling
The Electoral College and/or the various state legislatures can declare a candidate the winner. To base this decision on MSM vote totals and projections and to call Joe Biden the president-elect is irresponsible.
A victory for Democratic presidential candidate Joe Biden’s may significantly change tax bills for lots of Americans.
The former VP has unveiled a multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy US households that he describes as anyone earning more than $400,000 annually and corporations. That includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.
“I will raise taxes for anybody making over $400,000,” Mr. Biden said during a recent TV interview. “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share, corporations should pay a fair share.”
Still, the Constitution gives Congress the power to set tax policy, so Mr.Biden’s economic agenda hinges on whether Democrats control both chambers of Congress.
But, while the Democrats appear to maintain a slim majority in the House, control of the Senate hinges on Georgia, where the state’s close election has pushed both races to a 5 January runoff. Now it is 48-48
Almost 80% of the tax increases backed by Mr. Biden would land on the Top 1% of earners in the US.
Mr. Biden would roll back President Trump’s 2017 Tax Cuts and Jobs Act and raise the corporate tax rate to 28% from 21%, restore the Top individual tax rate to 39.6% from 37%, tax capital gains as ordinary income, cap deductions for high earners, expand the Earned Income Tax Credit for workers over the age of 65 and impose the Social Security payroll tax on wages above $400,000.
Have a healthy weekend, Keep the Faith!
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