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At IRS Problem Solvers, want to ensure you have the latest information about the 2020 election and how it can affect your taxes.
I’ve looked over the tax plan and would strongly recommend that all voters review the Biden/Harris tax plan in detail to learn more about how this might affect you, your family and your business.
Key take-aways:
- Over 50 changes to tax laws.
- Tax increase of $2.4 Trillion.
- Tax plan would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes.
- The plan would remove the step up in tax basis which comes into play on inherited property. Taxpayers would pay taxes on inherited real estate/property.
- Average tax increase of $1,500 per family.
- Increases the corporate income tax rate from 21 percent to 28 percent.
- Largely middle-class tax increases.
Read more about Biden’s tax plan here:
Details and Analysis of Democratic Presidential Nominee Joe Biden’s Tax Plan
“A really big factor in this election is that Joe Biden and Kamala want to raise your taxes and raise them like nobody’s ever raised before. It will be the biggest increase in the history of our country and we can’t let that happen because it will drive our country into a depression. Your 401k’s, your stocks will crash, your home values will crash, everything will come down. You can’t have it. We can’t let it happen. The Wall Street Journal just estimated that if you do this crazy Biden plan, you’ll lose $6,500 0f your wealth every year, over a short period of time. So, bottom line, we can’t have an increase in taxes. I’m going to substantially reduce your taxes. They’re going to substantially increase your taxes. Get out and vote. You must get out and vote. This is the most important election in the history of our country. They’re never been an election so important. Taxes is big, but we have a lot of other big points. But I have to point out, they want to raise your taxes more than anyone has ever raised them before. We can’t let that happen. I’m cutting your taxes.” – President Donald Trump
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