Well, %firstname$%, the Democratic Convention just wrapped-up,
and the Republican Convention is coming up this week. We
all watch the evening speeches, but it is during the daylight
hours that the DNC and RNC leadership hammer out the
specifics of their platforms.
When it comes to taxes, the dems seem pretty much locked
into a wide variety of tax increases, while the republicans
continue their dedication to tax cuts and smaller government.
Ex: JOE BIDEN has been pretty specific about his goals.
Among the many mentioned are these:
-Canceling all tax-reductions in 2017 Tax Cuts & Jobs Act
(which would result in a $2.3-trillion increase in tax revenue)
-Increasing overall tax revenues by some $4 trillion
-Hiking the corporate tax rate from 21% to 35%
-Increasing Individual tax rates across-the-board
-Raising the top Individual Tax Rate from 37% to 39.6%
-Levy special taxes on the rich (those with $400,000+ income)
-Limit Itemized Deductions for upper income earners to 15%
-Increase Capital Gains tax to the same rate as Earned Income
-Phasing-out the 20% Small-Biz Qualified Income deduction
-Cut exemption on Estate Taxes from $11.5-mil to $5-mil.
-Assess 40% tax on estates valued above $5-million
as well as some others not listed.
This list will be fine-tuned in the coming weeks.
DONALD TRUMP’s list, so far, has included:
-Converting all of the temporary tax cuts in the Tax Cuts
and Jobs Act into permanent tax deductions.
-Reduce or eliminate most or all payroll taxes.
-Simplify the federal Tax Code
-Add more opportunity zones for tax-free inner-city investments.
-Further lower the “death tax” – i.e., tax on estates of deceased
-Increase the number of Tax Credits for working parents
as well as some others not listed.
This list also will be fine-tuned soon, following this week’s
Republican National Convention.
The contrast between Trump’s and Biden’s positions on
taxes is stark; however, taxes – as important as the subject
is –is but ONE of MANY factors that will enter into the final
decision each voter will make on Nov. 3rd.
I will attempt to keep you informed from now up to election day,
Nov. 3, on where each party stands on tax issues; however, I am
not a “political pundit,” so I will not venture outside my area of
expertise – federal taxes.
Be a smart voter. Stay informed on ALL the issues that will
impact you for the next four years or more.
Dedicated to Informing Tax-Smart
Small-Business Owners for 20+ years,
Dr. Ron Mueller
Author, Speaker & Small-Biz Tax Coach
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