Cutting America’s Dependence on Medicines

Cutting America’s
Dependence on Medicines

Recommended Link

Revealed on Camera (Watch It Now!)

Click here to learn more

Please stop whatever you’re doing…

And take a moment to watch this guy on camera.

Thousands have already watched this short video. 

I recommend you do the same.

Because once you see the brand-new “2-hour profit windows” he reveals…

It could have a big impact on YOUR finances…

Click here to watch it now.

 

Robert KiyosakiRobert Kiyosaki

Editor, Rich Dad Poor Dad Daily

 

Dear reader,

The spread of information and misinformation — like the coronavirus itself — is fast and unpredictable.

Naturally, lots of people are confused about what is real and what is not, whether they should worry about coronavirus or whether they should not. And that’s why I’m writing about this topic today.

Everyone is worried about getting sick with the coronavirus, but here’s what you should really be focused on: when the coronavirus pandemic struck earlier this year, the United States was forced to evaluate China’s chokehold on pharmaceuticals and other emergency equipment.

The FDA put out a statement early on that it was forced to closely monitor the medical product supply chain, including disruptions to supply or shortages of critical medical products in the U.S. because many of the components for those in-demand products are manufactured in China.

In a statement in February 2020, the FDA said:

“Since January 24, the FDA has been in touch with more than 180 manufacturers of human drugs, not only to remind them of applicable legal requirements for notifying the FDA of any anticipated supply disruptions but also asking them to evaluate their entire supply chain, including active pharmaceutical ingredients (the main ingredient in the drug and part that produces the intended effects, e.g., acetaminophen) and other components manufactured in China. 

Also, as part of our efforts, the FDA has identified about 20 other drugs, which solely source their active pharmaceutical ingredients or finished drug products from China. We have been in contact with those firms to assess whether they face any drug shortage risks due to the outbreak. None of these firms have reported any shortage to date. Also, these drugs are considered non-critical drugs.”

Far too long, we’ve relied on foreign manufacturing and supply chains for our most important medicines and active pharmaceutical ingredients while placing America’s health, safety, and national security at grave risk,” said Peter Navarro, director of White House Office of Trade and Manufacturing Policy.

During the 1960s and 1970s, President Nixon worked to open the doors to China. While I do support trade with China, it is worth mentioning that America’s dependence on China for its medicine is cause for concern.

Recommended Link

Where should you put your money in 2020?

Click here to learn more

If you’re worried about an inflated stock market… rampant unemployment… a divisive election…

Then you’re obviously paying attention.

So what are you going to do about it?

Discover this sector that has nearly doubled the returns of the stock market over that time… 

And there are convenient and profitable ways to get into this sector that most people simply aren’t aware of.

Go here now for the full story.

 

It Started with Penicillin

In the 1980s the Chinese government started investing large amounts of money in the fermentation tanks for which penicillin grows. This caused a major disruption in the market basically forcing other producers out of the market—including the U.S.

In 1999, President Bill Clinton encouraged the admission of China into the WTO, the World Trade Organization. Clinton promised that opening trade with China would increase U.S. jobs and reduce our trade deficit.

He also said: “This is a hundred-to-nothing deal for America.” In 2001, China was admitted into the WTO. As you know, Clinton often has a problem with the truth. The deal turned out to be a hundred-to-nothing deal—in favor of China.

Just like other manufacturing, drug manufacturing moved to China because labor and regulatory costs are far lower there. In 2004, the last plant in the United States to manufacture the key ingredients for crucial antibiotics like penicillin.

The critical ingredients for most antibiotics are now made almost exclusively in China and India. The same is true for dozens of other crucial medicines, including the popular allergy medicine prednisone; metformin, for diabetes; and amlodipine, for high blood pressure.

Coronavirus

China has become the second-largest exporter of drugs to the U.S. and the largest for medical devices so it is only natural that when the pandemic hit, and Chinese manufacturing stopped, the U.S. grew concerned about its supply chain.

“If China shut the door on exports of medicines and their key ingredients and raw material, U.S. hospitals and military hospitals and clinics would cease to function within months, if not days,” said Rosemary Gibson, author of a book on the subject, “China Rx.”

In addition to the medicines used during the pandemic, the FDA also allowed 90 companies—many based in China—to sell Covid-19 blood tests that produced inaccurate results without formal federal review or approval.

“Tests of ‘frankly dubious quality’ have flooded the American market,” said Scott Becker, executive director of the Association of Public Health Laboratories.

It didn’t just stop with faulty blood tests either. When the world was scrambling to find personal protective equipment (PPE) for hospital and frontline workers, quality control became another theme for products imported from China. Inadequate filters and improper fit made many of the products unusable for hospital use.

According to an article in the Los Angeles Times, in the U.S. “On March 12, officials at a State Council news briefing announced that authorities had seized more than 80 million counterfeit or faulty masks and 370,000 defective or fake disinfectants and other anti-coronavirus products in the prior month alone.”

Recommended Link

The Greatest Innovation Of The 21st Century? [BIGGER THAN THE PERSONAL COMPUTER, THE SMARTPHONE, AND MORE?]

Click here to learn more

One hidden technology is set to be one of the greatest innovations of the 21st century…

It could have a bigger impact than the personal computer, the smartphone and more.

Those who get in now have the shot at life-changing early gains beginning as soon as September 8th.

Click here for the urgent details.

 

Shutting the Door on China

When you look at the world, it is easy to see China is selling and the United States is buying. In other words, the United States buys more than it sells for the simple fact that anything that can be manufactured in the West can be manufactured in China for less.

But in May, The New York Times reported that the Trump administration announced one of the “largest-ever contracts to bring pharmaceutical manufacturing from abroad to a new plant in Virginia.” The company, Phlow, was awarded a $354 million, four-year contract to manufacture generic medicines and ingredients that are used to treat Covid-19.

Although Phlow was only incorporated in January of 2020 it says that it’s been working on other medicines since last year to rid the dependence on China for pharmaceuticals but with the emergence of the coronavirus they switched gears and responded to a request for proposal to manufacture generic drugs in response to Covid-19.

While this is big news for the U.S. and hopefully a turning point to bring home more production and supply chains it also isn’t all over for America’s dependence on China or other countries.

Regards,

Robert Kiyosaki

Robert Kiyosaki
Editor, Rich Dad Poor Dad Daily

P.S. Sept 15: Biggest stock market event of the year?

This is coming directly from a former advisor to the CIA and the Pentagon…

(So take this seriously.)

In short, this man is saying what’s happening next week could be the most important market event of the year…

And yet most Americans don’t even know what’s going on.

But everything has been scheduled.

It’s going down Tuesday, Sept 15…

And when they make the official announcement…

It could light a fire under this stock market sector. Click here for details.

Here’s Why I’m Bullish On Silver (And Always Have Been)

Here’s Why I’m Bullish On Silver
(And Always Have Been)

  • The first asset I ever invested in…
  • I do not own gold and silver to make money. They are insurance, a hedge against the stupidity of the elites… and myself.
  • Click here to find out how the best way to prepare for what’s coming (with silver)…

Recommended Link

“If You’re doing this, You’re a Loser!”Click here to learn more

If you’re easily offended, do NOT watch this latest interview with the author of Rich Dad Poor Dad Robert Kiyosaki.

Millions of Americans are using this common investment strategy….

And according to Robert, if you’re one of them, “you’re a loser.”

Again, this will be offensive to some audience…

But what Robert is saying might make you rethink how you invest for retirement.

Click here to watch.

 

Robert KiyosakiRobert Kiyosaki

Editor, Rich Dad Poor Dad Daily

 

Dear reader,

In 1965, I began going to the local banks in Hilo, Hawaii, turning in dollar bills in exchange for rolls of dimes, quarters, and half-dollars. I would go home, unwrap the rolls of coins, pull out the real silver coins, and return the silver coins with the copper tinge on the edges to the bank.

It was not long before I had a large cloth bag filled with real silver coins.

I do not know why I began exchanging dollars for rolls of coins and then saving the real silver coins as a habit. But I did.

In 1965, I left for school in New York and never saw my bag of real silver coins again. I’ve always wondered if my mom spent that money, those real silver coins.

My Quest for Silver

Then, between 1996 and 2012, I had a partner, a real teacher, named Frank Crerie. Frank was about the same age as my rich dad and my poor dad. Frank had taken a number of gold and silver mines public through IPOs (initial public offerings) on the Canadian and U.S. stock exchanges.

Too old to travel, Frank sent me throughout the world looking for gold and silver mines. It was an incredible and very real education. I remember looking at the side of a hill in the Peruvian Andes, looking at a line of holes, small gold mines, and following a gold vein in that hill. My mining geologist told me those tiny holes produced gold for the Incas, long before Francisco Pizarro arrived from Spain, killing their leaders and then stealing their gold.

I also remember traveling to Mongolia to visit another old gold mine we called “The Checker Board.” It was called that because the mine was on flat ground and looked like a checkerboard due to the holes.

One of our best mines was an old silver mine in a remote part of southern Argentina. Our group took that mine public on the Toronto Stock Exchange when silver was less than $3 an ounce. We did very well once silver broke $7 per ounce. Today, silver bounces at around $15 an ounce. Unfortunately, we sold at $7.

Recommended Link

Financial Document Reveals Trump’s Secret Agenda?Read more here...

Take a look at this 2016 financial disclosure from Trump…

Because it reveals something that could have a huge impact on millions of Americans…

In a good way!

Democrats won’t like it…

But this has to do with one of the biggest trends of our generation.

So every American should see it.

Click here to see all the details.

 

Silver is a Hedge

I do not own gold and silver to make money. They are insurance, a hedge against the stupidity of the elites… and myself.

I have insurance on my car, just in case someone hits me, or in case I hit someone else. Gold and silver serve a similar purpose.

All investments have risks. Real gold and silver have no risk. The price of gold and silver will go up and down—because the value of our fake money is going up and down.

When a person invests, let’s say in a stock or real estate, they expect an ROI, a return on investment because they are taking a risk. When a person saves money in a bank, they expect a rate of return in the form of interest, because saving money in banks is extremely risky, especially when elites are printing money.

When I purchase a gold or silver coin, I do not expect an ROI, a return on investment, because I am not taking a risk. Gold and silver are God’s money. Always remember, the price of gold or silver will go up or down because the value of our fake money is going up or down. Gold and silver are just gold and silver. Gold and silver will be here long after you, I, the elites, and the cockroaches are gone.

When I purchase real gold or silver, I purchase them forever. I never plan on selling. Just as Warren Buffett holds stocks forever, I will purchase gold and silver forever.

Recommended Link

[URGENT] Have you seen this?!Click here to learn more

I call it my “Dividend Map”, and I’ll show you exactly where to find the safest companies that pay the highest yields. (HINT: Texas has 6 of these companies sending huge payouts that average 67%!). I’m willing to send you my Map… but only if you click here right now. If I don’t have your name on my list in the next 2 hours, I’ll assume you don’t want to make monster dividends.

More details here…

 

What You Should Know About Silver

I’m excited about silver because as I write, it’s relatively inexpensive. I’m also excited about silver because—unlike real estate, which can require a lot of money, some finance skills, lots of due diligence and property management skills to do well—silver is affordable to the masses, and management skills are minimal. Just buy some silver, put it in a safety deposit box at a bank, and your management nightmares are over.

Today, for less than $20, anyone can get into the silver. On top of that, silver is easy to buy and somewhat liquid. All you have to do is find your neighborhood coin dealer and start trading.

My question is: Do you understand silver? Do you know why silver is a good investment? Do you also know why it’s a bad investment?

If you don’t know the answers to these questions, I would recommend that you stick with what you understand.

Although I’m not a silver expert, I’ll share with you the reasons why I’m bullish on the asset:

  1. Silver is a consumable precious metal. Unlike gold, which is hoarded, silver is used industrially. For years, before digital photography, it was used in the film for cameras and movies. Today, silver is used extensively in electronics. The reason this is a good fundamental reason to get into the metal today is that silver stockpiles are dwindling, so its price is driven by supply and demand.
  2. It’s a precious metal. Silver has been used as real money for centuries. We, humans, have an ancient fascination with this metal, as we do with gold. As I mentioned earlier, I have visited gold and silver mining sites all over the world. That’s something that has always amazed me, regardless of whether I was in China, South America, Mexico, Africa, or Canada. I still remember standing on a mountaintop in Peru, doing my due diligence on a gold mine, and looking at tiny caves dug into the side of a mountain. The caves were the mines of ancient Incas who were seeking gold, long before the Spaniards came and stole their wealth and country from them. Standing on a 14,000-foot mountain, where I could hardly breathe, I wondered what motivated those ancients to live in such an arid and hostile environment and delve for gold. Then I realized I was there for the same reason, only centuries later.
  3. The primary reason I’m in real estate, oil, gold, and silver is that the U.S. dollar has become the peso the world. It’s becoming more and more worthless as the U.S. is the world’s biggest debtor nation.

So that’s a simple explanation of what I understand about silver—and why I’m bullish. I’m not buying silver because the price is going up, I’m buying it because I believe I understand why its price is rising.

I could also be wrong—but at under $20 an ounce, silver is a good buy, in my opinion. I believe it’s the last great affordable investment for the masses. And when the masses find out, another bubble will inflate and, of course, at some point burst.

Regards,

Robert Kiyosaki

Robert Kiyosaki
Editor, Rich Dad Poor Dad Daily

P.S. The End of The Middle Class (The REAL Truth)

The middle class is getting murdered… and there’s a small group of 12 unelected officials – and they have the middle classes’ blood on their hands.

Fortune calls this group of unelected officials an “enlightened coterie of bankers…”

Former U.S. Representative Dr. Ron Paul told MSNBC, this group is actually more powerful than congress.

And their recent actions are already accelerating the death of the middle class and burying you under more and more debt.

As the Huffington Post said, this is already “making the rich richer and leaving you behind.”

Look, deep down, we all know something has gone wrong with our country…

And yet nobody seems to put their finger on it.

But if you’ve ever had the sneaking suspicion something isn’t right…

If you ever felt that for some reason you never seem to get ahead, despite working hard and doing everything right…

Then you need to take a moment to prepare and even grow your wealth during this massive new transfer of wealth. 

But there’s not much time, click here to get all the details on what’s happening and what’s soon to come.


Make HUGE MONEY!
With the Best Tasting & Healthiest Coffee on Earth!

GenJava is made of the best Arabica Beans available & our CBD is cold-infused to retain the flavor of the coffee!
Natural * Irish Cream * Raspberry Cream * Caramel Macchiato.

Are you ready to make a
MILLION DOLLARS?

Sales have Exploded!

You are witnessing the
BIRTH of the Next GIANT!

This is NO JOKE! People are making FORTUNES with this 100% Pay-Out!
Get your 
 Position NOW

Don’t miss out on this! This is the BEST opportunity you will EVER find! Visit the site today and see for yourself!
If you need any help, I’m here for you.

Coach Howard
homeprofitcoach2012@gmail.com
757-647-2886

Visit Here to Start Now!

The U.S. is Suffering from Economic Martial Law…

The U.S. is Suffering from Economic Martial Law…

Alexa BrennanAlexa Brennan

Managing Editor, Rich Dad Poor Dad Letter

 

Dear Reader,

Your newest episode of TheRich Dad Radio Show is ready for you!

In this episode, you’ll hear a very candid point of view about how the 12 people running the Fed are putting the economy on the brink of collapse and how keeping cities on lockdown is totally irresponsible.

Before you tune in…

I have an urgent message for you. A rare video clip has come out…

OPEN. READ. DESTROY.

I must warn you.

Due to the hype around this…

This message will be removed from the internet TONIGHT at midnight.

If you fail to look at this, I wonder why you bother reading our research at all?

The biggest opportunity of your life is sitting before you.

Click the secure link below for access.

 SECURE LINK 

WARNING: This is coming OFFLINE tonight.

After you check out the urgent message above, read on for this week’s Mastermind!

Click here to play or click the image below

Click here to learn more

 

Who better to explain how the Fed is killing the economy and policymakers are killing capitalism than a former White House Budget Director for President Ronald Reagan?

In this episode, you’ll hear a very candid point of view about how the 12 people running the Fed are putting the economy on the brink of collapse and how keeping cities on lockdown is totally irresponsible.

Since March 12th the Fed has printed an unprecedented $3 trillion dollars. David Stockman, the publisher of Contra Corner, says, “If the Fed was doing its job the U.S. wouldn’t be in this mess.” Listen as he describes what he sees as the top three economic problems.

Robert and Kim Kiyosaki and guest David Stockman discuss what he calls “Economic Martial Law” and just how close the U.S. is to total collapse.

Don’t miss it.

Regards,

Alexa Brennan

Alexa Brennan
Managing Editor, Rich Dad Poor Dad Letter

P.S. OPEN. READ. DESTROY.

I must warn you.

Due to the hype around this…

This message will be removed from the internet TONIGHT at midnight.

If you fail to look at this, I wonder why you bother reading our research at all?

The biggest opportunity of your life is sitting before you.

Click the secure link below for access.

⇒ SECURE LINK 

WARNING: This is coming OFFLINE tonight.

“How Facebook ruined my business.”

August 25, 2020
“How Facebook ruined my business.”

I heard a speaker tell this story.

He said, “I was so excited about my company. Every time the company had an announcement, an event, a promotion, or a trip to win, I posted it on my Facebook page. Later, when I called my friends to prospect them, they all said that they already knew about my business from my Facebook page, and that they weren’t interested.”

Ouch.

Facebook can be awesome for our business … or it can ruin our business. Think carefully about what we post and what our long-term strategy will be with our Facebook friends.

An easy way to prospect.

I was talking to a distributor who sells a healthy snack. I asked her where she found her best prospects. She said:

“It’s easy. At work, I simply follow people when they go to the vending machine. Then I stand next to them, eat my healthy snack, and they always ask me how they can get some healthy snacks, too.”

She is selling lots of healthy snacks and making a great part-time income at work.

Meanwhile, another distributor is doing this:

1. Creating a healthy snack brochure.
2. Designing the copy for the webpage.
3. Hiring someone to create the webpages.
4. Writing an auto-responder series.
5. Testing a Google AdWords keyword group.
6. Creating an order page.
7. Spamming Facebook groups.
8. Etc., etc., etc.
Sometimes we forget that network marketing is a people-to-people business. 🙂

Is your group having trouble giving presentations?

Want a free Zoom “One-Minute Presentation” training for your group?

It’s a great way to make the presentation process easy and enjoyable.

Just email:

keithschreiter@gmail.com

Getting appointments doesn’t have to be a struggle.
https://bigalbooks.com/book/get-appointments/

Available in ebook and paperback!

Enjoy the week!

Keith & Tom “Big Al” Schreiter


Make HUGE MONEY!
With the Best Tasting & Healthiest Coffee on Earth!

GenJava is made of the best Arabica Beans available & our CBD is cold-infused to retain the flavor of the coffee!
Natural * Irish Cream * Raspberry Cream * Caramel Macchiato.

Are you ready to make a
MILLION DOLLARS?

Sales have Exploded!

You are witnessing the
BIRTH of the Next GIANT!

This is NO JOKE! People are making FORTUNES with this 100% Pay-Out!
Get your 
 Position NOW

Don’t miss out on this! This is the BEST opportunity you will EVER find! Visit the site today and see for yourself!
If you need any help, I’m here for you.

Coach Howard
homeprofitcoach2012@gmail.com
757-647-2886

Visit Here to Start Now!

The Smart Way to Claim Social Security Benefits During the Coronavirus Pandemic

f you’re ready to file for Social Security benefits, here are five steps to guide you.

Barbara Eisner Bayer
Aug 23, 2020 at 6:56AM
Author Bio

Are you ready to apply for Social Security benefits? Have you made your retirement planrun the different scenarios, and decided that now’s the time? Unfortunately, Social Security offices are closed during the COVID-19 pandemic, so you can’t just walk in and discuss it with a counselor. There are, however, several other ways to claim your benefits, and they’re much simpler than walking into an office.

Luckily, the Social Security Administration (SSA) is performing all services via telephone or online. It’s easiest to do it online, but if you’re having difficulty navigating the website, you can make an appointment with a Social Security representative for a telephone consultation. Here are five steps to guide you through the process.

A hand holding a Social Security card

IMAGE SOURCE: GETTY IMAGES.

Step 1: Do an information review

First, sign up for an account and review your latest Social Security statement. That will let you know the amount of benefit you’re eligible for. Review your earnings history to make sure everything is accurate. This is important, because your benefit amount is based on how much you’ve earned over your lifetime. If that information is wrong, you may not get the full amount you’re entitled to.

A woman stands, with notepad and pen, behind a laptop on a desk.

IMAGE SOURCE: GETTY IMAGES

Step 2: Gather your documents

When you’re applying for benefits, you generally need the following documents:

  • Your birth certificate
  • Proof of your U.S. citizenship
  • A copy of your U.S. military service paper(s) if you served in the military before 1968
  • A copy of your W-2 form(s) and/or your tax return for last year if you were self-employed
  • Your Social Security card

They also may request the following information, so make sure you have it:

  • Your date and place of birth
  • Your spouse’s name, birth date, and Social Security number and information about your former spouses. They may even ask for the date and location at which you got married, and the dates of any divorce or death.
  • The names of your children
  • If you’ve previously applied for Social Security benefits, Medicare, or Supplemental Security Income (SSI)

This is the pandemic era, however, so you can’t go into the SSA office with your documents. If you file online or via telephone, you’ll only need the information on these documents. If you call, make sure you have this information in one spot so you can easily give them to your representative.

An older person on a cellphone

IMAGE SOURCE: GETTY IMAGES.

Step 3: Decide if you want to file online or over the telephone

The easiest way to apply for benefits is to use the online application process. According to the Social Security website: “[A]pplying for Retirement/Medicare may take between 10 to 30 minutes to complete depending on your situation. You can save your application as you go, so you can take a break at any time.”

If your situation is complicated or you’re uncomfortable using the internet to file, you can make an appointment to file via telephone by calling 800-772-1213. (If you’re hearing impaired, you can call 800-325-0778.) The phones are monitored Monday through Friday, 7 a.m. to 7 p.m. At the time of your appointment, the representative will call you. Don’t be concerned if the call is late — Social Security reps, like the rest of us, often run behind schedule.

You should file one or two months before you want benefits to begin, but if you’re the worrying type, you can do it up to three or four months before. It takes a little time to process the paperwork; by putting in your application a few months early, you can fix any problems that come up without it interfering with your starting date.

Hand holding pen and filling out a Social Security form, with glasses and a calculator on top of the papers.

IMAGE SOURCE: GETTY IMAGES.

Step 4: Fill out the application

During pre-pandemic days, you could just walk into the Social Security office and fill out an application. Since offices are closed, however, you can do it online.

If you start to complete the application form but find that it’s too confusing or complicated, call the agency and set up a phone appointment. During the call, the Social Security representative will fill out the form for you.

A man holds several fanned out monetary bills in an open wallet.

IMAGE SOURCE: GETTY IMAGES

Step 5, the final step: Get your benefits

Voila… you’re done! After you file, you’ll receive a letter in the mail that tells you how much you’ll receive each month. If you’re already receiving Medicare through direct withdrawal from your bank account, you no longer need to do that — the monthly Medicare fee will be deducted directly from your benefits.

In general, Social Security checks are paid on the second, third, and fourth Wednesdays of every month, but the day you’ll receive yours is dependent on your birth date, according to the following schedule:

  • If you were born between the 1st and the 10th, you’ll receive the check on the second Wednesday.
  • If you were born between the 11th and 20th, the third Wednesday.
  • If you were born between the 21st and 31st, the fourth Wednesday.

It’s easier than ever to apply for Social Security during the pandemic either online or via phone. Once you do, sit back and wait for the money to be directly deposited in your account and begin enjoying your retirement. You’ve earned every penny of it!

12 Tax Changes Joe Biden Wants to Make

he former vice president is aiming to generate up to $3.7 trillion in added federal tax revenue over the next decade.

Sean Williams
Sean Williams

(TMFUltraLong)
Aug 23, 2020 at 5:51AM
Author Bio

Though it can be hard to look past the unprecedented disruption brought on by the coronavirus disease 2019 (COVID-19) pandemic, Americans across the country are just 72 days away from heading to their local voting booths or mailing in their ballots for Election Day. As we learned from 2016, a lot can change in a matter of weeks. But as things stand now, nearly all polls suggest that Democratic Party nominee Joe Biden will unseat incumbent Republican Donald Trump for the presidency come November.

While there’s still a lot to be decided — 10 weeks is an eternity in the political landscape — Biden’s lead in the polls has brought his policies into greater focus. In particular, voters and economists are beginning to hone in on Biden’s tax plan, which aims to raise between $3.3 trillion and $3.7 trillion in additional federal tax revenue over the next decade if implemented fully in 2021.

Here are the 12 big tax law changes the former vice president is calling for.

Joe Biden listening to former President Barack Obama in a meeting.

JOE BIDEN LISTENING TO FORMER PRESIDENT BARACK OBAMA. IMAGE SOURCE: OFFICIAL WHITE HOUSE PHOTO BY PETE SOUZA.

1. An increase in the corporate tax rate

Arguably the biggest change from Donald Trump’s hallmark Tax Cuts and Jobs Act (TCJA) would be the partial undoing of the tax cut passed along to corporations. Under the TCJA, the peak marginal corporate tax rate was slashed from 35% to 21%. Under the Biden tax plan, the corporate tax rate would be increased to 28%. You’ll note this is still well below where it was during the Obama presidency.

Increasing the corporate tax rate to 28% should be responsible for raising roughly a third of the $3.3 trillion to $3.7 trillion in estimated extra revenue over the next decade.

2. A minimum tax on corporate income

Call this the Amazon rule if you’d like, but Biden’s tax plan calls for a minimum tax of 15% on companies with $100 million or more in annual net income that pay little or no federal income tax. In Amazon’s case, carryforward losses from the years where it wasn’t profitable, coupled with the Trump tax cuts, allowed it to report $11.2 billion in profits in 2018 without paying a single cent in federal income tax. Biden wants to eliminate the Amazon’s of the world from using tax loopholes to avoid paying federal tax.

The Tax Foundation notes that this minimum tax is set up like an alternative minimum tax, where corporations will pay the greater of their normal corporate income tax or the 15% minimum book income tax. However, companies will still be allowed to carry net operating losses forward, as well as lean on foreign tax credits.

A one hundred dollar bill, with Ben Franklin wearing Uncle Sam's hat, next to the Capitol building.

IMAGE SOURCE: GETTY IMAGES.

3. Double the GILTI tax rate on foreign subsidiaries

Biden’s tax plan would also double the tax rate on Global Intangible Low-Tax Income (GILTI) earned by foreign subsidiaries of U.S. companies. Currently set at 10.5% under the TCJA, the GILTI tax rate would increase to 21%.

The purpose of GILTI, as laid out by the TCJA, was to ensure that multinational corporations didn’t specifically seek out tax havens for their mobile assets (e.g., patents and copyrights) to avoid U.S. taxation. Biden’s plan will simply move the needle further to ensure that the U.S. is getting its fair share of corporate profits being claimed in countries with more amenable peak corporate income tax rates.

4. The imposition of a financial risk fee on large banks

Biden is calling for the introduction of a financial risk fee on large banks (i.e., those with over $50 billion in assets), which was championed initially by former President Barack Obama. This fee would we based on a financial institution’s covered liabilities and would provide the Federal Deposit Insurance Corporation (FDIC) a pool of funds to use when conducting the orderly liquidation of a failed financial institution.

In effect, this fee would ensure that bank customers wouldn’t be on the line for these fees. Instead, a collective group of big banks would pay into a fund each year to cover any FDIC oversight expenses.

A businessman in a suit who's lying atop a pile of cash.

IMAGE SOURCE: GETTY IMAGES.

5. An increase of the marginal tax rate for top earners

Biden would like to see America’s richest workers open up their wallets. He’d do this by reraising the top marginal income-tax bracket from 37% to 39.6%. If you recall, the TCJA lowered the top marginal bracket from 39.6% to 37% in 2018.

For the 2020 tax year, this top marginal rate is applicable to earned income above $518,400 for single filers and over $622,050 for married couples filing jointly.

6. Reinstitute the payroll tax on the top 1%

Next to increasing the corporate tax rate, the largest revenue generator would be the creation of a doughnut hole in Social Security’s 12.4% payroll tax on earned income.

In 2020, all earned income (wages and salary, but not investment income) between $0.01 and $137,700 is subject to the 12.4% payroll tax that funds Social Security. Approximately 94% of workers will pay into Social Security this year with every dollar they earn. Comparatively, the other 6% of workers who’ll make more than $137,700 in 2020 will see their income above $137,700 exempted from Social Security’s payroll tax. Between 1983 and 2016, the amount of earnings exempted ballooned from a little over $300 billion to $1.2 trillion.

Under the Biden tax plan, a doughnut hole would be created between $137,700 and $400,000, where this exemption would remain in place. However, for earned income above $400,000, the 12.4% payroll tax would be reinstated. It’s estimated this would raise between $797 billion and $1.04 trillion over the next decade.

A visibly annoyed senior in a suit with a scowl on his face.

IMAGE SOURCE: GETTY IMAGES.

7. Lift the capital gains tax on filers with incomes above $1 million

The rich would also face higher capital gains tax rates under Biden’s proposal.

At the moment, short-term capital gains (assets held for 365 or fewer days) are taxed at the ordinary income tax rate, whereas long-term gains are taxed at 0%, 15%, or 20%, depending on a filer’s income. The 20% rate is applicable to single and married couples filing jointly with earned income above $441,450 and $496,600, respectively, in the 2020 tax year. It should be noted that the Net Investment Income Tax (NIIT) also applies a 3.8% surtax to capital gains for persons and couples with over $200,000 and $250,000, respectively, in income.

Biden’s proposal calls for filers with over $1 million in income to pay ordinary tax rates on their gains, no matter how long they’ve held an asset. This would imply 39.6%, plus the NIIT, for a total tax rate of over 43%.

8. Eliminate the stepped-up basis

To build off of the previous point, Biden wants to put an end to the step-up basis loophole that favors the well-to-do.

step-up basis refers to the cost basis of assets or property transferrable to an heir upon death. If, as an example, an individual purchased a home for $300,000, but it was worth $600,000 at the time of their death, their heir would pay capital gains on anything over $600,000 if the home was ever sold. This stepping up of the cost basis is a loophole that costs the federal government money, given that it discourages people from realizing capital gains.

If Biden’s proposal were to become law, heirs would not “inherit” a stepped-up cost basis, thereby lifting the collectable capital gains tax over the coming decade.

A person preparing their taxes, with a crumpled up tax form on a table in the foreground.

IMAGE SOURCE: GETTY IMAGES.

9. Limit itemized deductions

A ninth change Biden calls for is a cap on itemized deductions of 28%. This is to say that for each dollar of itemized tax deductions, including charitable contributions, a taxpayer or couple filing jointly would only receive a maximum benefit of $0.28. This 28% limit would hold true even if a filer is paying a higher marginal tax rate.

If this sounds in any way familiar, it’s because the 28% itemized deduction threshold was championed by President Obama in the 2010s, as well as supported by his then-Vice President Joe Biden.

10. Phase out small business income deductions over $400,000

The Democratic Party presidential nominee also wants to see small business income deductions over $400,000 phased out.

As the law stands now, qualified pass-through business deductions, which allows small business owners to deduct up to 20% of their business income under the TCJA, are capped at $163,300 for single filers and $326,600 for joint filers in 2020. However, for individuals and couples earning over these thresholds, an abundance of rules exist that determine whether or not you’re allowed to take qualified business income (QBI) deductions.

Biden’s plan aims to simplify this by keeping QBI deductions in place for those with less than $400,000 in earnings, but phasing out pass-through deductions for those with over $400,000 in earnings.

New homeowners holding up a key to their house.

IMAGE SOURCE: GETTY IMAGES.

11. Institute first-time homebuyers’ and renters’ tax credits

Keep in mind that Biden’s tax plan doesn’t involve simply collecting more money. It also is designed to give folks breaks where he believes breaks are due.

In May, Biden talked up the idea of providing new homebuyers with a tax credit worth up to $15,000. Known as the First Down Payment Tax Credit, it would aid first-time homebuyers in covering the initial costs and fees associated with purchasing a home.

Additionally, Biden wants to provide Section 8 housing vouchers to eligible families so they won’t have to spend more than 30% of their income on rent.

12. Up the existing Child and Dependent Care Tax Credit

The 12th and final change would involve increasing the existing Child and Dependent Care Tax Credit.

Under the TCJA, parents of children under the age of 13 or those who take care of a disabled dependent living in their household are eligible for a credit based on their expenses to care for a child or disabled dependent. This credit is equal to 35% of up to $3,000 in qualified expenses for one dependent or $6,000 for two or more dependents. This effectively means this tax is worth up to $2,100 under the TCJA.

With Biden’s plan, maximum allowable expenses would soar to $8,000 for individuals and $16,000 for multiple dependents, with the reimbursement percentage being adjusted to 50%. In other words, this credit could be worth as much as $8,000 and also include people who have no tax liability.

The makeup of Congress after the November election will have a big say on whether or not Biden’s tax plan has a shot at passing in the Senate. But either way, it’s important to understand how a possible Joe Biden presidency could affect your wallet.

 

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Sean Williams owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool has a disclosure policy.

howard – Tax Changes Promised by Biden and Trump

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


Make HUGE MONEY!
With the Best Tasting & Healthiest Coffee on Earth!

GenJava is made of the best Arabica Beans available & our CBD is cold-infused to retain the flavor of the coffee!
Natural * Irish Cream * Raspberry Cream * Caramel Macchiato.

Are you ready to make a
MILLION DOLLARS?

Sales have Exploded!

You are witnessing the
BIRTH of the Next GIANT!

This is NO JOKE! People are making FORTUNES with this 100% Pay-Out!
Get your 
 Position NOW

Don’t miss out on this! This is the BEST opportunity you will EVER find! Visit the site today and see for yourself!
If you need any help, I’m here for you.

Coach Howard
homeprofitcoach2012@gmail.com
757-647-2886

Visit Here to Start Now!

Genusity’s GenMink is 100% pure Mink Oil and provides exactly what your skin needs

Avoiding negative people.

arget for the negativity.

Second, the negative person might feel like he or she is in the minority, and will therefore say less.

Third, we can excuse ourselves from the group conversation and slowly slip away.

An easy way to prospect.

Don’t have much time? Don’t get out much? Afraid of approaching strangers?

Bob Burg recommends this approach.

Simply send three “thank you” notes a day.

First, these notes can be a card, a letter, or even a postcard. Just thank someone for something. Maybe they gave good service, remembered our name, or took the time to help you.

Second, realize that everyone feels great when they get a “thank you” from someone. So if we make three people a day feel great, they will remember us fondly. This makes prospecting easier.

And third, this activity doesn’t take long. We could do it every morning before starting our day.

So let’s stand out from the crowd and make more people appreciate us. Send a “thank you” note today. This is a great way to guarantee fresh prospects three months from now.

And yes, this could be a great way to follow up with those prospects who didn’t join immediately.

Is your group having trouble giving presentations?

Want a free Zoom “One-Minute Presentation” training for your group?

It’s a great way to make the presentation process easy and enjoyable.

Just email:

keithschreiter@gmail.com

This one skill can lead to a lifetime of success.
https://bigalbooks.com/book/meet-new-people/

Available in ebook, paperback and audio!

Enjoy the week!

Keith & Tom “Big Al” Schreiter


Make HUGE MONEY!
With the Best Tasting & Healthiest Coffee on Earth!

GenJava is made of the best Arabica Beans available & our CBD is cold-infused to retain the flavor of the coffee!
Natural * Irish Cream * Raspberry Cream * Caramel Macchiato.

Are you ready to make a
MILLION DOLLARS?

Sales have Exploded!

You are witnessing the
BIRTH of the Next GIANT!

This is NO JOKE! People are making FORTUNES with this 100% Pay-Out!
Get your 
 Position NOW

Don’t miss out on this! This is the BEST opportunity you will EVER find! Visit the site today and see for yourself!
If you need any help, I’m here for you.

Coach Howard
homeprofitcoach2012@gmail.com
757-647-2886

Visit Here to Start Now!

An opening sentence that works.

An opening sentence that works.

“It is easier to become rich with an extra paycheck. Simple math.”

Our prospects instantly decide that an extra paycheck is good. Everything gets easier from this point on.

Why objections happen.

A friend says to us, “I pre-paid for a nice dinner for you and your spouse tonight. And that includes drinks.”

What immediately happens in our minds? Objections and doubt. We start thinking:

  • What is the catch?
  • Why are you doing this?
  • What will you want from me in return?
  • Will I have to buy something from you if I take this offer?

Even if someone makes the best offer in the world (in this case, a totally free offer), we have objections and doubt. That is just how our minds work.

So when we talk to prospects, shouldn’t we expect objections and doubt?

Our prospects will have objections and doubts, even if they don’t verbalize them. If we don’t address them, they will naturally say, “I want to think it over.”

That is why one-way communication doesn’t work. One-way communication is where we do all the talking with no feedback from our prospects. Want some examples?

  • Watch this company video.
  • Go to the website and read about how wonderful we are.
  • Sit through this lecture/presentation.
  • Watch this webinar.

One-way communication fails because it can create unanswered doubts and objections.

Here are three solutions to handle both verbalized and hidden objections.

#1. Use two-way communication, actually talking to “live” prospects. Now prospects get a chance to ask questions, object, and verbalize their doubts. This could be via phone, video calls, and in person. In person is the best, but sometimes not practical.

#2. Ask more questions and listen more during our presentations. Make presentations more of a conversation.

#3. Use carefully constructed mini-stories for the most common verbalized and hidden objections.

If you need pre-made mini-stories, here is an entire book with great visual stories to overcome objections before they happen. And yes, the book is available on audio, too.

My worthless sponsor keeps telling me, “Be fast. Don’t procrastinate. Be early!”

He should know. He gets off his job every day at 5pm and he is home by 4:30pm.

Fix this big problem now. Goals not working?

Want a free Zoom “Why Are My Goals Not Working” training for your group?

Don’t wait until December 31. Get your group to take action on their goals now!

Just email:

keithschreiter@gmail.com

Enjoy the upcoming weekend!

Keith & Tom “Big Al” Schreiter


Make HUGE MONEY!
With the Best Tasting & Healthiest Coffee on Earth!

GenJava is made of the best Arabica Beans available & our CBD is cold-infused to retain the flavor of the coffee!
Natural * Irish Cream * Raspberry Cream * Caramel Macchiato.

Are you ready to make a
MILLION DOLLARS?

Sales have Exploded!

You are witnessing the
BIRTH of the Next GIANT!

This is NO JOKE! People are making FORTUNES with this 100% Pay-Out!
Get your 
 Position NOW

Don’t miss out on this! This is the BEST opportunity you will EVER find! Visit the site today and see for yourself!
If you need any help, I’m here for you.

Coach Howard
homeprofitcoach2012@gmail.com
757-647-2886

Visit Here to Start Now!