With Joe Biden threatening to spend literally trillions on leftist social engineering schemes he’s got to get the money from one of three places: borrowing (from China), increasing the money supply even more than the 30 percent it’s gone up in the last year, or taxing “rich people” (in other words, YOU!)
What’s going to happen next?
Democrats and Republicans seem pretty far apart on everything and without the ability to end the filibuster, their prospects of forcing Socialism on America – and threatening your investments – through Congress are limited.
But Joe Biden’s still in the White House, rapidly undoing every single pro-business policy President Trump put in place.
President Biden’s $6 trillion proposed budget offers a lot of spending and higher taxes to pay for it. None of these tax hikes are a surprise as they are in line with what Biden has promised before.
Wealthy taxpayers are looking at a higher top income tax rate, higher capital gains taxes, and the loss of the step-up basis on inherited assets if Biden, Schumer, Pelosi and the rest of the envy-filled Democrats get their way. Corporations are also in the line of fire, facing an increase in corporate tax rates, which could affect profitability.
They hate you and me because our success is a result of freedom, and not government picking winners and losers.
How likely is it that any tax hikes will be retroactive?
One of the big shockers coming out of recent tax news is that the higher capital gains taxes could be made retroactive to April 2021.
There is historical precedent for this as it has happened a number of times before but only for tax CUTS, not tax HIKES!
Bottom line, I do think that higher taxes are coming – YET, but Joe Biden and the Democrats will continue a major push to punish “rich people” like you and me with more taxes as part of their Socialist “Equity” scheme.
With so much uncertainty around taxes, now is not a time to panic, but to think carefully and make adjustments where needed. That’s where I come in, to give a steady hand in an era of crazy policies coming out of Washington, so you can survive until we can take our country back.
P.S. There’s a lot going on in the economy and Washington. I’ll keep you updated along the way, but if you have any questions or concerns, please reach out. That’s why I’m here.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Investment advisory services offered through RWA Advisors, LLC., a state registered investment advisor.