9.07.2020

If Biden supporters want to overlook that Creepy Joe Biden sniffs little girls hair, grabs women's breasts, digitally assault them and struts nude in front of his female security will they pay attention to his HIGHER TAXES he promises?

 

 



 

 

..... you would have to be pretty far left on the political spectrum to back these tax hikes. Perhaps supporters believe higher taxes mean more government control and an attendant increase in the quality of life in America.

I beg to differ. Think of where we are. We’re in an economic healing phase. Do we really want to bring down the hammer of higher taxes when we’re struggling to get our economy back up and running?

If there is a good argument for raising taxes, the only one I can think of is that it could help carve us out of the tremendous debt and deficit that the U.S. continues to build. But even this idea doesn’t pass the litmus test. Resolving the deficit problem will take robust economic growth and more growth, plus caps on spending. Tax hikes stand only to smother this rebound.

I want to outline what I feel are the most critical tax conversations in the U.S. right now, all of which will continue to garner greater attention in the election run-up.

  • An Executive Order for Payroll Tax Cuts

Trump signed a new executive order that will curtail payroll taxes for the remainder of the year. The cut could add between $1,000 and $2,500 to working Americans’ bank accounts who earn $104,000 or less annually.

  • Biden’s Big Tax Plan

We’ve outlined his proposal above. But what would the changes actually cost American taxpayers? An estimated $3.5 trillion over the next 10 years. That’s trillion with a “t.”

  • Capital Gains Tax Reduction Considerations

Trump, a Republican, has hinted at reducing the capital gains tax on his own (currently capped at 20%). He can’t unilaterally reduce the rate, but he can enlist the help of the Department of the Treasury by directing how these taxes are calculated by indexing gains to account for inflation. If successful, this move could net out savings on a variety of taxable events for Americans.

With lower taxes on capital gains comes greater flexibility when you need to tap appreciated assets, such as stocks, real estate and private business interests. Plus, lower taxes, as a general rule, raise the value of assets like these. Selling is much more appealing when the tax ramifications are less punitive. Over the long haul, tax cuts to capital gains encourage the creation of new businesses, put more money in consumers’ pocketbooks, and bolster the purchasing power of investments.

In 2009, amid the Great Recession, President Barack Obama said, “The last thing you want to do is raise taxes in the middle of a recession.” It seems that Biden has forgotten the words of the man he served in office for eight years.

Wes Moss has been the host of “Money Matters” on News 95.5 and AM 750 WSB in Atlanta for more than 10 years now, and he does a live show from 9-11 a.m. Sundays. He is the chief investment strategist for Atlanta-based Capital Investment Advisors. For more information, go to wesmoss.com.

 

 

 


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