Category: Economic

Biden’s Tax Plan Roadmap

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So Bureau of National Affairs has put out the President’s road map of his tax plan. I’ve included the actual PDF in here for everyone’s viewing. I do have to make note of some items that caught my eye…

Biden’s Tax Plan RoadmapDownload

Here’s another portion of the Individual Taxes

To compare the SALT limitations – So in simpler terms (how I interpret) the SALT cap that is currently in place and maxed at $10,000 (under the Trump Administration). This $10,000 is the TOTAL allowed deduction for state and local taxes (SALT acronym) PLUS your property taxes on your primary residence/home. To help visualize the $10,000 deduction – this amount is reported on a Schedule A – “Itemized Deductions” if you are claiming these types of deductions when you file your Form 1040 each year. This form is to report your property taxes paid on your primary house, state and local taxes paid, mortgage interest, donations to charity, etc. etc.

Even if you paid $20,000 in property taxes, for example here, you’re limited to deducting only $10,000 based on the
SALT CAP.

Now since President Biden is wanting to eliminate the SALT cap – removing this $10,000 maximum amount. Who does this deduction benefit more, now? If you now can deduct more than $10,000, for this simple example? People who have the ability to own large properties or a primary residence AND a secondary residence? Some things for all of us to think about.

Here’s another TAX that caught my eye – it’s the “Transaction Tax” for buying OR selling stocks, bonds and/or derivatives:

Why I ask? Granted if you sell a stock at a gain, you will pay a tax on that gain (the tax paid will depend on the stock being a long term held stock or short term held stock). But if you sell a stock at a loss – similar to a loss in a business – you DO NOT pay a tax because you lost money essentially in that stock. However, President Biden supports this “transaction tax” whether you buy or sell a stock, bond or derivatives of stocks, etc. AGAIN – Why??

And the other one that caught my eye was the Corporate Tax increase and possible “Carbon Tax”:

So I just wanted to share this out there to everyone if you’re not aware of what President Biden may do for future taxes. Again, the PDF of his entire tax road map is included in the link at the beginning of this blog.

This adds on to my previous blog: President Biden’s Economic Policies

Laid-off Keystone worker speaks out against Biden canceling pipeline.

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The crude oil is already being transported into the United States from Canada via rail car (e.g. trains)… This worker did raise awareness that transporting crude oil via train is more hazardous than an actual pipeline under ground where no one can see it. US Department of Transportation data shows pipelines are the safest mode of energy transportation. Accidents are rare. According to the most recent numbers available, 99.999997% of gas and crude oil is moved safely through interstate transmission pipelines. Statistics from the National Transportation Safety Board show pipelines make up less than one one-hundredth of one percent (0.01%) of all transportation accidents in the U.S.

https://www.phmsa.dot.gov/safety-awareness/pipeline/safety-awareness-overview

Does any one recall or remember how bad a derailed train or train accident can be that is carrying crude oil? Let’s take a look:

And speaking recently about this was Senator John Kerry… Watch how he mentioned the “build back better” agenda? Now who’s agenda is this…? The “Great Reset”.

Senator John Kerry is so clueless about normal people’s life. He’s had a silver spoon all his life. Lying is so normal to him he doesn’t know the difference… as for many politicians who are just politicians as a “career choice”. He does what he does best… Being the epitome of an arrogant elitist who thinks the masses would be better off if they would just do what he says and not even pay attention to what he actually does. It is this hypocrisy at it’s FINEST.