If Joe Biden wins election get ready for higher tax rates

[Votto]

Trump-Era Tax Cuts Are Coming to an End for Individuals. Here's What You Need to Know

Most tax changes are set to disappear after 2025, but it might not be as bad as you think. Read on to learn how this could affect you.

www.fool.com

So, you thought your taxes were bad this year?

LOL.

Wait till the Trump tax cuts expire next year.

Here is what you need to know

What tax cuts could be going away?​

The TCJA made some big changes to the tax code, and several of them were highly beneficial to millions of American families. While this isn't a complete list, some of the most significant tax breaks that could disappear after 2025 include:


Read more: we researched free tax software and put together a list of the best options here

• Lower tax brackets: The TCJA generally lowered marginal tax brackets. For example, the top tax rate fell from 39.6% to 37%. The second lowest tax bracket dropped from a 15% rate to a 12% rate. If the TCJA changes go away, the old tax brackets would return.
• Standard deduction: The TCJA roughly doubled the standard deduction, so it would be roughly cut in half after 2025.
• Child tax credit: Not only did the TCJA double the Child Tax Credit from $1,000 to $2,000 per qualifying child, but it also increased the income threshold to qualify from $110,000 to $400,000 for joint tax filers, opening the credit up to more people.
• Qualified business income: Also known as the "pass-through" deduction, this allowed owners of LLCs, S-Corps, partnerships, and sole proprietorships to deduct as much as 20% of their business income.
• Estate tax threshold: Estate taxes only kick in for estates above certain asset thresholds. The TCJA doubled the amount of money that was exempt before the estate tax took effect, and will revert to old levels after 2025.

 

[Donald H]

Higheer taxes will be a good investment in America if it leads to America defeating Russia.

Nothing comes without risks!

 

[LordBrownTrout]

And dems will do it with mike johnson in charge and he'll sign off on it. Jeffries and the dems own him now. Then, they'll blame the Rs for raising taxes. Rs are worthless.

 

[Mr Natural]

That debt’s not going to pay itself off.

 

[Votto]

Higheer taxes will be a good investment in America if it leads to America defeating Russia.

Nothing comes without risks!

Higher inflation, higher taxes

Investment as far as the eye can see!!

Something to look forward to for sure.

 

[JWBooth]

Higheer taxes will be a good investment in America if it leads to America defeating Russia.

Nothing comes without risks!

What the fuck?

 

[Votto]

That debt’s not going to pay itself off.

Um.............er................you can't actaully pay off $30 tillion because it is not a real number

The universe, for example, is only about 15 billion years old.

To give you an idea of how much a trillion actually is, if you measured the size of Chris Christy and it measured half a trillion feet long, you would need two of him to wrap around the entire world.

 

[BULLDOG]

And dems will do it with mike johnson in charge and he'll sign off on it. Jeffries and the dems own him now. Then, they'll blame the Rs for raising taxes. Rs are worthless.

Not sure about all that other crap, but Rs have been worthless since they abandoned any integrity they might have had before.

 

[Thinker101]

Higheer taxes will be a good investment in America if it leads to America defeating Russia.

Nothing comes without risks!

No kidding, America is at war with Russia?

 

[Votto]

No kidding, America is at war with Russia?

Can't be.

The only threat to America is White Christian Nationalism..

 

[Thinker101]

That debt’s not going to pay itself off.

Yep, and higher taxes aren't going to pay any of it off either.

 

[Votto]

Yep, and higher taxes aren't going to pay any of it off either.

Any time they increases a tax by a dollar, they spend $20.

 

[Donald H]

No kidding, America is at war with Russia?

Yes, as much as either side dares to look each other directly in the face.

 

[Donald H]

What the fuck?

Fwiw to receive reactions, my comment brought out 5.

 

[Donald H]

Higher inflation, higher taxes

Investment as far as the eye can see!!

Something to look forward to for sure.

My message received the replies that I intended to get.

Yes, America is at war with Russia and it's still to America's best interests to abide by the mutually agreed upon limitations. Unfortunately, Russia has gained a huge advantage over the Ukraine's resources and that is going to lead to dangerous escalations by either or both sides.

I think it's highly likely now that Iran's clear message to the Zionist regime's vulnerability, was on behalf of Russia needing to make a statement on it's arms capabilities.

 

[JWBooth]

My message received the replies that I intended to get.

Yes, America is at war with Russia and it's still to America's best interests to abide by the mutually agreed upon limitations. Unfortunately, Russia has gained a huge advantage over the Ukraine's resources and that is going to lead to dangerous escalations by either or both sides.

I think it's highly likely now that Iran's clear message to the Zionist regime's vulnerability, was on behalf of Russia needing to make a statement on it's arms capabilities.

It is, at the moment, a one sided US vs Russia war. The Russians have been stubbornly keeping their focus on 4 - 6 Ukranian oblasts and the military support supplied to the forces there.

 

[ThisIsMe]

That debt’s not going to pay itself off.

The debt can’t be paid off. There is more debt in the system than there is money to pay it off

 

[JWBooth]

That debt’s not going to pay itself off.

Dude, we'd come closer to walking to the moon than getting the debt paid off. Outside of some small number of people on the internet here is no actual interest in doing so.

 

[elektra]

Tax rates are already went up. "FEES" which are taxes disguised have already gone up.

 

[BluesLegend]

They nearly doubled the government spending under cover of Covid, now here come the tax increases.