If Joe Biden wins election get ready for higher tax rates

[BluesLegend]

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

Government printing money, devaluing the dollar is the biggest tax increase on our savings in the past century.

 

[Moonglow]

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.

So the GOP puts a time bomb on legislation and you blame the people who didn't pass it?

 

[candycorn]

Report: Biden’s proposed gun control plan could hit gun owners with $34 billion in taxes

Get ready to pay up

www.theblaze.com

I reckon it is far easier than flat out banning them.

Does anyone still have a gun?

 

[Resnic]

Of course taxes will get worse. Someone has to pay for the hundreds of billions of dollars he sent to Ukraine and the hundreds of billions more he will send over the next few years. Not to mention all the money spent on trying to legalize the tens of millions of illegals he is letting in the country plus all the money to give them a free ride. And that's just the start.

He will wring out every penny he can from Americans while our dollar will continue to lose value.

But it goes beyond just taxes. They have a foot hold right now and we have seen the rapid decline in America in the past 3 years, imagine if they have 4 more years? If they win again the america I grew up in just 30 short years ago will be a distant memory.

 

[Independent thinker]

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.

But but but it will only be on those earning 400K or more. LOL