There are clear differences between President Donald Trump and Former Vice President Joe Biden — and the political parties they represent — when it comes to tax policies, spending priorities, and overall economic strategies.
This week, Craig Siminski, of CMS Retirement Income Planning, shares an article highlighting the presidential candidates’ tax proposals and other monetary policy positions:
With the nation closely divided, it is difficult to forecast election outcomes based on opinion polls. It’s no secret that financial markets prefer clarity and have reacted to election surprises in the past.
But with an economy weakened by the pandemic, concerns about election security, and the possibility of delayed or contested results, investors are facing extra layers of uncertainty.
As a taxpayer, you might find it helpful to follow the candidates’ policy proposals. And as an investor, you may want to steel yourself for an anticipated increase in market volatility in the weeks before and after the election.
Trump’s Tax Cuts
The president has campaigned to preserve his signature 2017 tax legislation, the Tax Cuts and Jobs Act (TCJA).
The TCJA lowered tax rates for individuals at most income levels, roughly doubled the standard deduction, and eliminated the deduction for personal exemptions — so far fewer taxpayers now itemize on their tax returns.
The federal estate and gift tax exemption was also doubled, reaching $11.58 million in 2020 (adjusted for inflation). This is the amount that can be transferred to heirs free of federal tax. These changes to individual tax rates and the exemption are temporary and scheduled to…
To Read the Entire Article, Please Click Here.
Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
Please let Craig know that the Green Bay News Network Sent You.