Sep 23, 2020
As we approach the presidential election, we're getting more and more details about the campaign promises made by the candidates. We dedicated this episode to reviewing some of the provisions Joe Biden proposes in his tax plan. Throughout the episode, Grant shares his thoughts on numerous aspects of the Biden tax plan and how the proposed provisions may affect businesses, employees, and investors.
[01:05] The Legislative Cycle – Grant shares his thoughts on the process of making changes to tax legislation and when the tax changes may become effective if the democratic candidate gets elected.
[07:00] Itemized Deductions – How the scheme of deductions proposed in the Biden tax plan differs from the current procedures.
[11:19] Qualified Dividends & Long Term Capital Gains – Grant reviews the provisions available in the Biden tax plan for your investments.
[15:05] Retirement – Joe Biden's tax plan contains some provisions to optimize the 401K system. Grant explains what these changes mean for employees.
[21:34] Student Debt – How income-based student loan repayment programs work, how taxation comes into play for student loan forgiveness under these programs, and related changes proposed in the Biden tax plan.
[30:00] Inheritance – Grant reviews the current tax provisions available for inheritance and what Biden proposes in his tax plan for inherited properties.
[38:02] Social Security – As we discussed in the previous episode, the Social Security system is under somewhat stress right now. Joe Biden also plans to implement some changes in levels of wages that are subject to Social Security tax. Grant dives into what these changes mean for the general public.
[42:02] Corporate Tax Rates – The Biden tax plan includes an increase in tax rates for corporations, which may contribute to a substantial increase in federal revenue. Grant shares his thoughts on what this means for businesses.
[46:40] Opportunities – What it takes to practically implement the changes proposed in the Biden tax plan and a couple of ways you can take advantage of these changes if Joe Biden gets elected.
Resources:
Reviewing the Biden Tax Plan:
www.abovethecanopy.us/reviewing-the-biden-tax-plan/
Episode #42: Did Trump Just Kill Social Security?
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