The new Biden administration has many priorities and some ambitious goals. Perhaps none is more immediate than an additional stimulus package to mitigate the deepening impact of a pandemic that has dragged on for nearly a year. After months of declines, initial jobless claims rose again in December to 782,000, which remains above the previous record of 665,000 set in March 2009 (excluding years prior to 1967 when unemployment was measured differently). State legislatures may also implement additional spending cuts in the coming months that could also lead to deleterious effects on unemployment.
With these challenges in mind, it is time to look at the Biden administration’s “American Rescue Plan” to aid in the economic recovery.
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Topics:
IRS,
Taxes,
Election,
Tax Reform,
COVID19,
Coronavirus,
Stimulus,
#taxplan,
Covid vaccine,
loans and grants
Amid a chaotic week in Washington D.C., final election results came in that determined the composition of the Senate. Both Georgia Senate seats went to the Democratic candidates, which tipped the balance of power in the Senate to the Democratic party, with Vice President-Elect Kamala Harris presiding as the presumed tie-breaking vote in a chamber evenly split 50-50. This assumes that the Senate Democrats vote along party lines, which is far from certain.
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Topics:
election year,
IRS,
Taxes,
Election,
Tax Reform,
senate,
COVID19,
Coronavirus,
Republican Party,
Biden,
Harris,
#taxplan,
Filibuster,
democratic party,
Legislative Session
A close 2020 election may dampen prospects for some of the more ambitious tax changes proposed by former Vice President Joe Biden, who was declared the winner of the presidential race over the weekend by several news outlets. The situation is still uncertain, however, with President Trump filing lawsuits challenging the vote count in several states and refusing to concede the election at this time.
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Topics:
election year,
IRS,
Taxes,
Election,
Trump,
COVID19,
Coronavirus,
Biden,
Harris,
#taxplan
As the 2020 presidential election approaches, many are looking ahead to how tax rates will be shaped by the next administration. President Trump and former Vice President Joe Biden hold strikingly different views on tax law, with planned changes to the current law expressed by both candidates.
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Topics:
IRS,
Taxes,
Donald Trump,
Trump,
COVID19,
Coronavirus,
Biden,
Harris,
#taxplan,
capital gains
George H.W. Bush was the last person to be elected President after serving as a Vice President. Presidential candidate Joe Biden would be the first in over 30 years. Without many modern day examples, it is difficult to gauge the influence of a Vice President’s positions on actual U.S. policy, although Dick Cheney was highly influential on the policies of President George W. Bush. History aside, there are reasons to believe that the positions of Vice Presidential candidate Kamala Harris would be a strong influence. Her role as a former District Attorney and subsequently Attorney General of California is one significant reason. Another reason is that Biden, who would be 78 at the time he takes office if he wins, would be the oldest person to become President in U.S. history. With these factors in mind, it is time to examine, compare, and contrast Harris’s tax policies with Biden’s.
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Topics:
IRS,
Taxes,
COVID19,
Coronavirus,
Biden,
Harris,
#taxplan,
Kamala Harris
The 2020 presidential campaign between President Trump and former Vice President Joe Biden has mostly been sidelined as the country continues to grapple with the COVID-19 (coronavirus) pandemic. With November fast approaching, attention will soon shift toward the presidential race, where both candidates seek to distinguish their policies and initiatives. One place where the candidates stand far apart is on taxes.
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Topics:
IRS,
Taxes,
Donald Trump,
Trump Tax Plan,
Coronavirus,
Biden,
#taxplan,
Joe Biden
