President Donald Trump says the American Dream is on the line this election, while Democratic challenger Joe Biden says his campaign is locked in a “battle for the soul of this nation.”
That’s weighty rhetoric, but it’s also intangible. How might the candidates affect the things you can see and hold, like a paystub, an income tax return or a portfolio statement?
A lot of people would like to know, polls suggest.
Almost 80% of registered voters told the Pew Research Center that the economy was a very important issue in this highly-charged election. Seventy-seven percent of voters told YouGov that domestic issues were most important; the economy was the second top priority behind the coronavirus outbreak and response.
The focus on finances puts tax policy front and center. The tax code’s rules are critical for a household’s budget and a government balance sheet — especially when the federal budget is projected to grow by almost $4 trillion in the wake of the pandemic.
Biden has a tax plan that will generate between $3.35 trillion and $4 trillion over 10 years, according to various estimates. The money mostly comes from America’s richest residents, who are well aware of the prospect.
Trump has a first-term record that includes the 2017 Tax Cuts and Jobs Act, an overhaul that reduced income tax rates while expanding some credits and exemptions as it capped others. Major features, like the paired-down income brackets and heightened estate tax exemption are currently set to expire at the end of 2025. Taxpayers paid almost $64 billion less in income taxes during the first year under the new tax rules than they did the year before that, IRS statistics show.
Click here to read the rest of the article written by Andrew Keshner over at Market Watch
