Democrats have rallied around raising taxes on the rich — though that will likely be easier said than done, even if they manage to also win control of the Senate.
The economy will surely still be on the mend, which could give some lawmakers second thoughts about raising taxes — at least immediately.
What's more, some of the ideas Democrats are proposing would be new and complicated, and lawmakers will have to decide if they want to delve into the complexities of things like "mark to market" taxation — an annual tax on unrealized capital gains — that would bring lobbyists out in droves.
Quite a lot has been going on:
Will Joe Biden raise taxes? A look at his tax plan — Quartz
For most US voters, the economy was the main issue in this presidential election, and the candidates' promises around taxation are pored over intensely. Donald Trump vaguely promised more tax cuts if he were to receive a second term, while repeatedly claiming that the new president-elect Joe Biden would reach into American pockets with tax increases. As always, the truth is not quite that cut-and-dry.
Biden has said his administration would not raise taxes for anyone earning less than $400,000 a year, a threshold representing the top 1.8% of taxpayers , who earn about 25% of the US's income. (This would also be a marginal tax increase, meaning it only applies to income above $400,000.) The country's median household income was just under $69,000 in 2019.
What a Joe Biden presidency means for taxes, health care, housing, student debt — and
Joe Biden was projected Saturday to become the nation's next president, according to the Associated Press, after campaigning on an ambitious domestic agenda he hopes will improve voters' finances and invigorate an economy battered by the coronavirus pandemic.
"I sought this office to restore the soul of America, to rebuild the backbone of this nation, the middle class," Biden said in a Saturday night victory speech that listed many challenges ahead, like "the battle to control the virus, the battle to build prosperity, the battle to secure your family's health care."
Republicans want to change how Ohio cities collect taxes
Thousands of Ohioans still shuffle down their hallways each morning to work in a spare room or at the kitchen table.
Republican lawmakers say that's unfair, a conservative think tank says that's unconstitutional and cities across Ohio say repealing a temporary law that maintains tax collection as it was pre-pandemic would devastate their budgets.
* * *
"We would have to lay off cops and fire firefighters across the State of Ohio," said Cincinnati Mayor John Cranley. "It would be disastrous. It would lead to crime and all kinds of problems."
This may worth something:
Editorial: Marin election brings new faces, new taxes – Marin Independent Journal
From attracting more young candidates and putting racial equity at the top of campaign agendas to voters' strong support for local tax measures, Marin's November 2020 vote proved that political winds can shift quickly.
Certainly, in the partisan races, Marin voted strongly along Democratic Party lines. Marin, after all, has the second highest percentage of Democatric registration — 60.3% — second only to San Francisco, according to the state pre-election report. Votes are still being counted, but at the top of the ballot, former Vice President Joe Biden was the overwhelming pick.
Stimulus and McConnell Will Likely Inhibit Biden's Tax Hike Plan - The Washington Post
President-elect Joe Biden has pledged to repeal President Donald Trump's tax cuts as soon as he is inaugurated, but the ongoing financial crisis and the prospect of a Republican-controlled Senate could waylay that proposal for the foreseeable future.
Biden will likely soon send a deficit-financed economic recovery bill to Congress, delaying any progress on a tax-increase plan for at least a couple of months, despite his pledge to work to reverse the tax cuts on day one of his presidency.
Voters (Mostly) Reject Tax Hikes - WSJ
Taxation was on the ballot last week, and not only in the presidential race. Voters in California and Illinois rejected ballot measures that would have raised their taxes, while those in Arkansas and Arizona approved tax hikes. Coloradans voted for a tax cut.
Why 2020 Was the Perfect Year for Tax-Loss Harvesting - WSJ
The tactic, used to legally reduce or avoid altogether capital-gains taxes, is especially useful in years when a jarring market slide is followed by a strong rebound. That's why this year, with the market's plunge in March and subsequent recovery to record highs, was ideal for this strategy.
Happening on Twitter
I don't want to go back to normal. I want to be better than we've ever been. And that means police reform, it means… https://t.co/kFvyTwZZWj AshleyEsqueda (from Hollywood, CA) Sun Nov 08 06:14:49 +0000 2020
1) he's only raising taxes on those who make more than $400k a year, to HELP those of us who make less than that 2… https://t.co/r22YmOixc0 kirakosarin (from STAYING HOME) Sun Nov 08 00:46:11 +0000 2020
From raising taxes on hardworking Americans to destroying America's energy sector, the far-left's policies are frig… https://t.co/QOIfCRVzHJ GOP Sat Oct 31 18:30:05 +0000 2020
Democrats have much more popular policy positions: Obamacare is popular, a $15 minimum wage is popular, raising tax… https://t.co/YJELWnydTT ObsoleteDogma (from New York) Wed Nov 04 13:51:02 +0000 2020
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