With our political leaders in Washington proposing massive spending packages and higher taxes to pay for them, it's important for investors to understand how taxes, deficits, and markets are connected.
This year, it is estimated that the U.S. will run a deficit of about $2.3 trillion without any new spending. As you likely know, there is another "infrastructure" stimulus bill being debated in the range of $2 trillion. Let's assume it passes this year and part of the money is spent in 2021. That could easily push the deficit to $2.5 trillion. Last year, the deficit was about $3.1 trillion, just to give you some perspective.
Biden team insists taxes won't go up for most people - POLITICO
Treasury Secretary Janet Yellen listens during a meeting with President Joe Biden in the Roosevelt Room of the White House. | Al Drago-Pool/Getty Images
The Biden administration is sticking to its message that the president's proposed $6 trillion in spending — which has been bucked by Republicans in Congress — would and should be paid for by raising taxes on corporations and the wealthy.
60% of Americans Think Their Taxes Will Increase Significantly in the Next 4 Years -- Here's How
Taxes are a burden to Americans across the board, and unfortunately, there's no avoiding them completely. But there are strategies you can adopt to lower your tax burden -- and you may want to adopt them soon.
In a recent Nationwide survey , 60% of Americans say they think their taxes will rise significantly within the next four years. Whether you share the same concerns or are more optimistic, here are a few things you can do to prepare for that possibility and lower your tax burden right now.
States see potential federal windfall, go slow on road taxes | Politics | stltoday.com
A worker stands on scaffolding attached to the Deception Pass Bridge, a 976-foot span about 180-feet above the waters below, as work to replace corroded steel and paint the structure continues Thursday, April 29, 2021, in Deception Pass, Wash. The 86-year old bridge, along with its 511-foot long companion Canoe Pass Bridge, spanning immediately to the north, connect Whidbey Island on the south to Fidalgo Island.
A family walks along the narrow sidewalk of the Deception Pass Bridge, a 976-foot span about 180-feet above the waters below, where work to replace corroded steel and paint the structure continues Thursday, April 29, 2021, in Deception Pass, Wash. Raising state taxes to improve roads and bridges is one of the few things many Republican and Democratic lawmakers have agreed on in recent years.
What Business Thinks of Biden's Plans on Infrastructure, Taxes - WSJ
That is tempered by wariness over Mr. Biden's plans to achieve those goals via higher corporate taxes, and expected new regulations on fossil fuels, telecommunications and other industries.
Business and industry leaders are also mindful that Mr. Biden hasn't filled many key oversight jobs, leaving questions about his approach to trade, antitrust and other policies.
How Biden's taxes hit the richest but skip the suburban base
WASHINGTON — President Joe Biden is proposing trillions in new taxes , crafting a precise hike that would affect the wealthiest investors but not the kind of educated upper middle-class suburban voters who abandoned the Republican Party and helped push Democrats to recent victories.
Biden's plans include raising the corporate tax rate to 28 percent, changing how corporate earnings are taxed at home and abroad to boost revenue, requiring heirs to multimillion-dollar fortunes to pay taxes on inherited stocks, and nearly doubling the capital gains tax, but only for high earners, by treating it like regular income. Plus, he wants to boost IRS funding to increase audits of the same groups.
Home Values Soared in 2020 -- but So Did Property Taxes
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There's a reason so many buyers struggled to buy a home last year, despite record-low mortgage rates . Home values skyrocketed on a national level, putting properties out of reach for a lot of prospective buyers.
Real Estate Taxes by Greg Motley | Fort Scott Biz
Greg Motley. President of the Bourbon County Economic Development Council. Submitted photo. Real Estate Taxes
In my last column, I briefly mentioned the role higher taxes play in real estate values. When young workers are straining to afford a house to fit their families, the associated mil levy can make a big difference in the monthly payment, and whether or not they can make it work. Additionally, if they paid more for the house than the last owner, they can anticipate a tax increase in the near future.
See What a $100K Salary Looks Like After Taxes in Your State
America is still in the midst of a health crisis triggered by the global coronavirus pandemic. Unfortunately, this has brought financial hardship to many Americans — especially because most have insufficient emergency funds. In a recent GOBankingRates survey, nearly half of those polled claimed to have less than one month of emergency savings tucked away, and fewer than 19% have more than six months of savings.
To that end, GOBankingRates analyzed the tax burden on a hypothetical $100,000 salary to find how much take-home pay varied by state. Data was analyzed for both single and married filers. Seven states have a tax burden as low as 16.28% for married filers: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. The tax burden is highest for single filers in Oregon, coming in at 30.39% for single filers earning $100,000.
Liberal Democrats in Connecticut want to raise taxes on the wealthy, but Gov.
HARTFORD — At a time when Connecticut is still struggling to get back on its feet economically after decades of slow growth, Gov. Ned Lamont is clashing sharply with liberal Democrats over whether to raise taxes.
Lamont, a fiscally conservative Democrat, says the past five governors have raised taxes — without generating a long-term solution to the state's ongoing budget problems and more than 30 years of sluggish job growth.
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