With the U.S. presidential election only a few weeks away, it’s timely to evaluate the details of Joe Biden’s tax plan, the potential implications and some strategies that might be worth considering.
Before we begin, it’s worth noting that even if Biden is elected, his tax plan becoming a reality would likely hinge on Democrats also gaining control of the Senate this November. And, even if that occurs, it could prove difficult to increase taxes if the 2021 economy is still fragile due to COVID-19. With that said, it is prudent to understand what the tax implications might be so we can evaluate which planning strategies could be beneficial in advance.
Income Tax Impacts
If you earn more than $400,000 per year, Biden’s income tax plan would negatively impact you in several ways:
Under Biden’s plan, the top tax bracket, which is currently $622,051 for married couples filing jointly
BALTIMORE, Oct. 14, 2020 /PRNewswire/ — Transamerica announced today that the company has been selected to be a retirement plan recordkeeper of the Lockton Northeast (NE) Series pooled employer plan. Lockton is a global professional services firm and the world’s largest privately held independent insurance broker. Pinnacle, an NPPG Company, will serve as the third party administrator and NPPG Fiduciary Services as the Pooled Plan Provider (PPP). This collaboration is a new milestone in Transamerica’s pioneering history in pooled retirement benefit plans, encompassing nearly two decades of advocacy and specialization.
To support the new Lockton NE Series pooled employer plan, Transamerica will leverage its pooled retirement plan experience. Transamerica can offer a flexible plan design to each adopting employer in the pooled plan, enabling employers to customize their retirement plan’s design elements based on employees’ needs. Transamerica also offers specialized recordkeeping specific to each adopting employer in the pooled
After about 90 trees were removed at the future Bow Lane apartment complex behind Bedford High School, some of them without permission, town planners this week approved a new landscaping plan designed to correct the error.
A cease-and-desist order had been issued this summer to developers Dick Anagnost and Bill Greiner after trees were cut early, with some of the clearing exceeding what was conditionally granted by the planning board.
For her part, Pelosi issued a statement again criticizing Trump for caring chiefly about the direct payments.
“A fly on the wall or wherever else it might land in the Oval Office tells me that the President only wants his name on a check to go out before Election Day and for the market to go up,” Pelosi said in a letter to her colleagues.
She defended her hardline position on a Tuesday conference call with fellow Democrats, claiming Democrats have more leverage than ever. But the risk of emerging empty-handed until next year appears very real.
To recap, talks on the latest potential round of COVID relief began in July, collapsed in August, and were revived last month. Last week alone saw Trump cause the talks to collapse on Tuesday, only to revive them heading into the weekend. They then cratered again on Saturday after Trump’s latest $1.8 trillion
The Prince George’s County Council had been scheduled to vote on a resolution advancing a $1.24 billion plan to build six new schools by 2024 and maintain them for 30 years after that.
But council members questioned whether the partnership would require sufficient involvement of minority-owned businesses and transparency regarding financial calculations. They also questioned the timing of the project’s launch amid the pandemic.
County Council Chair Todd M. Turner (D-District 4), whose motion to hold the resolution passed unanimously, did not set a date for a new vote.
The resolution outlined the governance structure for the partnership in a memorandum of understanding. It is separate from the contract that the Prince George’s County Board of Education is scheduled to vote on next week, said Christian Rhodes, chief of staff to schools leader Monica Goldson.
The school system announced earlier this month that Fengate Capital Management and Gilbane Building Co.
The global smart sprinkler irrigation systems market size is expected to grow by USD 442.81 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 17%.
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Right now, the lifetime exemption for gifts and estates is the highest it has ever been—$11.4 million for individuals or a $22.8 million joint exemption for married people. But this number isn’t permanent and could change. That’s why financial advisors are saying it’s a smart idea to put vehicles in place, like trusts, to enable seamless lifetime gifting.
“Some people are waiting to do things based on how things land, politically, but that could leave them scrambling if things were to change,” said Rebecca Duguid, a senior vice president and client advisor at Whittier Trust. “The earlier you get the process started, the better.”
Having vehicles in place now can give you the maximum flexibility in terms of gifting to kids and grandkids — and can also help your children and grandkids learn how to be wise stewards of your wealth. That’s because, while “trust fund
OMAHA, Neb., Oct. 13, 2020 /PRNewswire/ — Jet Linx, the leading aircraft management and Jet Card membership company in the United States, today announces the opening of its new Jet Linx Minneapolis private terminal, its 19th private terminal location in the U.S. Jet Linx, offering aircraft management and Jet Card membership programs with a more focused, personalized approach, will serve the Minneapolis and St. Paul market through its newly-constructed private terminal at Flying Cloud Airport. The announcement was made by Jamie Walker, President and CEO of Jet Linx.
“We are excited to announce the highly anticipated grand opening of our new Minneapolis private terminal as part of our nationwide growth strategy. With the growing demand for personalized private aviation services, it is a pleasure to introduce our unique business model to the region,” said Jamie Walker. “As part of the exceptional Minneapolis and St. Paul
William & Mary faculty members will continue their push for reinstatement of seven varsity sports proposed recently for elimination in a resolution to be introduced at a Faculty Assembly meeting Tuesday afternoon.
Suzanne C. Hagedorn, an associate professor of English at W&M said that she, Business professor Katherine Guthrie and Law professor Tom McSweeney have drafted a set of motions in consultation with other faculty that at least two FA members plan to put on the floor for discussion and debate.
The resolution calls for W&M President Katherine Rowe and the W&M Board of Visitors “to appoint a new Athletics Task Force in consultation with Faculty Assembly with significant representation of W&M faculty, staff, students, and the local community to create a new strategic plan for W&M Athletics.”
The resolution further addresses the rationale, process and lack of transparency some have complained about in the decision to cut the seven
Senate Majority Leader Mitch McConnell said Senate Republicans would vote on “targeted relief” with a focus on small business aid later this month.
“Our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP,” McConnell said in a statement.
The statement carried few specifics and it was unclear whether the proposal would contain federal unemployment benefits or $1,200 direct payments for taxpayers.
Trump is increasing his calls for another large stimulus package ahead of the election, and it may put the president and Senate Republicans on a collision course.
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Majority Leader Mitch McConnell announced on Tuesday the Senate will vote on a “targeted relief” plan for people with an emphasis on small business aid shortly after they reconvene later this month. But that may put Senate Republicans on a collision course with President