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
The Pekin City Council unanimously voted to schedule a public hearing regarding a proposed Business Development District during Monday’s meeting.
“Several weeks ago, we had a public hearing on the Business Development District ordinance,” said City Manager Mark Rothert. “There was some discussion to go back and add in a 1% Hotel/Motel Tax to the BDD ordinance. That required us to go back and re-start the public hearing process.”
A public hearing on the BDD ordinance is scheduled for Oct. 26 at 4:30 p.m., with another public meeting slated for Nov. 2 at 5 p.m. The council will consider the creation of a BDD at the Nov. 9 meeting.
A proposal to seek public assistance funding from the Federal Emergency Management Agency, through the Illinois Emergency Management Agency passed with unanimous consent. The funding would reimburse the city for expenditures on personal protective equipment, sanitation and safety materials, and medical