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.”
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.
“With tax cuts and deregulation President Trump has fought to protect the paychecks of everyday Americans from an overburdensome federal government,” said Trump campaign spokesman Ken Farnaso. “Joe Biden wants to overturn that progress and tack on a $4 trillion tax hike and his version of a Green New Deal. Whether it be the payroll tax cut or the highly successful Tax Cuts and Jobs Act, President Trump has never stopped fighting to preserve our economic freedoms.
What Trump and Biden tax policies mean for your income tax return Biden wants to put the top income tax bracket rate back to the Obama-era’s 39.6% rate from its current 37% rate. “I will raise taxes for anybody making over $400,000. The very wealthy should pay a fair share. Corporations should pay a fair share,” Biden previously said.
Rich households overwhelmingly opt for the latter, research shows. Forty-three percent of taxpayers making between $50,000 and $100,000 itemized their deductions in 2018 while 80% of households earning between $100,000 and $500,000 did the same, according to the Tax Policy Center. Trump may have not have many tax proposal specifics right now, but he does have a tax record to run on — for better or worse depending on who you ask.
Capital gains don’t only apply to appreciating stock sales, but it’s worth noting there are many people who own stock and make less than $1 million. Fifty-five percent of Americans said they owned stock, according to a Gallup poll this year. Within that segment, 84% of people making over $100,000 reported having stock while 65% of people making between $40,000 and $99,999 said they owned stock.
This is the problem, MSM doing the research for you so you don’t have to think for yourself ... Trash