Well folks, several weeks ago I started collecting comments from the large pool of Democratic candidates with lofty ambitions for the top job if President Trump stumbles. To me, it looks like the contenders must be reading each other’s private commentaries and draft speeches. Why, you might ask? The majority of the democrats all seem to be cooking from the same playbook: Increases in taxes served in different forms but with the same bitter taste.
Joe Biden spoke first about keeping and improving Obamacare. I guess Joe didn’t want to jump out too far on a limb like some of the real risk-takers in the Democratic gang. He did, however, propose a raise in the personal tax rate to 39.6% and 28% for corporations. I guess Joe had forgotten we just had rates at that level just a short time ago.
Elizabeth Warren seems to have the most to say about taxes. She seems to despise and criticize the most successful of our businessmen and women. Many of her critics believe she is driven by pure envy and lives in a fantasy world of her inflated intellect.
Kamala Harris wants to GIVE $6,000 to families earning less than $100,000 and offer renters a credit who spend 30% of their earnings on rent. The list goes on and on!
I don’t doubt that there is room for improvement in how we can improve upon how our citizens are taxed and incentivized. We will have to come up with a much better plan or approach than what is currently being offered by the candidates. Maybe luring more Mike Bloomberg’s into the race is a real solution. He certainly earned a great reputation in his 12 years as one of New York City’s greatest mayors.
If higher taxes wins the day, then my effort is to take every opportunity to make my client portfolios more tax-efficient! ……… more to come.