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Source: Townhall Mediaresident Biden wants to finance his huge spending plans by raising taxes mostly on the highest income earners. He argues he wants the wealthy to pay their “fair share.” He has never defined exactly what their “fair share” would be. In theory, though, most Americans would probably agree that all income earners should pay their fair share. Biden’s proposal would end up over-taxing the wealthy. While he does not seem to be concerned about that, over-taxing the wealthy really hurts hard working Americans. The reason is simple. The US economy is capital intensive. There are two basic inputs...

Under the Biden administration’s tax proposal, an appreciated real estate asset owned at death could result in income taxes due that exceed the net proceeds from sale of the asset after paying existing debt. Yes, having an asset where the fair market value of the asset is greater than the debt could result in taxes at death that exceed the net value of the real estate. Currently, an individual must have net assets in excess of $11.7 million to be subject to zero estate taxes. The proposed Biden capital gains tax at death proposal would subject individuals with net assets...

President-elect Joe Biden has promised to raise taxes on America’s richest corporations “on day one” of his presidency. Morris Pearl, a former managing director at BlackRock, writes that the Biden tax plan could be one of the most progressive the country has ever had that “maps out an equitable future for America.” Billionaire businessman John Catsimatidis disagrees. As CEO of Red Apple Group, Catsimatidis owns the largest supermarket chain in New York City, in addition to owning and operating assets in the energy, real estate, finance and insurance industries. “Giving the government more money to spend the government way —...

Democratic presidential candidate Joe Biden's projected victory in the November election could significantly change tax bills for a slew of Americans. Fox News projected on Saturday that, four days after the election, Biden had defeated incumbent President Trump following victories in the key battleground states of Nevada and Pennsylvania. "America, I’m honored that you have chosen me to lead our great country," Biden tweeted. "The work ahead of us will be hard, but I promise you this: I will be a President for all Americans — whether you voted for me or not. I will keep the faith that you...

Former Vice President Joe Biden says he won't raise taxes on anyone with annual income of less than $400,000. Meanwhile, President Donald Trump has tweeted, and stated in the second debate, that his Democratic rival would raise taxes to a level never seen before in America. Both candidates can't be correct. But neither is entirely wrong, either. Biden's tax increases are focused on the wealthy and target three key areas: raising the top income tax rate to 39.6% for those making above $400,000; hiking the rate on capital gains to 39.6% for investment income above $1 million; and imposing a...

Presidential candidate and former Vice President Joe Biden has said that he wants to lower taxes for the middle class. His plan would raise the corporate tax rate to 28%, require a true minimum tax of 21% on all foreign earnings on U.S. companies, levy a tax penalty on corporations that move jobs overseas, place a 15% minimum tax on book income, raise the top individual income tax rate to 39.6% (the current maximum is 37%), and require those who make more than $1 million annually to pay the same rate on investment income as they do on their wages....

For decades Democrats have sought in vain for ways to make paying taxes as attractive a proposition as lining up around the block to attend the opening of the latest installment of the “Star Wars” franchise. Well, Mr. Trump, ever the consummate showman, has quietly provided the recipe. Democrats will publicly decry the new tax legislation. But privately they are jubilant, especially with the new cap on deductions for state and local taxes. With this single provision, Mr. Trump’s tax bill manages to do what Democrats have long dreamed of doing: make the “rich” pay more in federal income taxes.

Hours after landing a massive tax windfall, AT&T, Comcast, Wells Fargo and Boeing — among other major companies — announced plans Wednesday to share a fraction of their bounty with workers. The moves pleased President Donald Trump, who has claimed his $1.5 trillion in tax cuts that largely favor the wealthy and businesses would ultimately help the middle class. But Democratic lawmakers and corporate watchdogs say the move is a public relations stunt that pales in comparison to the profits the companies’ shareholders and executives will reap because of the lower tax rates. The stock market, as well, has risen...

House Republicans passed their $1.5 trillion tax-cut package Tuesday afternoon, kicking the action over to the Senate as the GOP speeds toward swift passage of President Trump’s top legislative priority and the most significant rewrite of the tax code in three decades. “Today, we’re delivering on our tax reform promise to the American people,” said Rep. Kevin Brady, the House’s top tax-writer. “For the first time in over three decades, we’re delivering a new tax code that provides more, fairer taxes, and bigger paychecks to Americans across the country.” The House passed the plan on a 227-203 vote, and the...

The GOP tax plan was passed through the Senate Friday night in a 51-49 vote. There are a number of things included in the last-minute text, including a provision by Sen. Gardner of Colorado that exempts Kombucha, a fermented tea drink, from alcoholic taxes and regulations. Why it matters: These are small examples of what got slipped in the bill last-minute as the Senate vote neared, and some reveal senators' pet projects back in their home states. Odd amendments included in the tax plan: Sen. Orrin Hatch Prohibit things like cash and gift cards to be given as employee achievement...

"A look at how the Republican tax cut plan will benefit workers' wages, stimulate exports, and encourage foreign direct investment in America. I give the GOP Tax Plan 4 out of 5 stars."

<p>If the tax reform proposal passed by the House of Representatives last week becomes law, 95% of current donors to nonprofit organizations, churches, and colleges will no longer be able to claim a tax deduction for their contribution. The bill passed by the House increases the standard deduction for individuals and families and will drastically reduce the number of tax filers who itemize.</p>

Find what the GOP tax plans mean for YOU. A simple calculator that is easy for everyone to use.

As a professional in the tax field who has written about this issue for close to 40 years, it is quite amusing to watch self-appointed experts in the press pontificate about the massive proposal for changes to our tax system that was introduced by Republican leaders in the House of Representatives. Let’s take a real look at the proposal.First, you need to understand most professionals refuse to comment to their clients on the bill because we are so far from the plan being enacted that it could change significantly.  People do not want clients badgering them about the seesaw...

On his nationally syndicated radio talk show Thursday, host Mark Levin slammed Republicans for their new “schizophrenic” tax proposal, saying they are acting like “good little Marxists” but that their proposal “is not tax reform.” “The Republicans are sounding like good little Marxists,” said Mark Levin. “They’re worried about class warfare rather than talking about slashing taxes across the board and reforming the tax code, maybe a fair tax, maybe a flat tax – all that’s out the window. This is not tax reform.” Levin’s comments came after Republicans in the House released a new tax proposal the “Tax Cut...

Americans oppose Donald Trump’s emerging tax plan by broad a 17-point margin, with 60 percent saying it favors the wealthy -– including six in 10 of the wealthy themselves. As details –- albeit still scarce -– have emerged, support and opposition have grown essentially in tandem. Fifty percent in this ABC News/Washington Post poll oppose the plan, up 6 percentage points from September; 33 percent support it, up 5 points. The rest, 17 percent, are undecided.

This morning, the GOP released the highlights of its proposed tax plan which will keep the 20% corporate tax cut as permanent and for a family of four making $59,000 they will get a $1,182 tax cut. The bill will keep a top rate of 39.6% for the highest income earners while doubling the standard deduction for middle class families. The child tax credit will expand from $1,000 to $1,600 and no changes are proposed to 401(k)’s or I.R.A.’s. The plan also aims to slash the number of individual income tax brackets while also repealing the deduction for state and...

The long-awaited Ways and Means version of the Republican tax-reform bill has finally emerged from its back-room efforts to stave off any defections in the House and Senate. House GOP leadership launched the bill with a cheery press conference, with members clearly relieved at having a bill to move forward. It includes parts of several trial balloons, and excludes one in particular that backfired badly enough to earn a rebuke from Donald Trump.CNBC breaks down the changes: As part of that reform package, the GOP aims to permanently lower the corporate tax rate to 20 percent.The House bill would...

House Republicans will propose limiting the deductions for mortgage interest and state and local taxes in the tax bill they are releasing on Thursday, according to a summary of the legislation obtained by The Hill. The bill, called the “Tax Cuts and Jobs Act,” largely follows the parameters that GOP leaders and the White House outlined in September. It would reduce the number of individual tax brackets, slash rates for businesses and eliminate a number of tax breaks. In order to offset the costs of the legislation, Republicans are putting forward some proposals that are sure to be controversial. The...

WASHINGTON — Highlights of the GOP tax plan. It proposes to simplify the tax system, cut taxes for the middle class, and reduce taxes on businesses and corporations. Passage is a priority for President Donald Trump and Republicans, who are hoping for a major legislative victory to cite going into the 2018 elections. —Income tax rates: Would sets four income tax rates of 12 percent, 25 percent, 35 percent and 39.6 percent. The 25 percent rate would start at $90,000 for married couples, with a 35 percent rate beginning to bite at $260,000 — which means many upper-income families whose...