As we all know, one of the most common issues addressed each election year is taxes. Belief on taxes has created some of the strongest divisions in the right and left wings. This election year has been no different. With President Trump taking a stance that taxes should for the most part stay the same and candidate Biden advocating for heavier taxes on the wealthy, this can very well be a major deciding factor in this election. Therefore, it’s important to clarify exactly what their plan encompasses.
While Trump hasn’t gone on record officially submitting a new proposal, he has discussed many of his thoughts on what he feels should happen. For the most part, Trump is highly satisfied with the current system. So far during his term, he has made tax cuts that have benefited all of the American people. His goal is to help maintain these reasonable tax rates for all and has advocated that the Top Individual Tax Rate should permanently be maintained at its current 37% top rate and Special Small Business Tax Rates should also permanently maintain at a 20% reduction. Other major elements of his tax strategy are that taxes shouldn’t be collected on social security wages above $137,000 and a universal tax-free savings account should be created. While his views seem quite reasonable to most people, the lefties disagree with his approach.
Biden’s approach is to annihilate the wealthy with severe taxes and anyone who seeks wealth. He wants Top Individual Tax Rates raised to 39.6% and the Special Small Business Tax completely repealed. Not to mention an additional 15% tax on corporate book profits for any business making over 100 million (that is of course with exception to his money-hungry besties like Bill Gates). He’s also being pushed to consider a wealth tax or a surtax on wealthy taxpayers as well. Yet again, one of the many socialist tricks to deter you from building wealth.
Long story short, Trump’s plan is straightforward and fair. He looks out for the American people as a whole and doesn’t try to cause more division between the wealthy and those who are not. The wealthy still pay their fair share of taxes and contribute more than people who don’t have extreme wealth. Just as it should be. On the other hand, Biden is pushing to hammer the wealthy with taxes, but that doesn’t mean he’s looking to provide tax relief for those who don’t have wealth. In fact, he hasn’t even proposed any tax breaks for those who are not a part of the top 1%. His proposal is not centered around benefiting the people, but more so a threat to anyone who pursues a path of wealth. Those who may not have extreme wealth now, please understand that this is an attack on your future as well. If you aren’t wealthy now, it’ll be even harder to secure real wealth under Biden’s proposal. Therefore, it’s important for you to think about your future and how these policies may affect you then.
Ziad K. Abdelnour, Chairman, President & CEO of Blackhawk Partners Inc, is widely regarded as one of the world's top business leaders. In addition to being a best-selling author, he is also a founder and Chairman of the board of the Financial Policy Council.
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