Comparing the Trump and Biden tax proposals: what you should know

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October 30, 2020

Trump vs. Biden: Battle of the tax proposals

I had Chris Lowenberg, CPA, on my live stream to shed some light on this because, A - I wanted to more myself, and B - it's a big topic with my clientele. Video below.

I will give you the time stamps so you could quickly skip to the FAQ's.

Before you get started, Chris made it clear that Biden's upcoming tax plans are light on detail. So are Trump's, so we are just going by the Tax Cuts and Jobs Act, his big tax policy law from his current term when we compare the two. We spoke in broad strokes and none of this should be construed as personal advice to you.

Of course, this is not meant to be a prediction of the election outcome. You are advised to consult with your tax and legal professionals before making any changes to your tax and estate plans.

While you're watching the video, please subscribe to my YouTube channel. This episode is from my live stream, Be the Boss of Your Money, a personal finance show, every Monday through Thursday, at 4:30 PM ET, on LinkedIn, Facebook, and YouTube. Here goes:

1. 5:06-8:00: What are the key differences between Biden's and Trump's.

2. 8: 13-9:32 : What is the deal with the 400 K income level?

3. 9:33-11:33: What's the deal with capital gains taxes?

4. 11:35-12:20 : Is the Biden plan going to raise taxes on the middle class?

5. 12:21-13:45: Is Biden's plan going to soak business owners?

6. 14:34-16:58: Will the stimulus check you may have gotten be clawed back?

7. 17:15-18:58: Will capital gains tax for selling your house really be 40%?

8. 19:05-21:30: What about estate taxes?

9. 22:12-24:16: How could this affect your 401K plan?

10. 24:18-25:33: What about care givers' tax credits?

Continue to the end of the video for more.

Click to get started:

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Thanks!

Mitch

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Mitchell O. Goldberg

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President | Investment Professional

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ClientFirst Strategy, Inc.

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