Democrats’ sweep in the Georgia Senate runoffs means they can continue with some of their grand legislative plans for 2021 they made before the November election. Additionally, In the short term, the sweep could mean another round of economic stimulus.
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Under a President Biden, some tax strategies will stay the same, however, many are going to change.
Here are some of the proposals prior to the election.
- Proposed Step-Up in Basis law change
- Coming Long-Term Capital Gains Changes
- Changes to Estate Taxes Could Affect Your Family
- New Ordinary Income Tax Brackets
- Qualified Business Income Deduction Changes
Watch the full presentation on potential tax law changes here.
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Welcome, it’s nice having you.
We have a lot to discuss when it comes to.
Everything that’s going to happen with taxes and with new proposals going forward.
Yesterday, January 6, 2021 was a pretty epic day. Now there was a lot that happened that I don’t even want to talk about because it was also a very somber day as well as things happened. But what I want to cover is the fact that the Senate
Runoff in Georgia came out the way of the Democrats.
Now without bringing politics into this, I wanted to just discuss a lot with respect to what’s going to happen next. Well, first thing is that now we have a Democrat president with Joe Biden. We have a Democrat LED House and we now have a Democrat LED Senate. What that means is that all of the things that.
Joe Biden was talking about in the primaries.
And into the general election with respect to taxes and some of his agenda most likely will get at least a good chunk of that accomplished, so that’s going to be something that we’re going to be looking out for is that there’s going to be a lot of changes coming with respect to a Democrat LED not only Congress, but then also presidency.
So what are some of the changes? Well, the very first change that’s going to happen is the fact that we’re basically going to see most likely more stimulus coming down the road, and it’s already been discussed that there may be an additional $2000 check on top of the $600 check.
That is coming out right now. So what that would mean is that that would be giving everyone kind of in the same boat as what they gave the $600 check to an additional $2000.
Why is this important? Well, is because those individuals are able to use that money for anything related to not only expenses of non rent housing for mortgage, too close to food, anything that’s needed. That’s very very powerful statement.
To say that they can have the money available to him to do what they need to do.
What this also means is that most likely they’re going to spend it, and that is exactly what the government wants, because when we spend our money, we’re going to be looking to kind of make the wheels of our economy turn. So we’re going to be doing that, spinning the wheels of our economy through the consumer on top of.
Possibly even reducing some debt from other consumers.
And also, all said and done, we are probably going to be putting that money to work to help out corporations, to help out the different parts of our economy that need it. That’s very powerful statement. Now when we tie that with the Federal Reserve is doing you can see how we can get.
Very, very big economic impacts from what’s going on.
That’s the first thing to be looking towards. Now taxes are going to be another part of it too, so that’s going to be something that we will see changes to the tax code. I have discussed this in previous videos and webinars that I have done, and I encourage you to go back and check out some of those webinars and look to some of the.
Tax impacts that this could happen with you.
And some of the changes that may be coming down the road. So just know that there are going to be some changes and some of them are going to be exactly what we need and others is going to be a wait and see. So there’s going to be a lot coming. Lot changes come in, but on the whole is going to be beneficial in the short run to our economy.
And that alone with respect to Covid trying to get back to where we were trying to get people back to work and trying to get back to a sense of normality is exactly what we need with that.
I’d love to talk more as you have questions, feel free to reach out and take care. Have a great rest today.
