How the Joe Biden presidency could impact your money

[Elderberry]

Click2 Houston by Hal M. Bundrick 1/23/2021

As you take a closer look at your financial footing amid the headwinds of a pandemic, it’s an excellent time to examine the possible impact of a Joe Biden presidency on money matters.

The balance of Congress has shifted following the Georgia runoffs, providing possible momentum for President Biden’s agenda.

A new COVID check, taxes, health care — it’s all on the line. Here’s how.

A short fuse on another round of stimulus checks

Look for another round of pandemic relief shortly after Biden’s inauguration, says Bernard Yaros Jr., an economist with Moody’s Analytics.

“In February, we expect that there’s going to be a COVID-specific relief package,” Yaros says. That measure will likely once again extend unemployment insurance benefits, with enough support for another round of checks issued to Americans, “whether it’s 2K or slightly lower,” he says.----

Moving from relief to stimulus

With Democrats gaining two seats in the Senate from the Georgia runoffs, there is now a greater possibility of moving from “relief” to “stimulus” mode in late 2021.

“That’s because now that the Democrats have a simple majority in the Senate. They can pass changes to the tax code as well as implement changes in spending,” Yaros says.----

Reversing Trump tax cuts

Higher taxes are expected to partially fund the widening of these social safety nets.

Yaros says Biden is likely to succeed in reversing Trump’s tax cuts, raising the corporate income tax rate to 28%, increasing the tax rate for taxable incomes of more than $400,000 and eliminating some tax breaks for those making more than $1 million.----

Revising retirement plans

oe Biden also has some ideas to reshape employer-sponsored retirement plans.

One of those proposals is to equalize the tax benefit of contributing to a retirement plan so that “higher-income earners aren’t getting more of the benefit than the lower-income workers, that it’s standard across the board,” says Anne Tyler Hall, founder and principal of Hall Benefits Law.

More: https://www.click2houston.com/news/politics/2021/01/23/how-the-joe-biden-presidency-could-impact-your-money/

[libertybele]

My brief synopsis in what I see happening. Unfortunately there has been little talk of job creation which is needed in order to keep this economy going or to expand it.  Higher taxes can be expected while doing away with the Trump tax cuts, raising minimum wage will crush businesses trying to stay open which will only raise the unemployment rate and dependency on gov't stimulus money. Green energy, dependency on foreign oil, implementing Obamacare 2.0, gun control, massive asylum, open borders and invasion of 'refugees', will destroy our economy, our country and ultimately our wallets.

[Wingnut]

I decided to become a Gimmedat in honor of JoBama and the Ho.