Articles Posted in presidential election

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President-Elect Biden has stated that he would undo President Trump’s tax reforms if he is elected. From an individual’s viewpoint, those reforms included placing limits on mortgage deductions as well as state and local taxes such as real estate taxes. The 2017 tax cuts nearly double the standard deduction and eliminated the personal and dependent deduction but allowed the child tax credit to remain. The act is scheduled to expire in 2025 but there is little doubt the in a Biden presidency there will be some tinkering with taxes. Certainly, there will be an increase in personal taxes for the “wealthy” which the Democrats seem to define as those earning over four hundred thousand dollars ( $400,000) a year. Coupled with a rise in taxes for upper-income individuals is a concern of what happens to alimony in the Biden Presidency. The 2017 Tax Cuts and Jobs Act eliminated the deductibility of alimony for new awards dated after January 1, 2019. Subsequent to January 1 new alimony awards are no longer deductible by the payor or taxable to the payee. Current federal tax rates for single and married filers (married filing jointly) are as follows :

Tax Rate Taxable income single Taxable income joint return

10% Up to $9,875 Up to $19 ,750

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The holiday season is upon us and with it comes the joy and at times the tribulation and challenges of family gatherings. This year the holidays might be configured a bit differently than in past years. Uncle Charlie might be participating by Zoom and Aunt Ruth may be sporting her signature mask. This year offers new challenges both because of the pandemic and the Presidential election. Very few of us are neutral regarding issues of: voter fraud, election interference, or the quality and character of candidates. Some of us are Republican, others Depexels-olya-kobruseva-5842243-200x300mocrats or perhaps Independents. We all have an opinion and most of us have voted. In a democracy, our job as citizens is to vote. Once we have voted the outcome of the election is left to the States and if contested to the Courts and the Legislature.

As ordinary citizens, we really have nothing after voting to add to the process. No matter how loud you yell at FOX or CBS nothing Is going to change. It is like a football game you may get caught up in cheering on your team but your cheers have very little to do with the outcome. Biden or Trump will ultimately prevail because of the vote and whatever legal process follows. By Christmas, the die will clearly be irrevocably cast and your support or distress or discourse at family gatherings will not move the needle even a little bit.

Out Republic has been around 244 years and will survive the incumbency of either candidate. Politicians and the Press always say this is the most important election of our time. Maybe they are right this time that is a question to debate just not at the Holiday table.

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