WARNING: Why You Will Have Less Money In 2021



Here’s a few reasons why you may have less money in the year 2021 after the presidential election

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Have you ever wondered, how much money should we pay in taxes? How much money is considered rich in America? Let’s discuss what it means for your money if we get Joe Biden as president, and what would happen if we kept our current president. This is something that wasn’t really talked about much in the debates, but it’s an issue that affects all of us, no matter how much money we make.

The democratic nominee (Joe Biden) has made it very clear that if you earn $400,000 per year, you are rich. Technically speaking, you are not the 1% yet, instead – that would put you in the richest 1.8% of earning households. However, to Joe Biden’s point, that group of people in the 1.8%, make up 25% of the entirety of money that is made in the United States. To be considered in the top 1% nationally, the true rich category, you’d need to make $515,000 a year.

Pros for your money if we get a democratic President in 2021:
Here is the good news. Joe Biden wants to help people that are buying a home for the first time. Under Joe Biden, people would get a $15,000 tax credit for buying their first home. While this sounds great, something people may not realize is that it would also increase the price of real estate across the board meaning you would also take on more debt and pay more over the course of your life.

If you are a parent and you have kids, great news, the current CTC, child care tax credit is capped at $2,000. Joe Biden proposes the child care tax credit to be increased to $3,600 or $300 a month for each child ages 5 and under, and $3,000 for kids 6 and over but under age 17 as long as the pandemic lasts.

Plus he wants to offer a refundable tax credit for health insurance premiums which is money we pay for our health insurance every month.

If you are a student, very good news, if your household makes less than $125,000 per year, Mr. Biden wants to let you go to a public university for free for 4 years.

Here are the negatives for your money:
He wants to increase taxes on 3 major aspects, individual income, payroll taxes and capitals gains taxes. For 98% of people, taxes will not increase as far as money you earn from your job. For people earning more than $400k per year, taxes could go back up to 39.6%. If you make less than that, your income taxes will not increase. The second category is payroll taxes. If you make more than 400k, you will pay an additional 12.4% in social security payroll taxes.

According to research from the taxfoundation.org – payroll taxes are paid almost entirely by you – the employee. That’s because tax burdens are determined by the market through a concept called “relative price elasticities”. The market decides via supply and demand. Turns out, there is a lot more supply of people wanting a job, then there is a demand to hire those people wanting that job. So when governments increase payroll taxes, corporations have to react, and they do that by adjusting how much they pay us. Technically speaking, the cost of payroll gets passed on to us as an invisible tax in the form of – decreased wages.

If you’re an investor in the stock market under Joe Biden’s tax plan, corporate taxes will increase from 21% to 28% which means less money that corporations get to keep to pay to shareholders or reinvest back into their growth. This affects everyone that has a 401k, an IRA, and is invested in the stock market.

This is money you make when you sell your stocks or get paid dividends. Mr. Joe Biden wants to take away the tax structure on investments and instead tax them exactly the same as you would get taxed on your income but only for people making $1 million a year or more.

Lastly, he wants to get rid of the step up in basis which is how parents pass on their assets to their children. Upon passing, taxes will have to be collected on what they originally purchased for, and what you inherited them at

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

Further Research:
https://bit.ly/2SKwhg8
5 Changes To Taxes under Joe Biden: https://bit.ly/34FzXpg
Case For Changing Tax Code: http://iret.org/pub/BLTN-88.PDF
Who Pays Most Of The Taxes: https://bit.ly/30PsDWK

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What do you think?

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  1. Free money from the government always terrifies me! To get the money they will tax the rich more, then the rich leave the country so instead of getting x in taxes we now get 0 in taxes! When the rich leave the government to make up the losses will increase tax for everyone and we will all be poor!

  2. The government is terribly inefficient with spending.
    Ever consider cutting spending to pay for new programs?
    Tax increases the hurt the little guy the most and benefit the wealthy the most (not rich).
    Look into the history of taxes….

  3. I am so amazing that you did such a detailed explanation about how employees are the ones that normally cover the payroll tax, and then few in the same video talk about supply and demand of jobs, but forget to mention the fact that the market of salary will never go down. Worst case scenario people will just hire less, but the reality is if you’re getting paid 100,000 today, if that tax law pass your company wont go, “well your salary is going down to 90k now because of new taxes. “ Even if that did happen, you’d just leave because guess what, the market rate for that same skilled position will remain the same, inflation will continue to increase, and minimum wage will continue to increase. Noone will accept a lower salary for such a dumb reason. And skilled position are always in high demand(yes there is a lot of applicants, but not many quality ones) compare to low skill positions. But low skill position will always have an increasing demand as market grows(it also has to grow to remain competitive)

  4. I absolutely salute to your video editing, the timing, the cuts, the transitions, the melody of the music. Absolutely perfect. I’m working on something similar on my channel but I’m more focused on helping millennials understand and learn more about personal finance, investment and provide them with life solutions. I really hope that millennials struggling with these issues can find some solutions from watching my videos

  5. This is also why under the Joe Biden tax law, just like when Obama was in office, the ultra wealthy will once again, cut back on hiring, wages, hours, and benefits, while putting emphasis on outsourcing work and hiring cheap H1B Visa holders… You'll have your tax breaks, and more programs to fall back on, but you're assed out if you want better paying employment opportunities… Oh well, you weren't getting anything from Trump, right?

  6. The Biden tax is honestly stupid, if anything they should lower the amount of taxes people have to pay. And plus rich people are human and that’s I call inequality

  7. Andre, you forgot to mention that under a Biden presidency, if democrats took control of the senate, Biden intends also to put a tax on unrealized capital gains as well 👍🏻 -basically theft is what that would boil down to. Total =[income tax + unrealized capital gains tax + realized capital gains tax (all based on ordinary income levels)]. All in all would make the benefits of investing in the stock market for normal individuals like me almost obsolete.

  8. The most successful people started from nothing. They didn’t wait for the opportunity to knock but created the opportunity on their own, worked hard and made history. Mr Dennis @Dennis__forex09 on Insta. is a legendary binary options trader. I will always recommend him for your trade…

  9. No citations. No sources. You make some claims here, without backing it up. A friend posted this video to Facebook. I'm too tired of fact checking everything to fully fact check this video. But, some constructive criticism for you is to think more critically about each statement you put in your videos. Is this statement a claim of fact or a claim of opinion? If it is fact, cite it. If it is opinion, explain why you have come to that opinion.

    As for execution, very well made video in terms of lighting and editing. You deliver information effectively and the video is easy to watch. 9/10 for video production. 2/10 for accuracy of information.

  10. While not adding additional taxes, I don't believe people are debating that they are going to end up paying more from a plan. The additional payments come from the removal of a plan that gave the people overall more money a year from tax cuts. The quote is $2000 on avg per family. So in essence if you remove a cut that lowers taxes overall, while not adding taxes in your plan. You still removed the cut I was getting to make it base more than I was paying, regardless of if I make 400K a year. So I am not paying the additional 400K taxes but am paying what I was given in the tax cuts that you removed. Yes? Addition by Subtraction if you will.

  11. Seems like the problem at the end of the day is the greed or legal obligation corporations have to maximize profits with no regard to the lack of ethical responsibility to the society it operates within.

  12. I seen these kinds of videos (multiple), but to be honest. I think it's far more complex than that. You aren't getting taxed 39.6% in your total income, only after 400k. The second point is what is the consequence of deficit? We are now yearly having a deficit of over 1 trillion (that was predicted before the pandemic, so now it's even greater)…and if we further reduce the tax, then that means that will skyrocket even further. My curiosity is that what is the long term impact of that? Either way, that's my question more than a comment. Would be interested in someone reviewing that.

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