2. Tax breaks for ordinary people
Minimizing taxes for middle- and low-income taxpayers is another tax policy proposal made by President Biden. This should come as a ray of sunshine for most Americans (for me is most definitely wonderful news). If you also find yourself in the low- or middle-class category, here’s what you should know:
- Biden wants to temporarily increase the child tax credit at $3,000/kid aged between 6 and 17 and at $3,600/kid under 6, making the tax credit fully refundable;
- He intends to maximize the child care credit at 50 percent of a family’s childcare costs for kids under 13, making it again fully refundable. Plus, Biden wants to phase out the credit in a couple of years for families who make between $125,000 and $400,000;
- The President wants to implement student loan debt forgiveness by erasing the amount owed from taxation;
- Joe Biden also intends to maximize the maximum earned income tax credit for those who don’t have children at almost $1,500, increasing the credit’s income limit for those who are singles at nearly $21,000, and removing the age cap for workers who are older in order for them to claim this credit too;
- He wants to expand the Work Opportunity Tax Credit (WOTC) to add military spouses;
- What’s more, he embraces the idea of improving tax breaks in a way that workers who are saving for their golden years benefit more (‘equalizing’ the tax benefits when it comes to 401(k) plans);
- And lastly, he wants to come up with tax credits that benefit small businesses by encouraging them to offer certain retirement plans for their employees.
7 thoughts on “Here’s What President Biden Plans to Do With Your Taxes”
On the surface, it is difficult to see how he will pay for all this. The increased income seems to have to come from business or the very wealthy. I have seen all the glorious ideas but not an offsetting plan that shows how it will be paid for. A real concern.
One question: Will any of this happen after he wakes up from his dream?
Restart the pipeline, why? Tax money from wages and social security is money income to offset out going spending and benefits.
The pipe line is not a environmental hazard it has been cleared! If the United States gave Canada Her word that the line would be run I think President Biden should honor Her word.
There would be more pollution and danger from transporting gasoline and oil by truck or rail than by the pipeline. The plus of the route of the pipeline will stimulate small businesses along the way and also training new workers for the future development of wind turbines and solar energy panels.
I definitely agree
This and the open southern border are the worst mistakes Biden made. Now that The Keystone pipeline is shut down our economy is screwed up. We the taxpayers are in for a rough 4 years if this problem isn’t turned around.
I know the earth moves periodically underground. It’s very possible that there will be many leaks that would be drastic to the land and environment. If you continue this pipeline you will be damaging the earth’s environment. It is not worth the chance. The damages will be unrepairable. It’s a no win solution. He has a better chance in doing nothing than going forward with this fiasco.
It always stays the same. No exception. The financial burdens fall on the middle class or lower. Joe cannot spend his way out of this mess, and what he is doing will cause a great deal of harm for years to come. To blame this on Trump is just not true. Trump has issues plus he intertied an economy that was in trouble plus he had to face Covid19. Joe could not ever deal with this, as seen by his speeches to the American people. Without a teleprompter Joe is lost, Trump lost the election period. The Democrats need to buck up and stop the ranting and raving political games the play. The next election could put the Dems on the outside looking in again. To permanently structure out government so that only the Democrats will be in control into eternity would be a death sentence to America as we know it. Joe cannot ignore the Southern boarder. Dems and Republicans alike want to stop the illegal flow of bodies coming and invading this country. The repercussions on this will be expensive and devastating. Sorry Joe you blew this one.