5. Senior citizens
Senior citizens will also benefit from Biden’s tax plan. He wants to maximize tax benefits for American seniors who pay for long-term care insurance with their golden-years savings. If his plan succeeds, low-wage workers who are over 65 will be able to claim the earned income tax credit.
He has big plans for Social Security too. Biden wants to make the income that comes from wealthier people subject to the Social Security payroll tax. As for this year, wages above $142,800 don’t see the payroll tax, but if his proposal is welcomed, wages above $400,000 will become subject to the tax.
‘Informal’ caregivers could also see a new $5,000 tax credit. Moreover, they might also be allowed to make ‘catch-up’ contributions to retirement accounts.
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.