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No. of Recommendations: 4
Early voting in TX - got to voting place at 7:45. In the line at 7:50am. Rec Center, one of about six places in town, opens at 8am. Line about 60 people long - a couple brought lawn chairs. Some had laptops and scads of handheld devices. Everyone, like 100%, wore masks. Line started moving at 8am. In the door at 8:13 am. Six people checking photo IDs and getting your signature, then giving you card for the voting machines. Maybe 12 voting machines. Took about 4 minutes to complete ballot. Then put ballot in vote recording machine (qty 2) and get acknowledgment of vote counted. Left at 8:20am. I voted. (early voting for two weeks here in TX). Line behind me about 60 people. Likely 20-30 min wait max. Rec center about 2 miles from house. Other nearby voting place is library 3/4 mile from house. Loads of parking at rec center. If you were 'handicapped' they would make arrangements to get voting machine to your car - but we had two months of absentee ballots for those over 65, or 'handicapped', confined to home/bed, or out of state. That ended when early voting started.

Apparently some other locations have only 5-10 minute total wait/voting time , too......

No problems in TX -

Dallas County a bit more crowded...but, heck, Dallas is always inefficient with city government.


t
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Lines here now at most places down to five minutes or less....but lots of people voting.....

t.
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No. of Recommendations: 8
Did you wear your MAGA hat?

Just got back yesterday from visiting family in Bend, OR (central Oregon) to home in Vancouver WA. I think they should rename the stretch of I84 between Madras and Bend as 'MAGA Country'....and I'm not taking about the Jussi Smolette version. Never seen such big Trump signs those ranchers put up

BruceM
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'Just got back yesterday from visiting family in Bend, OR (central Oregon) to home in Vancouver WA. I think they should rename the stretch of I84 between Madras and Bend as 'MAGA Country'....and I'm not taking about the Jussi Smolette version. Never seen such big Trump signs those ranchers put up"

Lots of Trump signs around here.

well, I didn't vote for

the guy who promises to change tax rules so that cap gains and dividends are taxed at 'regular rates' like 30-40 years ago. That's not a 'tax increase' in his book, it is merely going back to when 'taxes were fairer'. After all, it is mainly 'high income folks' that have cap gains, dividends.......

the guy who promised to eliminate deductions conventional IRAs and 401Ks since they cost the government hundreds of billions as people deduct for contributions now and it will be 30-40-50 years before the government gets to tax those accounts as money is withdrawn. Instead, he'll back the plan where you participate in the 'government savings plan' where your money is put in 'safe US treasuries'. Pay taxes now....and if you can afford it, put money in ROTH IRAs/401Ks. (If you are lucky, he won't force you to liquidate your current 401/IRA over 10 years to the ROTH, paying huge taxes along the way).

the guy who will roll back the Trump tax cuts for middle income folks. (along with those for the 'rich'). He won't be 'increasing taxes' , just merely letting them go back to former levels.

Yeah, Biden won't 'raise' taxes but he'll gut middle income salaries and upper middle income folks with 15 or 20% higher tax rates and contributions.

Needless to say, I didn't vote for him. He plans to raise at least a trillion in new taxes...err.....a 'reformed tax system fairer for all'......duh!

and No, you're not allowed to wear political statement clothing within 100 feet of the polling place.


t.
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Gee, I wonder why the ranchers would love him?

https://www.politico.com/news/2020/07/14/donald-trump-corona...

"Direct farm aid has climbed each year of Trump’s presidency, from $11.5 billion in 2017 to more than $32 billion this year — an all-time high, with potentially far more funding still to come in 2020, amounting to about two-thirds of the cost of the entire Department of Housing and Urban Development and more than the Agriculture Department’s $24 billion discretionary budget, according to a POLITICO analysis."

Oh yeah, they must appreciate that their anti-socialist president is taking government (AKA taxpayer) money and redistributing it among them. Wait...anti-socialist?


TMFEdyboom223
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"Direct farm aid has climbed each year of Trump’s presidency, from $11.5 billion in 2017 to more than $32 billion this year — an all-time high, with potentially far more funding still to come in 2020"
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Oh yeah, they must appreciate that their anti-socialist president is taking government (AKA taxpayer) money and redistributing it among them. Wait...anti-socialist?


TMFEdyboom223


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Much of that increase flows from re-distribution of tariff income on Chinese imports done to offset Chinese boycott of farm products. In other words, it is a result of the trade war Trump is successfully prosecuting on China rather than Trump being a closet Socialist which is a laughable supposition.
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...the guy who promised to eliminate deductions conventional IRAs and 401Ks since they cost the government hundreds of billions...

I'll bet he's not talking about taxing employee contributions to union pension plans though.
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No. of Recommendations: 9
Let me offer a small primer on the Biden Handler's tax plan, as I'm sure Biden has little idea what the plan's details are. (I'm retired from this industry, so I get a steady stream of updates on potential changes in matters of personal finance)

Impose the existing 12.4% Social Security tax (6.2% each for employer and employee) on salaries exceeding $400,000. This would create a gap between the top of the current taxed earned income of $137,700 and the proposed $400,000.

Repeal the TCJA $10,000 SALT deduction ceiling for itemized deductions

Increases the top tax rate from 37% back to 39.6%

Make capital gains and qualified dividends ordinary income for AGI > $1MM. Currently at this income level, these are taxed at 23.8% which would go to 43.8% rate with the 3.8% Net Investment Income Surtax. This surtax will likely boomerang, as capital gains are almost always elective, that is, an investor can choose when to take capital gains, and increasing the tax on realized gains by such a large jump-up will simply have investors doing less selling which can have the effect of actually reducing tax revenue.

Repeal the step-up in basis to heirs of inherited property that has increased in value. Currently, if a son or daughter inherits stock or real estate that has grown in value, the value of that property will 'step up' to fair value as of the date of death. Disallowing this will mean the heir will get the property at its basis (what the decedent originally paid for it) meaning on sale, the heir will have to pay capital gains tax on the gain they inherited. This is potentially a big issue as the core of most estate plans is to hold highly appreciated property to pass to heirs.

Limit itemized deductions for those with an AGI (I assume) over $400,000

Phase out the Qualified Business Income deduction for those with AGI > $400,000. This will be a big deal to small business owners for whom a large part of their 'paper earnings' that pass thru to them for tax purposes actually stay in the business.

Increases corporate max tax to 28% from current 21%. This will incentivize off-shoring and holding earnings overseas, thus reducing US corporate tax revenues.

Increases the child tax credit from $2,000 to $3,000 for children under 17

$15,000 tax credit for first time homebuyers

Change retirement plan contributions from pretax to after tax but replace the deductibility to a tax credit. The effect of this would be higher tax paid by higher income households.

And so on

These changes are generally geared to higher income households, which sells well to the lower income population. The problem with this is the lower income population pays such a small part of all Fed income tax. Per the IRS Statistics of Income for tax year 2018, households with an AGI of $50,000 and less represented 44.4% of tax filings but paid only 5.4% of Fed tax revenues. Raise that to an AGI < $100,000 and you get 87% of all tax returns and only 9% of tax revenue. Jump up to AGI > $500,000 and you get 1.45% of all returns filed but just under 40% of all taxes paid. Driving up tax rates on higher income is simply going to result in more tax avoidance schemes, to include moving money off shore and holding non-productive assets, complex trusts used to transfer assets, extended life insurance products designed to shelter income, and so on.

BruceM
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<Jump up to AGI > $500,000 and you get 1.45% of all returns filed but just under 40% of all taxes paid. Driving up tax rates on higher income is simply going to result in more tax avoidance schemes, to include moving money off shore and holding non-productive assets, complex trusts used to transfer assets, extended life insurance products designed to shelter income, and so on.>



And where in that big list you showed is the concept of common sense based on prior experience? Making all these new rules and regulations will surely benefit the billable hours of the accountants while detracting from the bottom line.

We have seen this movie far too many times over the years.

The idiots that come up with these schemes do so with a calculation that NOBODY will change their behavior in response to these massive changes. Many of the existing policies were made with the intention of incentivizing people to make significant investments in new or existing businesses. When you change the tax code so dramatically in a negative way, the projected revenues dry up. It is as predictable as the sunrise. Yet they wheel it out like it is a shiny new trinket.

When you add in the reality that lots of businesses have shut down during the pandemic (many of them permanently), the idea of making it infinitely more difficult to cover your costs and make a profit screams failure before it starts.

Of course any semblance of warnings from rational voices in the media is a non event.



BG
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Much of that increase flows from re-distribution of tariff income on Chinese imports done to offset Chinese boycott of farm products. In other words, it is a result of the trade war Trump is successfully prosecuting on China rather than Trump being a closet Socialist which is a laughable supposition.

And where does the tariff income come from? Not China, but the purchasers of Chinese imports. So the money of those purchasers is being funneled to the farmers.

That sounds very much like the classic definition of socialism: From each according to their ability (the purchasers), to each according to their need (the farmers).
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