Biden & Taxes

 FIRST OF ALL...

All Americans, except for illegal immigrants, are going to be paying more in taxes this year because Biden removed all of Trump's tax cuts...

The proposed taxes for Americans making $400,000 were not based upon individuals but upon families...  so, more taxes in that bracket will be paid as well...

Biden will be increasing the following taxes:

1. gasoline tax
2. sales tax
3. capital gains tax

The first two will be felt by all Americans who drive gas burning vehicles or who buy goods and services in America...

Capital Gains Taxes will be paid by all Americans who sell their investments at a profit (the Feds don't give a shit about loses) and/or all Americans who sell their homes for a profit (again...  the Feds don't give a shit about loses)...

RIGHT THERE...  BIDEN LIED THREE (3) TIMES TO THE AMERICAN PUBLIC...

Unintended Consequences:

If the wealthy are not smart enough to hide their monies in tax free off-shore bank accounts, then they deserve to pay more in taxes; however, I think they are smart enough which means as soon as Biden realizes he is not taking in the taxes he NEEDS to pay his increased expenses, he will have no choice but to lower the tax brackets in which increased taxes are being assessed...  this means, a majority of ALL AMERICANS will eventually be paying higher taxes.

WAKE UP AMERICA...

Another View

I am not a fan of the Democrats nor am I a fan of the Progressive Democrats either but I do understand what it is that they are trying to do and I understand that and can support their views in part but I am not in favor of all the money that they are spending, expecting the wealthy and corporations to pay for it all...  because what if the wealthy and our corporations find ways to shelter their money so that an increase in taxes is NEVER POSSIBLE???

EVERYONE IS SIMPLY ASSUMING that the wealthy and corporations will pay for it because they have the ability to pay for it...  and that is an intellectually stupid concept...  at least in my opinion.

If I were wealthy, I would find a way to hide my money from taxes...  and, I say this because during my career, I had a consulting company that I had incorporated and used to shelter my money away from taxes and while it was not millions of dollars or even hundreds of thousands of dollars, my TAX BURDEN was HALF of what it would have been without my company...  and this includes CPA fees...

I am not that smart...  so if I can figure it out, one has to assume that the wealthy will or have already figured it out as well.

REPUBLICANS get this but DEMOCRATS do not...  and, I do not want to support a group of people that are that financially stupid...

I am all in favor of:

• helping the poor
• receiving immigrants
• defunding the police
• taking down confederate statues
• giving blacks the advantage
• having electric automobiles
• using solar energy
• making blacks feel welcome in America
• tax the wealthy more
• tax corporations more
• improving our quality of life
• having better roads and bridges
• legalizing marijuana
• having no interstate speed limits

I am not that smart, but if I had $5 million dollars, I would be earning just off of interest alone, about $20,000 each month...  and, if I had to pay MORE IN TAXES in I EARNED MORE MONEY...  than I would simply RETIRE and live off my interest even if I had to downsize and relocate.

WHY WOULD I DO THIS?

Wealthy People Typically Don't Like TAXES...  and, they especially don't like an increase in taxes...  and those wealthy people who say they don't mind an increase in taxes, have their money sheltered away so that they are NEVER going to pay increases in TAXES...  these people are not financially stupid and if they were...  they hire CPA's and TAX LAWYERS to be financially smart for them...

WHY THE DEMOCRATS CANNOT SEE THIS...  simply boggles my mind...  they cannot all be as clever as AOC...

SO...  FROM WHENCE WILL THE MONEY COME?

Here's a great idea...  let's borrow the money from CHINA...  especially since they already own 1/3 of our National Debt...

Borrowing money does not bother me at all.

Borrowing tons of money does not bother me at all.

WHY?

I will not be paying it back...  that's why...  future generations will...

How is that going to possibly hurt me!?

America is Changing

The one commonality between most Americans is the fact that
nobody wants to have their taxes increase for whatever reason...

We are living in unique times in the USA these days what with COVID Pandemic Lockdowns, Public Education Closures, BLM and ANTIFA movements, the Cancel Culture, and an unprecedented outflow of government spending as well as a crisis increase in immigration.  In order to pay for all of these expenditures, government will need to raise taxes and could raise 

taxes in a variety of areas:

• annual income tax increase
• gasoline tax increase
• capital gains tax increase
• corporate income tax increase

Wealthy people has a way to shelter their money in offshore tax shelter accounts and even if the income tax does increase on them, the impact will be minimal because of those tax shelters.  Therefore, tax increases will flow downhill to those people who cannot shelter their money...  this is not a guess...  it is logical when the government needs money.

Gasoline tax increases will PISS OFF a lot of Americans, but they have to drive so they will purchase the gasoline they need...  and perhaps put off the vacations they had planned because of those increases.

Capital Gains tax increases will cause people to sell off assets (like stocks) in order to avoid a higher tax in the future...  in other words they will sell now rather than sell later.  This selling will cause the STOCK MARKET to fall and people's wealth in the stock market to decline.

A corporate tax increase will cause American companies to be less globally competitive and will result in one of two things or both to happen:  hire less people and raise prices.

Public Education is suffering in some States and the parents are getting very angry at the Governors and at the School Boards and Teacher's Unions  The school boards and unions want the teachers to receive COVID vaccines ahead of everyone else, they want salary increases, they want improved ventilation systems, and the want police departments defunded before they return to work.

Immigration is going to hurt America worse than all these other problems because we are allowing ILLEGAL IMMIGRANTS to enter this country which is a violation of RULE OF LAW foundations...

The history books will write negatively about this moment in time in our country...  and more importantly, America is losing its positive reputation throughout the rest of the world.  

• China is against us
• Russia is against us
• Middle East is against us
• North Korea is against us
• Europe is against us
• Africa is against us
• South America is against us

WAKE UP AMERICA...

2019 Taxes

BECAUSE OF FORMER PRESIDENT TRUMP'S TAX ECLUSIONS, our family's taxable income was $30,000 less than our actual income...  consequently, we paid less taxes...  and, for a retired couple on a limited, fixed income, paying less taxes is a good thing...

HOWEVER...

President Biden is going to DO AWAY with TRUMP'S reduced taxes...  which means that our taxes for 2020 will be based upon $30,000 of additional income...  consequently, we will pay more taxes than last year even though our income has not changed.

BIDEN has claimed NO NEW TAXES for people in our income tax bracket...

BUT...  that is a lie...

Even though we face no new taxes, our rates will still increase...

BIDEN is playing with words...

He did not raise our taxes, he just eliminated our deductions and/or exemptions...

DEMOCRATS LIE...

Quest Training, Inc.

In 1990, I created a consulting company and incorporated with By-Laws, Charter, Stock I could sell, and a Corporate Seal.  The NC lawyer, referred to by my CPA, that incorporated me charged $500 which at the time I thought was a lot of money for the pissy little amount of work he did.

For 25 years, I used that sub Chapter S corporation as a methodology of reducing my tax burden and it worked although my CPA charged me more than I thought was reasonable especially since we went to school together.  However, he swore up and down that he charged me substantially less than he charged other clients for the same service.  He prepared my quarterly reports, my Federal and State taxes for the Corporation and my personal taxes. 

Each year, Quest Training, Inc., lost money and that loss always reduced my personal taxes more that the fee I had to pay my CPA.


I leased cars through my company, making them deductible.
All my vacations were a business deduction because they were planning meetings for the Board.
Once the lease on the car had expired, I purchased the vehicle and leased it to the company.
My home office was deductible.
When I started teaching online classes, my computer, internet connection were deductible.
When I started writing courses with a company in India, I had numerous other deductions.
The pool that was built was a recreational expense the for company President.

I did just enough consulting each year to keep my company legitimate.

In 2015, I dissolved my company.