How will our 46th President impact your financial future?

How will our 46th President impact your financial future?

Joe Biden was sworn in as our 46th President. He has a number of important items to tackle such as the coronavirus response, economy, immigration, climate, healthcare, and many more. With any new President comes new policies that will affect your investments and your financial future. What’s in store for us?

Biden has already shared his tax plan and here are some of the proposals as cited at Forbes.

  • Tax brackets for high income earners: Biden proposes to increase the top individual income tax bracket for Americans earning more than $400,000. The tax rate will increase from 37% to 39.6%. 
  • Capital gains tax: His plan would implement a tax rate of 39.6% on income above $1 million for long-term capital gains and qualified dividends.
  • Itemized deductions for high income earners: Biden proposes to limit itemized deductions, which include state and local taxes, medical expenses, mortgage interest and other deductions, to 28% for high-income taxpayers. Generally, if a high-income taxpayer is subject to a marginal tax rate of 32%, they can reduce their tax liability at the same rate (32%). However, this proposal would mean you could only reduce up to 28%, despite your higher tax rate.  
  • Increase corporate tax rates: Biden proposes raising the corporate tax rate from 21% to 28%. In 2017, the corporate tax rate decreased from 35% to 21% under the Tax Cuts and Jobs Act, a hefty dip that helped lead to an increase in the national deficit and triggered record stock buybacks at U.S. corporations.  
  • Corporation minimum tax: Biden also proposes a minimum tax of 15% on corporations that earn $100 million or more in on-book income, which is the amount reported on the company’s financial statements. This could have major implications for large corporations that historically have been able to deduct billions in profits from their taxes, regardless of on-book income.

To see more details of his plan, click here.

We don’t know how the future will play out. We don’t know what policies will be passed. We don’t know how much you’ll be impacted. We do, however, have a glimpse as to what Biden is planning and this is a start for all of use to start preparing for, whether it benefits or does not benefit you.

One of Trump’s tax law changes was that he raised the standard deduction which impacted many Americans, including myself, and you heard stories of families going from expecting a tax return to breaking even or owing the government.

What other pieces of information has Biden hinted that could impact your investments? I’ve been following Biden and his push for clean energy to help climate change. As I wrote in my 2021 investment focus article, my focus this year is to invest in Tesla. They had a huge year in 2020 and with the push for climate change and more manufacturers are coming out with electric vehicles (EV), I believe Tesla will continue to be a force in 2021 and on.

As technology continues to adapt to recent events, I believe technology will continue to be a focus with remote workers, online classes, and a continued surge in online shopping. Healthcare will be a sector to monitor for especially with vaccine manufacturers and healthcare providers.

The stock market on Inauguration Day moved upwards which can give you a glimpse as to what to expect from a Biden Presidency. Not every sector is going to benefit from Biden’s policies. To keep your investments and your financial future from being impacted, do your research, determine if there are impacts to you, and make adjustments if necessary. If you are interested in following my journey, email subscribe to get alerts of latest posts and follow me on Facebook.

31 thoughts on “How will our 46th President impact your financial future?

  1. Greetings I am so thrilled I found your web site, I really found you by error, while I was searching on Aol for something else,
    Regardless I am here now and would just like to say cheers for a incredible post and a all
    round entertaining blog (I also love the theme/design), I don’t have time
    to read through it all at the moment but I have bookmarked it and also added your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up
    the superb b. 0mniartist asmr

  2. After I originally commented I appear to have clicked the -Notify me
    when new comments are added- checkbox and now each time a comment is added
    I get 4 emails with the same comment. There has to be a way you can remove me from that service?
    Thank you! asmr 0mniartist

  3. Great post. I used to be checking continuously this blog
    and I’m inspired! Very helpful information specifically
    the final part 🙂 I handle such info a lot. I used to be looking for this certain info for a long time.
    Thank you and best of luck. asmr 0mniartist

  4. Hello there! I could have sworn I’ve visited this site before but after going through many
    of the articles I realized it’s new to me.
    Anyhow, I’m definitely pleased I discovered it and I’ll be bookmarking it and checking back regularly!

    Visit my web-site – download slot game love138 (

  5. I’m not sure why but this website is loading very slow for me.
    Is anyone else having this problem or is it a problem on my
    end? I’ll check back later on and see if the problem still exists.
    asmr 0mniartist

  6. Unquestionably imagine that which you stated. Your favourite reason seemed to be at the web the easiest factor to take into
    accout of. I say to you, I definitely get
    annoyed while other people consider worries that they just don’t recognize about.
    You managed to hit the nail upon the highest as smartly as outlined out the whole thing
    without having side effect , other people can take a signal.
    Will likely be again to get more. Thank you

  7. I was wondering if you ever considered changing
    the structure of your website? Its very well written; I love what youve got to
    say. But maybe you could a little more in the way of content so people could connect with
    it better. Youve got an awful lot of text for only having 1 or two images.
    Maybe you could space it out better?

    my web page ::

  8. Excellent web site. Lots of useful info here. I’m sending it to some pals ans additionally sharing in delicious.

    And certainly, thanks for your sweat!

  9. Great goods from you, man. I’ve understand your stuff previous to and you’re just too fantastic.
    I actually like what you have acquired here, certainly like
    what you’re saying and the way in which you
    say it. You make it enjoyable and you still take care of to keep it sensible.
    I can’t wait to read far more from you. This is actually
    a terrific web site.

    Here is my page …

  10. Good day very cool site!! Man .. Excellent .. Wonderful ..
    I’ll bookmark your site and take the feeds additionally?

    I am happy to find a lot of useful information right here in the submit, we want work
    out more strategies on this regard, thanks for sharing.
    . . . . .

    my page …

  11. Simply want to say your article is as amazing. The
    clarity on your post is just cool and i can think you are an expert on this subject.
    Well together with your permission let me to grab your RSS feed to keep up to date with imminent
    post. Thank you 1,000,000 and please continue the gratifying work.

    Here is my page ::

  12. I am no longer positive the place you’re getting your info,
    however great topic. I must spend some time studying more or figuring out more.
    Thanks for wonderful information I used to be on the lookout for this information for my mission.

  13. Hello There. I discovered your blog using msn. This is an extremely well written article.
    I will make sure to bookmark it and come back to learn more of
    your useful information. Thank you for the post.
    I will definitely comeback.

  14. Heya i am for the first time here. I came across this board and I in finding It truly helpful & it helped me
    out much. I am hoping to offer one thing back and help others such as you aided me.

  15. My spouse and I stumbled over here from a different page and
    thought I might as well check things out. I like what I see so now i’m following you.
    Look forward to going over your web page yet again.

  16. I’m not that much of a internet reader to be honest but your sites really nice, keep it up!
    I’ll go ahead and bookmark your site to come back later on. All the best

  17. Attractive portion of content. I just stumbled upon your
    website and in accession capital to claim that I get actually enjoyed account your weblog posts.
    Anyway I will be subscribing in your augment or even I success you get entry to constantly rapidly.

  18. Appreciating the commitment you put into your blog and in depth information you provide.
    It’s nice to come across a blog every once in a while that isn’t the same old rehashed information. Excellent read!
    I’ve bookmarked your site and I’m adding your RSS feeds
    to my Google account.

  19. scoliosis
    I am in fact glad to glance at this weblog posts which consists of tons
    of useful data, thanks for providing these kinds of data.

  20. Great beat ! I wish to apprentice even as you
    amend your website, how could i subscribe for a weblog site?

    The account helped me a appropriate deal. I had been tiny bit
    familiar of this your broadcast provided vibrant transparent idea

Leave a Reply

Your email address will not be published. Required fields are marked *