Tag: BidenHarris

The Median Household Will Pay More under Biden-Harris Tax Plan

No one can doubt that Joe Biden plans to raise taxes on households earning over $400,000. The question is how the Biden-Harris tax plan, if implemented, would affect households earning less than $400,000. On cue, during last Wednesday’s debate, Senator Harris and Vice President Biden sparred over the subject.

The answer? Most households would face a tax increase under the Biden-Harris tax plan. In fact, as the chart shows, unless your household income is less than $45,600, there is more than a 90 percent chance that the Biden-Harris plan, if enacted, will raise your taxes. In the exact middle of the household income distribution, over 95 percent of households can expect a tax increase if the Biden-Harris plan becomes law. Overall, 82.6 percent of American households can expect a tax increase.

These estimates come from the Penn Wharton Budget Model at the University of Pennsylvania’s Wharton School of Business,

Read More

Business owner’s controversial political sign opposing Biden-Harris spurs online dispute

HOLLAND, MI — A dispute between a Hudsonville business owner and a Holland-area resident over a controversial political sign is gaining attention in West Michigan.

Marla Drost, 73, who lives north of Holland, said she was recently pursuing the anti-President Donald Trump Facebook page Nasty Women of Michigan when she noticed a picture of an anti-Joe Biden political sign.

The sign, planted in the yard of Hudsonville business owner Douglas Smith, said, “Joe & the Ho: Vote No 2020.

Drost told MLive she was upset when she saw the picture because the sign is demeaning to Biden and his vice-presidential running mate, Calif. Sen. Kamala Harris.

Frustration with the sign prompted Drost to send a Facebook message to Smith’s business, Smitty’s Truck Wash, that stated: “Despise your political sign! Hope you lose business because of it!”

She then received an expletive filled reply stating, “Go **** yourself **** we won’t

Read More

Holland business owner’s Biden-Harris election sign causes uproar

Cassandra Lybrink and Arpan Lobo, Holland Sentinel
Published 4:25 p.m. ET Sept. 28, 2020

CLOSE

A political sign at the home of a Hudsonville business owner has sparked a controversy after the business responded explicitly to criticism over Facebook. (Photo: Brian Vernellis, Holland Sentinel)

HOLLAND, Mich. — A Hudsonville business has disabled its Facebook page after a profanity-laced exchange with a Holland resident over a political sign that some residents have called offensive.

Douglas Smith, 54, of Holland, owns Smitty’s Truck Wash. At his home in Holland, Smith flies a Trump 2020 flag, supporting President Donald Trump in his reelection bid against Democratic candidate Joe Biden. In addition to the Trump flag, Smith displays a sign using derogatory language against Biden’s running mate, U.S. Sen. Kamala Harris of California.

A photo of the sign, sent to The Sentinel by a Holland resident who did not want to be identified, reads:

Read More

Biden-Harris Tax Proposals: Section 199A Disparities

Watch Benjamin M. Willis, contributing editor with Tax Notes Federal, and Jed Bodger, vice president of taxation at the Sierra Nevada Corp., discuss their recent article examining how the Biden-Harris proposed corporate tax and long-term capital gains rates increases logically lead to eliminating all or part of section 199A passthrough deduction to mitigate tax rate disparities and choice of entity gamesmanship.

Here are a few highlights . . .

On the goals of section 199A

Jed Bodger: [Section 199A] creates disparity and different rate pools for different types of businesses. On a broad scale, section 199A is a tax deduction for passthrough entities like partnerships, [limited liability companies], and S corporations, and it is available for qualified trades and businesses.

What section 199A does is provide a 20 percent deduction for qualified business income, which reduces the overall effective rate for members or partners of these passthrough entities from

Read More