Thoughts On The Tax Plans Of The Presidential Candidates

The truth is that Trump’s repeal of the tax code helped many Americans, but this truth is only in theory, not in practice. I can say this with confidence because I know people whose income has not changed yet their tax liability has. They likely aren’t the only ones. I can say this with confidence based on what I know about other areas that affect the amount of taxes you pay.

What’s frustrating is that based on the research I’ve done, I think the Tax Cuts and Jobs Act (TCJA) should stay in place no matter who is in office, but I can’t find ANY information on if Biden wants to repeal the TCJA. I only see that he has a “tax plan”.

The people I mentioned earlier might actually be able to benefit from the tax plan and Biden’s changes to it (?) if given time, but the political process, the political cycle, and more so how the media eliminates the opportunity to do so by their style of reporting.

How is Biden going about implementing this tax plan? I haven’t heard anything about that. Have you?

The problem is that we can’t see how the changes made are helping us, because we are not tax planning. If you get your taxes filed by a CPA (who is not me), I can almost guarantee they aren’t walking you through this. TurboTax and HR Block software is not helping us! But they are doing their job by filing our taxes. Unfortunately, that’s just kicking the can down the road. I’m going to explain what I mean by that.