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Trump & Biden Future Tax Plans

Updated: Sep 16, 2020

Before you cast your vote know what is on the table for the future of your tax burden.

It's easy to get caught up in the drama created by the mostly inaccurate and just plain corrupt media these days on just about any topic of polarization. The presidential election is among the top of the list. I know I've been guilty of getting wound up over something that was said or done by one candidate or the other. With the constant onslaught of media from every angle, it's hard to escape.

So, like many big decisions in life, sometimes taking a step back and trying to eliminate the emotion from the decision making process can help clarify "why" we may or may not vote for a particular candidate.

I'm not about to suggest you vote one way or the other. But I do want to pop these two graphics out there to show you the proposed tax burden and possible changes depending on who is elected.

With that said, just think of what you pay in taxes now and ask yourself if you are prepared for or willing to accept the changes that are proposed by Trump or Biden. And whatever the result is, know that it will alter the tax environment not only for the next four years, but possibly for generations to come. It will certainly impact savings and investing strategies as well as retirement plans, both pre-tax and tax deferred contributions.

The only control you have over the outcome is your vote. So make sure you vote!

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