Business
Today, Amy Walls of Thimbleberry Financial is here to dispel the myth that most people's taxes will go up under the incoming Biden-Harris administration.Yes, some people will see tax increases, but this is mainly for those making over $400,000 per year. Biden-Harris Tax proposals include:$8000 credit for childcareA tax exclusion for student loans that are forgiven. Currently, there are a few exceptions, but most forgiven student loans are taxed as income to the borrower.A refundable tax-credit for low to middle income households that contribute to IRA’s and 401K’s.A $5000 credit for family caregivers, and a catch-up contribution for those caregivers to add money to their IRA or 401K that they may have missed.We also take a historical look at how the market has done in Republican vs Democratic Presidents, a split Congress, and how Donald Trump's stock market fared, historically.Finally, Amy explains what you should - and shouldn't - do, both in the current lame duck period, and at the beginning of the next administration.More information:Business Insider article on Democratic Presidents: https://markets.businessinsider.com/news/stocks/stock-market-election-democratic-republican-presidents-better-performance-economy-gdp-2020-8-1029528932Forbes article on S&P returns under different Presidents: https://www.forbes.com/sites/sergeiklebnikov/2020/07/23/historical-stock-market-returns-under-every-us-president/?sh=1ddc089faaf4Fortune article on markets under a divided Congress: https://fortune.com/2020/11/04/stock-market-2020-election-results-divided-congress-house-senate-democrats-republicans-us-economy/Thimbleberry Financial Website: https://thimbleberryfinancial.com/Call or text Thimbleberry Financial at 503-610-6510