Biden vs. Trump (Tax Implications)

Biden vs Trump Tax Consequences

Did your blood pressure go up when you saw the title?

Did you feel like maybe this article could be the end of any positive relationship you and I have or ever could have?

Don’t worry, don’t stress, I’m not here to make an endorsement, nor “talk bad” about one or the other.

I’m just here to let you know about the possible tax implications of this year’s Presidential Election!

Because the tax implications are QUITE LARGE, given that the Tax Cuts and Jobs Act is scheduled to expire after tax year 2025.

Our friends at The Tax Foundation–who don’t know they are our friends and possibly would opt out of friendship with us if they were even aware of our meager existence, but let’s put that aside for a moment–provide a handy page here where you can compare the tax plans offered by the different presidential candidates.

Our friends at The Tax Foundation even update that page when a candidate announces something new about his (or her!) tax plans and policies.

My summary is as follows:

  1. President Biden wants to let the Tax Cuts and Jobs Act expire as planned after 2025, but he wants to extend and enhance “certain parts” of it, such as the higher amounts for Child Tax Credit and Earned Income Credit.
  2. Former President Trump wants to extend the Tax Cuts and Jobs Act (possibly make it permanent) before it expires after 2025.  
  3. “Wildcard” candidate Robert F. Kennedy Jr. wants to make Bitcoin gains not subject to taxation.
  4. “Wildcard” candidate Marianne Williamson wants to do “all the things” that would lead to higher income and wealthier people paying more taxes.

Although we strive to never “get into politics” in the sense of endorsing candidates, we will have much more detail about all the newest tax changes in our tax update courses that are being updated now and will be released in “Version 1” form on July 1, 2024.

All Members will automatically receive the updated courses in your Pronto Tax School Account on July 1.  Members don’t have to do anything.  The new, updated update courses will just magically appear in your account!

Don’t Forget, if you’re a Not Yet Pronto Tax School Member, and you see value in our efforts, please consider grabbing a membership before the $97 per year rate goes away forever. June 30, 2024 will be the last day ever to get a Pronto Tax School Membership for only $97 per year. July 1 and moving forward, our Membership Plans will start at $297 per year.

We are adding a bunch of new benefits to our most popular membership (The Forever Edition).  Details of upcoming new membership benefits are here for your review. Existing Members are NEVER subject to ANY membership price increase (as long as you keep your Membership active and don’t let it lapse). If you already have an active Pronto Tax School Membership, please don’t buy another one! 🙂

And YES, all Existing Members get access to ALL new benefits that get added, while still keeping your same price forever.

    Remember, whatever price you get now, that’s going to be your same price EVERY year, because we lock prices membership prices forever for all Existing Members.

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    Let's Make Sure We Direct You to the Right
    Training for Your Needs!

    Please click the button below for your primary tax credential.

    Not sure which credential applies to your situation?  Click here to reach our support team and we'll help you decide.