Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan?
Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda.
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In the result of the runoff elections in Georgia on January 6, Democrats Jon Ossoff and the Rev. Raphael Warnock won their respective races for Senate seats. With these wins, the Democrats have taken the majority in the U.S. Senate. The makeup of Congress’ upper chamber is now evenly split between the two major parties, with Vice President Kamala Harris set to act as the potential tie-breaking vote for Democrats.
Wyden in 2019 released a proposal to tax high-income people’s investment gains annually rather than when the investments are sold. He said he plans to do further work on this proposal.
“If you are a nurse in America taking care of COVID patients, you don’t get to defer paying your taxes. But if you’re a billionaire, you can defer, defer, defer some more and then pretty much never pay any taxes at all,” he said. “My plan would put a stop to that.”
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Wyden also said he wants to roll back “corporate tax giveaways” in Trump’s 2017 law as well as the cuts for high earners. Additionally, he said he wants to close the carried interest “loophole” that benefits investment-fund managers, and better target a tax deduction for income from noncorporate businesses created by Trump’s law.
Under Donald Trump s Watch, the National Debt Increased by $7.8 Trillion
On 1/14/21 at 10:53 AM EST
During President Donald Trump s tenure in the White House, the national debt grew by some $7.8 trillion or nearly 40 percent compared to the amount when former President Barack Obama left office in January 2017.
In his 2016 presidential campaign, Trump said he would get rid of the national debt during eight years in office. The president is actually leaving office after four years, having lost his re-election bid to President-elect Joe Biden. But instead of addressing the national debt during his four years in office, the Trump administration oversaw a significant increase even before the COVID-19 pandemic forced the government to pass massive stimulus legislation.