{"id":3720,"date":"2020-12-10T18:10:29","date_gmt":"2020-12-11T00:10:29","guid":{"rendered":"https:\/\/kramerwealth.com\/?p=3720"},"modified":"2024-01-24T09:49:09","modified_gmt":"2024-01-24T15:49:09","slug":"lee-kramer-on-a-biden-presidency","status":"publish","type":"post","link":"https:\/\/kramerwealth.com\/lee-kramer-on-a-biden-presidency\/","title":{"rendered":"Lee Kramer on a Biden Presidency"},"content":{"rendered":"<p class=\"responsive-video-wrap clr\"><iframe title=\"Lee Kramer on a Biden presidency\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/u25QXhRcaCo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Hi, I\u2019m Lee Kramer, Founder of Kramer Wealth Managers. We were established in 1985- 35 years ago!<br \/>\nI want to talk today about how President-elect Biden\u2019s plans may affect your finances.<\/p>\n<p>From election day, November 3 rd until December 9 th , the US market as measured by the SP500 was up<br \/>\nabout 10%. This could be a response to Biden or to the news of the vaccine for COVID-19 that has also<br \/>\nhelped the market performance.<\/p>\n<p>Biden has proposed for those earning more than $400,000 per year, there would be a tax increase. He<br \/>\nhas also proposed that those earning more than $1 Million per year would no longer benefit from the<br \/>\nreduced tax on capital gains. Instead, they would pay ordinary income tax rates.<\/p>\n<p>For lower and middle class taxpayers, Biden has proposed a new tax credits for the payments of health<br \/>\ncare premiums, child care expenses, and long term care expenses.<\/p>\n<p>For corporations such as IBM, Apple, and AT&amp;amp;T, Biden has proposed an increase of the corporate tax<br \/>\nrate from 21% to 28%.<br \/>\nAll of these proposed changes depend on the ability to be passed by Congress. Right now, the House is<br \/>\nblue, controlled by Democrats. The Senate control will depend on the results of the GA election next<br \/>\nmonth. If Republicans win there, the legislature will be divided and the proposed legislation will be<br \/>\nharder to get through. If Democrats win there, and control both branches of Congress and the White<br \/>\nHouse, these changes will be easier to get through. So we will have to see what happens.<\/p>\n<p>Aside from taxes, Biden\u2019s plans include expansion of the Affordable Care Act (ACA) to include an option<br \/>\nfor public health insurance option that would work similar to Medicare. He also wants to allow for<br \/>\nhealth insurance premium payments to receive a tax deduction to make premiums more affordable.<br \/>\nAnother proposal provides free community college for up to two years for all. He also asked for up to<br \/>\n$10,000 of student loan forgiveness as part of the next stimulus package.<\/p>\n<p>The FICA taxes that are deducted from your pay check are currently capped at $137,700. Biden wants to<br \/>\nincrease that limit so that higher earners pay more taxes into social security.<br \/>\nCurrently, Medicare begins at age 65. Biden has proposed moving this up to age 60.<br \/>\nBiden has also proposed that if you are caring for a spouse or elderly parent, you can claim a caregiver<br \/>\ndeduction on your taxes.<\/p>\n<p>For those who are working, Biden also wants to make enrollment into employer-sponsored retirement<br \/>\nplans like 401ks and 403bs automatic rather than voluntary. This will help people save more for<br \/>\nretirement.<\/p>\n<p>All of these proposals will depend on Congress. It is up to them whether they are approved or not. So<br \/>\nwe will have to wait and see what happens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hi, I\u2019m Lee Kramer, Founder of Kramer Wealth Managers. We were established in 1985- 35 years ago! I want to talk today about how President-elect Biden\u2019s plans may affect your finances. From election day, November 3 rd until December 9 th , the US market as measured by the SP500 was up about 10%. This [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[1,16],"tags":[34,33],"acf":[],"_links":{"self":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts\/3720"}],"collection":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/comments?post=3720"}],"version-history":[{"count":2,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts\/3720\/revisions"}],"predecessor-version":[{"id":3972,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/posts\/3720\/revisions\/3972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/media\/3722"}],"wp:attachment":[{"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/media?parent=3720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/categories?post=3720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kramerwealth.com\/wp-json\/wp\/v2\/tags?post=3720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}