President Reaffirms Tax Pledge

In his first State Of The Union address, President Biden again promised to not raise taxes on anyone earning less than $400K. This would equate to everyone except the top 1% or 2%, depending on your state of residence.

He called for higher taxes on the wealthy to pay for his domestic agenda, also wanting to close tax loopholes so that top earners pay the same tax percentages as lower and middle class earners.

Although the words Build Back Better weren’t included in the speech, the bill’s elements were certainly present. Those elements included

1 – Universal pre-kindergarten
2 – Expanded access to health insurance
3 – Energy related tax credits
4 – Lower costs for prescription drugs
5 – Childcare
6 – And long-term care for seniors

In other words, a large portion of the State Of The Union was just another stump speech for the Build Back Better Bill.

Let me leave you with this.

I sat there scratching my head. As I watched, I asked myself a simple question. Why?

Build Back Better is dead. They wasted months trying to pass it and got nowhere. Why spend one minute rehashing the past when the country needs leadership to take it forward?

The midterms are coming, and his party is in trouble. Every poll says the same thing. From a political standpoint, why waste the time promoting pieces of an already dead on arrival bill?

I don’t get it.

If they keep pushing the same old tired line, then nothing will get passed before people go to their polling places on November 9th. If they can’t pass anything before the midterms we all know what will happen.

We can only hope that the new administration will take the lead and do something to help the country before it’s too late.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
Accounting Solutions Ltd.

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