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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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With the Presidential election less than 40 days away, there are many hot topics to motivate voter turnout. One of them might just be tax policy.
Since Trump pushed through his Tax Cut & Jobs Act in 2017, he's largely looking to maintain the status quo and make permanent the personal income tax rates and gift tax exemption rates that are scheduled to sunset in 2025.
To oversimply Biden's plan, he proposes working families earning more than $400,000 pay more in taxes. Whether or not you think that's fair, keep in mind his proposal also looks to raise taxes on all investors and savers.
* The maximum capital gains tax will go from 23.8% to 43.4%. All capital gains would be taxed as ordinary income. There is chatter and speculation this could increase selling after the election so folks could "enjoy" this year's lower long-term capital gains rate.
* He is also proposing the elimination of stepped-up cost basis upon death, which means heirs will have to pay taxes if they sell any of their inheritance items. Beyond stocks and bonds, this includes homes, businesses, autos, collectibles, everything.
With trillions in government stimulus just spent on getting through this pandemic (and more on the way), my personal opinion is that both parties are over-promising.
What Joe Biden's tax plan could mean for you (https://www.marketwatch.com/story/higher-rates-for-upper-income-folks-and-a-bigger-child-credit-what-joe-bidens-tax-plan-could-mean-for-your-taxes-11599643996)
by Bill Bishoff
** Your Life
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Basically, we’re still in quarantine mode.
For many, the social distancing and restrictions have taken the joy out of planning vacations, get-togethers, and other social activities. This is a unique phase in your life. Rather than being discouraged, try to find as much joy as you can during all the chaos. Push yourself to find different ways to enjoy the world around you.
Why not learn a new hobby like a new language or gourmet cooking? Are you getting outdoors with walks, hikes, or biking? For the adventurous types, how about renting an RV and traveling across the country? Or something easier and closer to home like starting a virtual game or wine night with family and friends?
Did you know that there are over 12 world class museum you can visit online? (https://www.mentalfloss.com/article/75809/12-world-class-museums-you-can-visit-online)
There are also 33 National Parks you can scout out virtually. (https://totallythebomb.com/heres-33-national-park-tours-you-can-take-virtually-from-the-comfort-of-your-home)
What are you waiting for? You’ve got the time, so get going.
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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Do you find yourself drinking more wine these days? Strictly for pleasure, of course. If you’re swimming in corks, why not make them into trivets, unique bulletin boards, or trays? Amazon.com has plenty of kits, if you don’t want to worry about buying all the items you need. Bonus, since your craft will be “homemade,” they will also make excellent and thoughtful gifts.
** Trivia
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A: Brown
Q: In a website browser address bar, what does “www” stand for?
https://www.youtube.com/watch?v=1_obmvfv050
** This got us all singing out loud
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