{"id":105204,"date":"2021-01-23T15:35:16","date_gmt":"2021-01-23T15:35:16","guid":{"rendered":"https:\/\/fin2me.com\/?p=105204"},"modified":"2021-01-23T15:35:16","modified_gmt":"2021-01-23T15:35:16","slug":"trumps-farewell-speech-has-warning-on-biden-tax-hikes","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/trumps-farewell-speech-has-warning-on-biden-tax-hikes\/","title":{"rendered":"Trump&#x27;s farewell speech has warning on Biden tax hikes"},"content":{"rendered":"<h2>Trump touts &#8216;largest tax cut and reform in history of our country&#8217;<\/h2>\n<p>President Trump discusses taxes under his administration in his farewell address to the nation. <\/p>\n<p>President Trump issued one last warning during his final hours as commander in chief.<\/p>\n<p>Continue Reading Below<\/p>\n<p>&#x201C;I hope they don&#x2019;t raise your taxes, but if they do I told you so,&#x201D; Trump said Wednesday morning at his farewell address from Joint Andrews Base.<\/p>\n<p>President-Elect Joe Biden has pledged to undo at least a portion of the Trump tax cuts. He has repeatedly said he plans to raise taxes for those making more than $400,000 a year and to increase the corporate income tax from 21% to 28%.<\/p>\n<p>&#x201C;I certainly believe in a fair and progressive tax code where wealthy individuals and corporations pay their fair share,&quot; said Treasury Secretary Nominee Janet Yellen at her Senate confirmation hearing on Tuesday. She added that the tax hikes wouldn&apos;t be appropriate right away as the economy is still recovering from the damage caused by the COVID-19 pandemic.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cf-images.us-east-1.prod.boltdns.net\/v1\/static\/854081161001\/d3da9d14-b4da-4239-87b5-390cdbf0cbbf\/61ee1adf-7d23-45c7-9962-6ea3e91db5fa\/1280x720\/match\/image.jpg\"><\/p>\n<p><strong>TRUMP&apos;S BOOMING STOCK MARKET IN PERIL AS BIDEN ASSUMES PRESIDENCY<\/strong><\/p>\n<p>Some experts, however,&#xA0;say taxes would need to go up for all Americans in order to pay for Biden&#x2019;s ambitious spending plans.<\/p>\n<p>Biden last week proposed a $1.9 trillion COVID-19 relief package. A study released in October by the Committee for a Responsible Federal Budget said Biden&apos;s spending plan would increase the national debt by $5.6 trillion. Currently, the national debt is $27.8 trillion, or 131% of U.S. gross domestic product.<\/p>\n<p>A median-income family of four will see a $2,000 tax increase if Biden were to &#x201C;repeal the Trump tax cuts,&#x201D; Americans for Tax Reform President Grover Norquist told FOX Business last month.<\/p>\n<p>Biden doesn&#x2019;t plan to just repeal the Trump tax cuts, but go even further. Taxes on long-term capital gains and dividends could also rise in addition to the estate and gift taxes being restored to their 2009 levels.<\/p>\n<p><strong>GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/p>\n<p>Trump&#x2019;s Tax Cuts and Jobs Act lowered most individual tax rates while reducing the top marginal rate to 37% from 39.6%. The measure also reduced the corporate tax rate to 21% from 35%, leading to U.S. companies bringing back $1 trillion of overseas cash.<\/p>\n<table>\n<thead>\n<tr>\n<th class=\"ticker\">Ticker<\/th>\n<th class=\"security\">Security<\/th>\n<th class=\"last\">Last<\/th>\n<th class=\"change\">Change<\/th>\n<th class=\"percent\">Change %<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>SP500<\/td>\n<td>S&amp;P 500<\/td>\n<td>3838.87<\/td>\n<td>+39.96<\/td>\n<td>+1.05%<\/td>\n<\/tr>\n<tr>\n<td><span>Powered by<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The tax cuts and deregulation implemented by the Trump administration helped power the S&amp;P 500 to a 67% gain during the Trump administration. The index&#x2019;s 13.73% annualized gain was the third-best under a president.<\/p>\n<p>Source: <a href=\"https:\/\/www.foxbusiness.com\/markets\/trumps-parting-words-include-warning-on-tax-hikes\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump touts &#8216;largest tax cut and reform in history of our country&#8217; President Trump discusses taxes under his administration in his farewell address to the [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump&#x27;s farewell speech has warning on Biden tax hikes - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/trumps-farewell-speech-has-warning-on-biden-tax-hikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump&#x27;s farewell speech has warning on Biden tax hikes - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Trump touts &#8216;largest tax cut and reform in history of our country&#8217; 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