#5SmartReads - January 8, 2021

On the forthcoming stimulus, The Bachelor, and Antifa

Democratic Sweep Sets Stage for $2,000 Stimulus Checks and Higher Taxes (Bloomberg Wealth)

“Biden’s proposed changes would raise tax rates on those making over $400,000 to 39.6% from 37%. The Tax Foundation estimates that by 2021, if the plan were enacted, the top 1% of taxpayers would see their after-tax income reduced by 11.3% and the top 5% would see it shrink by 1.3%. Those in the 90th to 95th percentile would see their after-tax incomes reduced by 0.2%.”

This article offers detailed predictions of the first 100 days of the Biden-Harris administration. It offers the most detail out of any article I’ve come across yet, and the quoted sections jumped out at me in particular.

I could see the aforementioned income tax increase getting through.

“The president-elect has called for taxing capital gains and dividends at an ordinary income tax rate of 39.6% for those making more than $1 million.”

I’m doubtful that this could get passed permanently. But here’s something to remember - tax laws a…