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Biden’s Tax Hikes: Give to the Poor, and Punish the Rest

tax

IT’S TIME TO SELL YOUR BUSINESS

President Harris, I mean President Biden, plans on bringing in some of the highest tax increases in History. If that is not scary enough, he is proud of it and openly admits that he will raise the taxes more than any one president in history. Who knows if he even knows what he is doing? Who knows if he even knows what he is signing? The guy can barely speak, is showing obvious cognitive decline, and without help from reaching in his pocket for note cards, the man can’t get through a speech without major errors in even trying to make a coherent sentence.

What is clear, however, is the Liberal agenda and the destruction to the economy that is about to occur in the year of 2021. Who in their right mind would suggest the largest Tax Increase in the history of the United States, after the entire country has been in lockdown over the supposed PANDEMIC that somehow got more attention than Ebola did? We are living in very strange times, and as a business owner, you need to consider how it will affect you.

Capital Gains Tax Increase

As a Business owner who may want to sell your business, forget it! If the Capital Gains tax goes to 43%, why would you sell your business only to keep half of what you worked so hard for? Now let us consider the economy and how Business may be during this new Nancy Pelosi administration, I mean President Biden administration. Do you remember the Obama era? The attempt at his self-acclaimed agenda to “redistribute the wealth”? If you were self-employed during this time, how did it feel? Was it a good time in the economy? I personally remember $5 a gallon gasoline, a terrible economy, no forward momentum in our politics, and morale was in the toilet in our culture.  Should business not perform very well in the years ahead, many Business owners may be thinking of selling. Well, wait!! When you are doing poorly is NOT the time to sell, always remember, “when you are doing well is the time to sell!”. So, is now the best time to sell your business? The overwhelming answer is YES. If you hold on to your business long enough, and capital gains taxes go up to 43% or higher, and Pelosi remains president, I mean Joe Biden (correction) remains president for the next 8 years, that means you are locked into keeping your business running. What if you are 60 now, and you would like to retire in just a few years from now? If Harris is president, I mean Biden (I keep doing that for some reason), now you are looking at a possible 8-year window to have a new administration come in and reduce the capital gains tax. This is all a big gamble and should be considered. Many could be looking at selling their business for their retirement, which ordinarily is a great plan! However, under the Harris presidency, the green new deal, and all the government programs that need funded in order to move towards socialism—they now need YOUR retirement income to fund their operation. Selling your business has never been so important as now. Not selling your business has never come with such devastating consequences.

If you are ready to sell your business, contact Chad Peterson today.