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What Biden’s proposed budget plans could mean for your money

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estate planning, Biden, Joe, president


On March 11, Biden announced his 2025 budget proposal, which could impact wealth and its taxation.

The full title of the budget is “General Clarification of the Administration’s Revenue Proposals for Fiscal Year 2025.” In the document, Biden revealed his plan to tax the nation’s wealthiest more heavily, including those that will inherit these lofty estates. These increased taxes should not planned to be implemented definitively yet because they need to be passed by Congress, but they could promote widespread changes within the distribution of wealth.

These changes are intended to advertise the redistribution of wealth in America. According to , higher taxes are prone to follow towards financing social programs and addressing the wealth gap that significantly impacts communities of color. But for those that have more to lose from these legislative updates, it suggests that wealthier people should start planning now to guard their wealth and get essentially the most out of it.

Biden intends to just about double the capital gains tax rate, which was lowered throughout the Trump administration. Any income over $1 million can be taxed at regular rates of 37%-39.6%, a much higher tax rate than the present 20%. His plans would also include latest taxes on gifts of estate or death. However, it will only affect wealthier Americans as a consequence of the $5 million exclusion from this system. However, this implementation includes collectible items akin to high-value artworks.

Preparations must be made because an election 12 months means either Trump or Biden could take over the Oval Office. Regardless of the consequence, you need to moreover protect your assets within the event of tax tightening. Describing Biden’s budget as “austere,” the publication promoted the creation of trust funds and gifts to family members before any latest tax rules are introduced. Fortunately, there remains to be time, and any reasonable deadline will not be until the top of the 12 months.

The business platform encourages flexibility in your financial technique to benefit from your monetary and value resources. Incorporating “tax planning techniques” into your money management is the safest method to keep your money despite uncertain rates and regulations.


This article was originally published on : www.blackenterprise.com
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Politics and Current

Trump chooses first black cabinet member, not Byron Donalds

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Byron Donalds, Trump, Scott Turner


President-elect Donald Trump has chosen the first African-American cabinet member. Scott Turner, shall be SSecretary of the United States Department of Housing and Urban Development (HUD).

Trump announced Turner’s placement in a press release. Highlights Turner’s past achievements. The future HUD secretary is an NFL veteran who also supported Trump during his first term. The former House Representative from Texas served because the first executive director of the White House Opportunity and Revitalization Council (WHORC).

The release said Turner: “Put an unprecedented effort that has transformed our nation’s most vulnerable communities. These efforts, undertaken in collaboration with former HUD Secretary Ben Carson, were maximized by Scott’s guidance in overseeing 16 federal agencies that implemented greater than 200 policy actions to support economic development.

Turner thanked President-elect Trump and his mentor Ben Carson in X’s post.

The nomination seems to come back at the fitting time. Many media outlets and social media users are questioning the shortage of Black representation in the subsequent administration’s cabinet. Especially since many black surrogates sided with Trump through the presidential campaign.

Trump’s most significant vocal deputy was Florida Congressman Byron Donalds. CNN’s Laura Coates spoke with Donalds and asked if Trump had really useful him for a cabinet position. Donalds denied feeling disrespected and continued to support the GOP’s election. The Congressman believes that achievement trumps diversity. He argues that the Biden administration has sacrificed progress for diversity, despite the fact that it has many victories on economic and social policy.

“The election of Donald Trump is approaching bringing competence and reality back to DC. within the White House, ensuring that the work gets done on behalf of the American people, no matter race, no matter religion or creed,” he said.

Turner’s nomination could decelerate the conversation concerning the lack of Black people entering the White House. The conversation is interesting since the Republican Party is not known for supporting diversity, equity and inclusion in any workplace. Attacks on DEI in Republican legislatures across the state may lead one to imagine that diversifying current mandates is the ultimate piece of a really broad conservative agenda.


This article was originally published on : www.blackenterprise.com
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Politics and Current

MAGA crowd criticizes Kamala Harris for taking a vacation to Hawaii as Karine Jean-Pierre shuts down a reporter who questions the vice president’s ‘downtime’

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Twelve years after his complete defeat by Republican Richard Nixon in the 1972 election, former Democratic presidential candidate George McGovern was asked how long it took him to get better.

“I’ll let you know when I get there” – South Dakota Democrat he joked.

So it stands to reason that Kamala Harris, who entered Election Day with an excellent probability and finished far behind Donald Trump in vote totals, could use a vacation.

'I want her to suffer a slow, painful death': Virginia man accused of threatening to set Kamala Harris on fire is surprised when federal agents raided his home 'after comment'
Vice President Kamala Harris speaks during the 88th National Convention of the American Federation of Teachers on July 25, 2024, in Houston, Texas. The American Federation of Teachers is the first union to endorse Harris for president since her campaign was announced. (Photo: Montinique Monroe/Getty Images)

“Part of the problem is that you’re running for 18 months straight,” said former Democratic candidate Michael Dukakis, who lost decisively to George H. W. Bush in 1988. “Your time clock is screwed up. “Walter Mondale told me that after he lost to (Ronald) Reagan (in 1984), he woke up at 2 a.m. for months.”

Harris and her husband, Doug Emhoff, arrived on Hawaii’s Big Island on Tuesday and plan to stay there until next week. The Federal Aviation Administration imposed temporary flight restrictions for “VIP Traffic” from 7:15 p.m. Tuesday until noon Monday.

A Harris aide told NBC News that the trip had already been delayed because the vice president wanted to be certain it would not be needed to break a tie in the U.S. Senate to confirm President Joe Biden’s judicial nominees.

Critics say the trip to Hawaii, a Thanksgiving tradition for Harris and her family, was ill-timed as “Europe prepares for World War III,” as Daily Mail headline on the vice president’s suggested vacation story.

Others say it isn’t a good idea for the vice president to flee to Hawaii while Democrats try to determine how to take care of the debt related to the $1 billion spent on the Harris/Walz ticket. The Democratic National Committee has already been forced to fire employees without severance pay.

Asked Thursday during his every day briefing whether President Biden was considering “optically” about Harris leaving Washington “when so many DNC staffers are literally wondering what they’re going to do,” White House press secretary Karine Jean-Pierre he argued downtime is deserved.

“The vice president took time off to spend time with her family,” she said. “I don’t think there’s anything wrong with that. (…) She’s worked very hard over the last four years, and the fact that she’s spending a few days with her family is good for her.”

But critics say Harris has had loads of time to recover from the defeat.

After securing the Democratic nomination, the vice president took several days off from the campaign, a contrast to Trump’s breakneck pace.

“No, I can not accept it. Who the hell is leaving? Trump said in October. “You have 14 days left and she is going to take a few more days off too. Do you recognize why? She’s lazy as hell and has that popularity.

While most individuals on social media supported Harris’ decision to take a break, MAGA showed no sympathy.

“She’s going to lose her job in about two months,” said one commentator on Program X. “She could definitely wait, especially since she took some time without work for the campaign after which a whole week to get better from it. I’m glad we didn’t find yourself with that lazy woman.

Others haven’t any problem with the vacation, but agree it was poorly timed.

“I do not think ‘a few days off’ is a problem, KJP. “This is the right time” said the commentator to X. “Its boss has just approved the escalation of the war in Ukraine, for example, and it looks like there is no such thing as a one in charge in the face of Putin’s threats. So possibly it’s good for her, but not for national security.

This article was originally published on : atlantablackstar.com
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Politics and Current

Here’s what Byron Donalds said about Trump not appointing any Black Republicans to his team

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Donald Trump, Byron Donalds, Trump administration, second Trump administration, Black members of Trump administration, Byron Donalds Trump administration, theGrio.com

Despite campaigning heavily for Donald Trump throughout the 2024 election cycle, to the curiosity of many, Republican Byron Donalds of Florida has not yet been appointed to the president-elect’s future administration. In fact, no Black Republican has been elected among the many greater than two dozen appointments and nominations Trump has revamped the past week.

During an appearance on CNN with Laura Coates, Congressman Donalds he said He was “not surprised” that he was not chosen for a position within the Trump-Vance administration and has vocally defended President-elect Trump against criticism from Democrats reminiscent of the Rev. Al Sharpton.

“That doesn’t mean I won’t do other things in the future,” added Donalds, who’s rumored to be considering a run for Florida governor in 2026 or a run for U.S. Senate if Trump is nominated for U.S. secretary of state, Sen. Marco Rubio has been confirmed.

Donalds rejected criticism that Trump has not appointed any Black people to his Cabinet or administration, suggesting that Democrats are simply upset about losing the 2024 election. He argued: “They are still licking their wounds over the fact that it didn’t work out the way they thought it would.”

The 46-year-old Florida lawmaker said the subsequent Trump administration is not about race or ethnicity, but reasonably about “the people who will carry out his agenda.” In contrast, he argued, the Biden-Harris administration had “an element of every identity” but “failed to do its job.”

“Whether you’re Black or Latinx, if the border is unsafe… does it help everyday people’s lives? “No, no,” Donalds said. He continued: “The election of Donald Trump is about restoring competence and reality to Washington in the White House, making sure that the work gets done on behalf of the American people, regardless of their race, regardless of their religion or regardless of their creed.” creed.”

Byron Donalds, theGrio.com
PHILADELPHIA, PENNSYLVANIA – JUNE 30: Representative Byron Donalds (R-FL) shakes hands with former U.S. President Donald Trump throughout the Moms for Liberty Joyful Warriors National Summit on the Philadelphia Marriott Downtown on June 30, 2023 in Philadelphia, Pennsylvania. (Photo: Michael M. Santiago/Getty Images)
Jordan Brand amplifies Black storytelling with StoryCorps'

“This assurance that black people will not be in the highest echelons of power in this country is… representative of that,” he argued. “It actually shows what the program is about and who it is aimed at.” But no matter whether Trump chooses a Black Republican leader for his administration, Brown stressed, “That doesn’t mean it’s safe for our community as well.”

He explained, “They would still have to agree to serve in a government that is dismantling the Department of Education, that is, dismantling DEI programs that are actually opening up opportunities for Black people to access economic and career opportunities, access to education, etc.”

Brown continued: “There are two sides of the coin where yes, there is no diversity of representation and that is by design.” He added: “But people who look like us being considered for these roles wouldn’t help us. They would help Donald Trump.”

This article was originally published on : thegrio.com
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