Either Way – Tax Advisors Win!

Either Way – Tax Advisors Win!

With a nail-biter of an election day, and results that may not be known for days, there is one thing for certain and that is tax advisors win. There are many tax laws on the ballots this election cycle and we shall see their outcomes very soon. These tax law increases will affect many people and businesses. All these new initiatives (if passed) will create more work for tax advisors all over the country.

In California, one of the biggest tax hikes in history (if passed) will be one of the biggest changes to California’s tax system. Its passage will hike property taxes on big businesses, raising billions for schools and local governments. Now owners pay property taxes based on the price  they originally paid for real estate – typically a lot less than what its worth today. All the revenue would come from taxes on commercial properties valued over three million by reassessing them at market value every three years. The California Teachers Association was the top Yes on Prop. 15 donor at $19.8 million followed by $11.7 million from Facebook founder Mark Zuckerberg and his wife Priscilla Chan.

Legislatures in California, New York, Massachusetts, Maryland, Illinois, Hawaii and other states have renewed their efforts to hike taxes on high earners. After New Jersey passed its “millionaire tax” – raising the income tax rate for those making a million or more, legislatures in California, New York, Massachusetts, Maryland and other states renewed their efforts to hike taxes on their taxpayers. Many states with revenue shortfalls are looking to taxpayers to pay for more of the costs of the pandemic to make up for lost revenue.

Illinois Graduated Income tax proposal on every ballot in Illinois wants to change the states income tax rate from a flat rate to a graduated tax. This measure is a proposed amendment to the Illinois Constitution which can be ratified two ways: if 60% of the people voting on the amendment approve it; or if a simple majority (50% plus one) of all voters, including those who skip the question on their ballots, approve it. Governor Pritzker stated Illinois budget shortfalls could balloon due to the pandemic due to more than seven Billion budget shortfall in Illinois.

Hedge fund manager Ken Griffin states ” Doing away with the low rate for long term capital gains, which many professionals prefer to pay, rather than regular income tax would injure America itself. Individual investors, who are a big part of the U.S. equity story, a 39 percent tax rate is going to be quite an impediment to buying stocks… We’re going to see liquidity be lower, multiples be lower, the cost of capital be higher, less job formation,” if investor gains simply counted as income, Griffin predicted.

With state tax authorities looking to increase revenue, many new tax hike proposals are on the ballots and we still do not know the results. Either way, tax advisors win because state and federal governments are coming up with new tax ideas for taxpayers!

TaxConnections Tax Professional Members are rising to the top of the search engines because taxpayers found an easier way to locate tax experts with a wide range of tax expertise. TaxConnections built a technology platform that raises our tax members profiles to the top of the search engines, making it easier for everyone searching for tax expertise to discover our members online. TaxConnections  outperforms all other sites in number of page views and time spent on the site as you can see from Amazon Alexa Analytics: https://www.taxconnections.com/site-metrics

We have created technology that takes our tax and financial members to the top of the search engines. It works and we are happy to privately show you how we will take you to the top of the minds of key decision-makers searching for your tax expertise.

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Kat Jennings, CEO
TaxConnections
858.999.0053
kat@taxconnections.com

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