DanBongino.com| Matt Palumbo:
President Donald Trump has spoken about “tax cuts 2.0” ahead of the election, which he’s advertised as specifically for the middle class. At least one part of the forthcoming tax package would aim to increase the number of Americans benefiting from the stock market’s record run (and lower their taxes).
The American tax system already does incentivize investment by allowing workers to invest up to $6,000 into an IRA each year (which reduces taxable income by the amount invested). Tax cuts 2.0 aims to nearly triple the total amount that individuals can invest tax free.
According to CNBC: A household earning up to $200,000 could invest $10,000 on a tax-free basis, although officials noted these numbers are fluid. “Nothing’s ruled out,” said one senior administration official. “Nothing’s been ruled in, either.” MORE