Guest: Jack Hanney via Skype, Zoom or Telephone
Intro: Democratic Presidential Candidate Joe Biden has already signaled that his victory in November 2020 means one thing for sure; hold on to your wallet. Personal and corporate tax rates, capital gains and deduction levels will be targeted for increases, with high income personal tax rates possibly doubling. Beyond that, the large number of burdensome regulations on small and large businesses which have been curtailed by the Trump Administration will be reinstated and increased. This “regulatory relief” has been a hidden boom in the economy. Reactions to the virus crisis and political unrest means more government oversight and control, not less.
Looking at likely tax planning and investment scenarios should Joe Biden become President, is a wise course of action. Our guest is Economist Jack Hanney.
Q & A:
1. Joe Biden has made it clear he will raise taxes if elected; he has just released a 110-page report that say he will says raise personal income tax rates, what else can Americans expect?
Answer: According to the Biden-Sanders report, increases for the average tax payer will be about 4%, going from about 36% to 40% percent; high income rates are slated to double, going from 20% to 40%. Deductions and capital gains are also targeted.
2. What is the most disturbing part of the Biden-Sanders Report?
Answer: Capital Gains, in the report Biden has indicted he will tax them at the same rate high earners, a punishing 40% tax rate. This will send financial capital fleeing from investment in the United States for low tax havens such as Ireland. All that repatriated money Trump brought back, and more, will leave the U.S.
3. Small businesses have been heavily impacted the various virus lockdowns, how can the Democrats expect to increase taxes and have this valuable economic resource survive?
Answer: This is a burning question; can the populace sustain a tax increase without a ripple of devastation. While the bulk of federal and local income tax comes from high earners, the small business networks provide a massive foundation for the economic health of tens of millions.
3. At the federal level, will taxes go up no matter who wins in November. Has the outflow of money from the pandemic made it necessary?
Answer: While this might seem logical, it would be counterproductive for Republicans, the economy and the stock market. This would be a betrayal to supporters and with a Trump victory and a lessening of pandemic restrictions the stock market will recover, regulatory burdens will continue to be eased and a massive rush of economic activity could be the result.
4. Are Biden and the Democrats serious about wealth distribution?
Answer: With the far left become more influential in the Democratic Party over the last 10 to 15 years, the grasping for more power over every aspect of American life has increased. Beyond the desire to seriously redistribute all wealth, just watch the news to see them targeting speech, writing, literature, art and now sports.
5. Are retirement savings at risk from a recent events and 2020 Democratic victory?
Answer: Every contingency should be explored, rumors of plans to target 401k plans have been floating around for years. What too many politicians don’t realize is that huge retirement portfolios, many for public employees, are invested in the stock market; so if the stock market crashes millions of government workers could lose their pensions.
Jack Hanney has been in the financial markets for 20+ years and is widely heralded as an expert in his field.
Born and growing up in Westchester County, NY where his father was a successful politician and owner of an Insurance Brokerage Firm. Jack began subscribing to The Wall Street Journal at the age of 14 and moved to California in his early 20’s to study under William O’Neill, arguably the single most successful investor in the history of the markets and founder of Investor’s Business Daily and author of How to Make Money in stocks.
Jack Hanney went on to be the General Manager and Director of Sales at several algorithmic automated trading companies trading the futures and commodities markets working with Introducing Brokers out of Chicago, Geneva and NYC. Jack was recruited by several tech startups and made a name for himself at Infosearch Media, Virtumundo and The Design People before returning to Finance. Jack passed on Morgan Stanley and other reputable, prestigious Brokerage firms to be a CFP in their Wealth Management Divisions and opted for a position as Senior Executive Trader with MG Private Client Services where he spent 4 years 2010-2014.
Jack Hanney had spent two years as Director of Trading, Executive Vice President of WDM overseeing the Retail Division before collaborating with two other prominent experts in his field and opening Patriot Gold Group a collective of Industry-Leading Experts bringing their clients Investor Direct Pricing and superior customer service.
Jack has written over 200M in business and trades maintaining outstanding relationships with his clients at Patriot Gold Group (PGG), where he is a senior partner, who he refers to as dear friends and family and now … welcoming them to the PGG family of investors. Jack resides in Los Angeles, California and is the proud father of his two daughters, Kate age 10 and Luna age 18.CONTACT: Rachel Ford rford.specialguests@gmail.com or Jerry McGlothlin 919-437-0001 jerry@specialguests.com
