By Joy Taylor
From Kiplinger’s Personal Finance
Question: Is there any chance that Congress will pass legislation this year to reduce taxes?
Answer: Not much. You can ignore many of the recent proposals from federal politicians on both sides of the aisle. They’re wishful thinking—at least for now—given the divided political climate in Washington.
Most of it is political posturing for 2024. Take President Biden’s tax-the-rich ideas, which he touted in his State of the Union address. He wants to raise the excise tax on stock buybacks from 1 percent to 4 percent and hit billionaires with extra taxes. They’re going nowhere. But look for them to pop up again in campaign speeches if Biden opts to run for a second term….