Election 2024 puts $6 trillion in taxes on the November ballot

The 2024 election puts as much as $6 trillion in taxes on the ballot. Not only will previous tax cuts expire, but Biden wants to include an additional $2 trillion in new burdens.

Yet, these beneficial measures are poised to expire by the end of 2025, wiping out $4 trillion in tax relief. Moreover, if the current administration's proposed tax reforms materialize, an additional $2 trillion of burden may be imposed upon Americans already grappling with inflationary pressures.  Ted Jenkin is CEO and co-founder of Oxygen Financial.

Consider, for instance, a purported 5% increase in capital gain rates for 20% to 25% — a seemingly modest adjustment. However, a deeper examination reveals that this type of tax change would translate to a 25% increase in taxes in actual dollars and not 5% as might be reported. This basic arithmetic underscores the gravity of the electoral choices right around the corner.