Dialing in taxes during retirement is a little like working with a Rubic's cube!
Thanks to technology the world is changing quickly. Technology allows us to do more, faster and often better. However, our infrastructure* has not kept up. Life continues to get more difficult for those with fewer resources. According to Pew Research Center, nearly than 3 in 10 young people are neither employed or in school.
The Biden Administration is proposing to pay for the American Jobs Plan with the Made in America Tax Plan. This includes increasing corporate tax, closing tax loopholes, and making our American companies more accountable. Is this a new source of a tax revenue for the US? Not really.
As you can see from the chart above, taxes for corporations have trended downward for the past 70ish years. Government spending has not supported investment in infrastructure for a very long time. We can see it in our roads and bridges, transportation systems, and technology.
*Infrastructure is defined by Oxford Dictionary as “the basic physical and organizational structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a society or enterprise. Infrastructure investment, as defined above, is just one component of the proposed American Jobs Plan. For purposes of the Plan the term infrastructure is used more broadly to encompass economic, technological and social structures. Read more