Beyond that, she recently announced her third album, HIT ME HARD AND SOFT, to be released May 17, 2024. She spent the days leading up to the announcement building excitement by adding all of her Instagram followers to her “Close Friends” list. Eilish had the most Instagram followers in 48 hours…with her count increasing by 7 million followers total.
While her debut album, when we all fall asleep…where do we go?, was a chart-topper in its own right, it landed Billie every GRAMMY it was nominated for at the ripe age of 18…Eilish has solidified herself as one of the most revered and sought-after popstars in the world.
Eilish recently caught media attention for quietly revealing her sexuality. In an interview with Variety, she states that she’s always liked girls…and assumed people always knew that. In a viral snippet from her new song, LUNCH, she details a love affair with a girl.
But people don’t only adore Billie for her catchy tracks that consistently top the charts. It’s not just her songwriting ability and unique vocals that keep us hooked. People love her because she’s unafraid to speak her mind.
Whether it be complaining about too many influencers being at an awards show, or calling out other artists for using unsustainable practices…Billie does not hold back.
Billie Eilish On Sustainability
Eilish home
rethinkingthefuture.com
The Eilish home is iconic for many reasons: it’s where Billie and Finneas recorded her debut album, countless other songs, and EPs, in an effort to conserve water there’s no grass, and the roof is covered in solar panels. And being environmentally conscious extends beyond the four walls of their home.
When the hottest young talent is discovered at such an early age like Eilish, record labels are chomping at the bit to sign them. It’s like when a D1 athlete is ready to commit to college…you have your pick.
But what Eilish and her mom, Maggie Baird, were looking for wasn’t about money or label-perks…they were seeking a solid sustainability program. And while that may seem like standard practice, most labels didn’t bring up environmental policies during these meetings at all.
After signing to The Darkroom via Interscope Records, the struggle didn’t stop there. Billie Eilish and her family have been consistent contributors to the fight against climate change.
Maggie Baird has since started Support + Feed, which focuses on the climate crisis and food insecurity. Support + Feed helped Eilish’s 2022 Happier Than Ever tour save 8.8 million gallons of water through plant-based meal service for the artist and crew members.
During Billie’s 2023 Lollapalooza performance, she aided the launch and funding of REVERB’s Music Decarbonization Project – which guaranteed all battery systems used during her set were solar powered. The MCD’s overall mission is to lower – and eventually eliminate –the music industry’s carbon emissions.
But more recently, Billie Eilish called out other artists for releasing multiple versions of vinyls in order to boost vinyl sales. In an interview with Billboard, she says,
“We live in this day and age where, for some reason, it’s very important to some artists to make all sorts of different vinyl and packaging … which ups the sales and ups the numbers and gets them more money and gets them more…”
Artists convince fans to buy different versions of their albums by offering exclusive features on each vinyl. Take Taylor Swift, for example, who released five separate vinyl versions of Midnights, each with a different deluxe “Vault” track.
While Billie may not have been trying to shade one artist in particular, the point is that she’s fed up. After being the rare artist in the industry who go out of their way to remain environmentally conscious, Eilish sets the bar high.
How Eilish’s New Album Is Sustainable
Billie for "Hit Me Hard and Soft"
William Drumm
Social media users were quick to claim Eilish was hypocritical by announcing that HIT ME HARD AND SOFT will have eight vinyl variations. However, each vinyl is made from recycled materials – either 100% recycled black vinyl or BioVinyl, which replaces petroleum used during manufacturing with recycled cooking oil.
This just illustrates that Eilish wasn’t directing criticism towards other artists for using vinyl variants to gain album sales…but she does think there are better ways to do it that benefit the environment without hurting their sales.
How About a Dose of Reality?
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INDICATIONS AND DOSAGE: ONE READING HAS BEEN CLINICALLY PROVEN TO SHOW SIGNS OF HELPING TO HELP, OR POTENTIALLY TRYING TO HELP BUT FAILING OR RECEIVING A PARTICIPATION BADGE FOR TRYING, ANTISOCIAL BEHAVIOR INCLUDING HATING AS DISPLACEMENT OF SELF-LOATHING OR SELF-LOVE (AKA SCHADENFREUDE), SYMPTOMS CAUSED BY EXCESSIVE NARCISSISM, ENNUI, ANGER MANAGEMENT DISORDER, AND NTDWYTFOCS [also known as ATW (ACUTE TIME WASTING) SYNDROME, OFTEN LINKED TO CHILDHOOD CRUELTY TO SMALL ANIMALS AND LIFE-LONG PATTERNS OF SOCIOPATHIC BEHAVIOR].
PARENTAL WARNING: UNCENSORED THOUGHTS CONTAINED BELOW, SOME OF WHICH MIGHT CAUSE SEIZURES, 'HOT DOG' FINGERS, ACUTE RESPIRATORY FAILURE INCLUDING POPCORN LUNGS, PINPRICK MACROECONOMIC BUBBLE BURSTING, THE ABANDONMENT OF ALLIES OF CONVENIENCE AKA 'MILD GENOCIDAL SYNDROME' (MGS and gluten-free), CARDIAC EPISODES, PANIC ATTACKS AND HALLUCINATIONS FEATURING CAMEOS BY BILL COSBY, RON HOWARD, GLORIA ESTEFAN, KEVIN SPACEY, HEART (the WHOLE band), R. KELLY AND ALL THE CATHOLIC PRIESTS OF YOUR YOUTH. ANYONE WHO HAS DIABETES OR ERECTILE DYSFUNCTION SHOULD CONSULT A DOCTOR BEFORE READING THIS ARTICLE. THOSE WITH GENDER APHASIA OR WHO WANT TO CHANGE GENDER ARE ALSO ADVISED TO WEAR 3-D GLASSES BEFORE READING BELOW THIS LINE OF TEXT. FURTHERMORE, FWIW FOR ALL WHO HAVE THE FOBLO VARIANT OF COVID. DO NOT TRY THIS AT HOME WITHOUT A 'SPOTTER.'
How about this comment from my mom's friend sitting next to me, a half-Jewish woman who I worried about offending by clicking "play" on Netflix on the now-infamous Chappelle special?
"I don't understand what the controversy is about..."
Well, yeah - that was the best outcome I could've hoped for when I pressured two aging hippies, activists who pushed for the Gloria Steinem / Helen Ready phase of feminism. But they also participated in the stuff that led MLK and Rosa Parks to fight hard for their place at the front of the bus. Full disclosure - one is my mother. The other is a woman I'll just call Bob (challenge parenthetical: use Hitchhiker's Guide to grok the Bob reference) so that nobody cancels this blue-haired beauty. Bob danced with Mama Cass and performed with the Rockettes. She is half-Jewish.
Archie Bunker is top of my mind as I write these words, and I know that Norman Lear knew what he was doing with that comedy. But he's a Space Jew (jk… duh).
What did Bob say to me when Chappelle's confessional comedy canon-fire finished with a punchline about sucking dick?
"I don't understand what the controversy is about..." -- Bob
Who'll be the hero of the inevitable swing of the pendulum towards some kind of true north -- fucking David Chappelle. I won't use that N-word here, because I'm not allowed. I don't want to be aborted before the fetus becomes human, and I'm not brown like Chappelle. Actually, I will use it - he's a Bad-ass N - as in Nostradamus. A hard one who tells the truth. And we can all learn from his truth.
All this is to say - Chappelle is a good lad, for real. He's not just a comedic genius. He's a man who fought against all odds, a scrapper (like my mom and her friend) looking to break the chain of privileged control of wealth and do his mfg thing. He knows his people and his history - and not just the black part of it all. And he is funny as fuck.
Here's the thing about it: I believe that America is *UN - FUCKING - AMERICAN*right now, and Chappelle fired a giant warning flare into the sky, an S.O.S. We need to talk, laugh, discuss things. We should not look for "gotcha" moments and reasons for hating one another.
We don't all need to be homogenous robots praying at the altar of some sort of C culture of silliness. Why work if you can whine? Nah. People want to work. We need to be human. Humans are tribal and we will have bias. And then there's this -- stereotypes contain both truth and danger. Not forever-truth but truth that comes from history, from epigenetic behavior that crosses culture and art and charisma and bloodlines stretching back to Africa. That's why I want to say this: Chappelle is our Nostradamus. If we look back years from now and identify a cultural inflection point, we will need a person in charge of that moment. That's kind of the way we catalog history.
Excerpt from new Rasmussen poll rasmussenreports.com
If you can't beat them, join 'em. Check out this newly published poll. These polls are super corrupt, I know. Just do the math. I mean - who wants jury duty or has time for this b.s.? Well-and-so, Facebook including Instagram - might be the altar to pray at for popular opinion. But… err… why is everyone on Facebook talking about what they had for breakfast and trolling for self-confidence from busted-up spaghetti code companies run by self-loathing geeks? I mean, who died and made Zuckerberg the foremost expert on how to be social? Sheesh - he comes across as the kind of dude who not only got shoved in the locker at high school but actually deserved it.
On a serious (not 'suck my dick'... tsk-tsk) note, I will also say this about Mr. Chappelle: he's worthy of comparison to the great comics who came before - everyone from Groucho to Gleeson to Lenny Bruce, Pryor, Robin Williams, Eddie Murphy, Rock, Tina Fey, and we cannot forget Carlin. But here's the thing that might be more important - he really feels. He's not out to judge, but to connect with everyone from trans people to the waiter at the fancy places he frequents. He's an empath - and not in some kind of bullshit X-Files way.
He's someone who keeps score according to a personal moral code that he cannot ignore and which informs his craft. That makes him a full-blown creator of literature and art who will be remembered for a long time to come. He's a storyteller and social commentator on par with some of the world's greatest - Oscar Wilde, James Baldwin, Dick Gregory, Lou Reed, Michael Lewis, Malcolm Gladwell, David Sedaris, Jay-Z, Regina King, Kendrick Lamar - writers and thinkers.
His (he / him / his) comedy is part of the new literature we need to consume because by doing so, we learn.
Thanks, Chappelle, for the S.O.S. We've got to save this fucking ship.
GOAT. Rising.
Dave Chappelle Photo by By Gemunu Amarasinghe (AP/Shutterstock)
Some songs as a p.s. [warning: internet connection and decent speakers required]:
True to Myself - Ziggy Marley
Thousands are Sailing - The Pogues
Same Love - Macklemore
Street Fighting Man - Rolling Stones
Daydream Believer - The Monkees
Dirty Boulevard - Lou Reed
Girls - Beastie Boys
Democracy - Lumineers
Rain Street - Pogues
Angel of Harlem - U2
Black Boys on Mopeds - Sinead O'Connor
Lonely Teardrops - Jackie Wilson
River - Leon Bridges
We Can't Have Joe Biden's "Unity" Without Accountability
Though the physical event was small — due to the enhanced security measures enacted in fear of violence or resistance against the transition of power, and the persisting pandemic — and more than 191,500 flags stood in place of the people that usually crowd the surrounding area, the event was filled with prominent guests and high profile performances, both in person and virtual.
The virtual portion of the day was a mixture of performances, speeches, and video compilations 'hosted' by Tom Hanks.
Just as the Simpsons predictedvia FOX
As part of the proceedings, former Presidents Barack Obama, George W. Bush, and Bill Clinton appeared in a video giving a joint speech, which had the vibe of a group project where you didn't get to choose your partners and you got stuck with some kids you neither knew or liked.
The three most recently joined forces to volunteer to take the COVID-19 vaccine when it was first approved, and like an aged boyband, they came back for one night only, streamed live across America.
In their video, the three ex-presidents congratulated President Joe Biden and stressed the importance of peaceful transitions of power, ostensibly trying to lead by example in a show of bipartisan unity while making a point about the noticeably absent President Trump (who was on his way to Mar-a-Lago with his crying conspirators/children).
The message of the former presidents came alongside Biden urging for "unity" in his Inaugural address.
But what does this mean?
From the beginning of his Inauguration speech, Biden declared his presidency one of "history and hope. Of renewal and resolve." Referring to the historic nature of his cabinet and Kamala Harris's historic position as Vice President, Biden's self-congratulatory remarks also stir up questions.
The intentionally indefinite rhetoric asks: "hope" of what, and for whom? "Renewal" of what? Leaving an era defined by the slogan "Make America Great Again," it feels dangerous to tie a Presidency to the idea of some vague longing.
The politics of nostalgia allow the romanticization of a past which has always had as many problems as the present, if not more. Biden's emphasis on having a Presidency inspired by his predecessors refers to the presidency of Obama, but also to the other two horsemen of the inauguration apocalypse and the Founding Fathers … who we all know were flawed at best.
The desire to appeal to the American mythos reduces the oppression inculcated into US democracy to a footnote in the story — despite the fact that those institutions of inequality are prominent today.
Biden proclaimed that "the American story depends not on any one of us, not on some of us, but on all of us. On 'We the People' who seek a more perfect Union. This is a great nation and we are a good people."
… is that true?
While I would like to believe it, and perhaps there is room for more optimism and benefit of the doubt in an inaugural address than I'm accustomed to in life, moralizing the United States as a good nation filled with good people perpetuates the myth of American exceptionalism and allows for complacency.
We could be good people in a great nation, but the overpowering institutions of oppression and violence that we are socialized into make it easier to not be.
Biden did acknowledge that there is work still to be done, but it is dangerous to position the work of progress as a choice, rather than an imperative.
Biden's path to progress is simple: unity.
In one of the most pivotal passages of his speech, he said: "Speaking of unity can sound to some like a foolish fantasy. I know the forces that divide us are deep and they are real. But I also know they are not new. Our history has been a constant struggle between the American ideal that we are all created equal and the harsh, ugly reality that racism, nativism, fear and demonization have long torn us apart. The battle is perennial. Victory is never assured."
In this moment, Biden acknowledged the history of oppression in the United States and the deep-rooted divisions in its present. However, the proverbial good vs. evil dichotomy that he uses is a convenient scapegoat. It is easy to say that there are two sides of people, torn apart by outside forces, that just need to meet each other in the middle. But this is not how division in America has played out.
Progress in America cannot be a meeting in the middle of two forces with equal power, because that's not what the political and social landscapes look like. The forces of "racism, nativism, fear and demonization" have not "torn us apart" — those forces have separated and othered marginalized communities and excluded them from the American ideal.
Therefore, it is not the collective acceptance of the idea of "unity" that will heal the country, it is a commitment by the privileged to root out the divisive forces within themselves.
Unity and healing must happen as a result of progress, not at the expense of it. Biden's rhetoric leaves too much room for regression. But we must not pause to soothe the egos of white supremacists — their goals are not our goals. Biden's path to unity needs to look like accountability, not acquiescence.
In a recent Tweet, activist Bree Newsome stated that "The only path toward 'unity' is one that dismantles white supremacy." Anything else would be a continuation of the same structures that "resulted in the Civil War, Jim Crow, the Trump era & the insurrection that occurred two weeks ago. "
Many are feeling the gaps in Biden's rhetoric that could allow for placid and ultimately unsatisfying "progress" and citing the urgent importance of moving forward, rather than back to some fabled better days of a pre-Trump era.
The pre-Trump era created conditions for the Trump era. The current violence is not some aberration or some strange glitch in the matrix. It is a direct consequence of previous failures to root out the insidiousness of whiteness at the root of the United States.
The Problem With Moderation:
The shifting nature of Biden's address — his willingness to talk about the fact of American institutionalized oppression and speak out against white supremacy, but the inability to articulate the deep internal work that we all have to do for progress — does not present a progressive pillar to build the next four years on.
It builds one that reflects his whole career: willing to inch towards "slow progress," but more concerned with moderation than radical change.
But moderation is not the way to establish real change. Moderation allows for complacency and, as Newsome articulated, "the 'return to normalcy' narrative is a call to settle for surface-level displays of civility diversity in the aftermath of Trump's brutish behavior without any real push for systemic change."
Even in the highest offices of the two-party government lie dangerous white supremacists who incited the riots alongside Trump and remain loyal to the MAGA following — so if bipartisanship looks like coalescing into an agreeable union that includes and validates those beliefs, I don't want it.
Instead, change has to look like examining the conditions within ourselves and our society which gave those people their platforms and amend those with an eye towards accountability.
The idea of "accountability" has been thrown around so much this election that it has become diluted. Accountability has to be active. It has to not just acknowledge the past, but use those acknowledgments to work diligently towards a new future.
While it's hard to predict how much Biden's speech was well-crafted rhetoric and how much was committment to action, the prominent performativity of the ex-President's club does not bode well for radical change.
Rather, it signals a clinging onto old ideas of respectability and camaraderie between the powerful and the persistence of the same structures that allowed for the past violence to carry themselves into the future. It confirms that Trump's most egregious act was disrupting the illusion of American exceptionalism, which has been long held up by mythology and militarism.
But that disruption was necessary. And it is with those new eyes that we are more critical of Bush, Clinton, Obama, and the entire systems that elected them We have to be.
Mike Pompeo's Multiculturalism Tweet Sums Up the Trump Era
After the white supremacist insurrection at the Capitol, tensions have been high in anticipation of the January 20th Inauguration, with the whole country waiting on edge to see what how the transfer of power will go.
For a while, it looked like they'd have to drag Donald Trump out of the White House by his platinum wig. For a moment, it looked like there would be a coup. But the reality is much less dramatic but more insidious. Trump loyalists, it seems, are spending their last days seeping as much vitriolic rhetoric into the country (and presumably the White House floors judging by the news of a pre-Biden deep clean) as they possibly can.
Outgoing Secretary of State, Mike Pompeo, took to Twitter on his last full day in office to say, "Woke-ism, multiculturalism, all the -isms — they're not who America is. They distort our glorious founding and what this country is all about. Our enemies stoke these divisions because they know they make us weaker."
The image attached to the tweet reads: "Censorship, wokeness, political correctness, it all points in one direction — authoritarianism, cloaked as moral righteousness."
There's so much to unpack here.
The basic logic of his argument is hard to parse. From the Tweet it seems that he believes that multiculturalism is a divisive tool used by "our enemies" to "distort our glorious founding" — though who he refers to and what our founding entails he does not specify.
The ensuing logic, however, makes claims that denounce authoritarianism and moral righteousness. In Pompeo's mind, multiculturalism somehow does not align with the individualism he thinks will save us from authoritarianism.
To pick apart the nonsense of his argument would be redundant, so it is instead easier to call it what it is: racist.
The tenuous thread of his logic rests on the shoulders of white supremacy. The narrative is familiar but no less frightening. Pompeo tells a short story of how our country was, and could be, so great if not for the threat of the encroaching "other" contaminating the nation's proverbial purity.
The ensuing language may be vague, but the purist sentiments of his rhetoric are clear. His focus on "multiculturalism" is a signpost that signals his issue is not just with the left, but with BIPOC communities.
Beneath his cacophony of buzzwords, the dangerous, fascist sentiments of the past four years are all encapsulated into a reminder that the Trump administration and the people who perpetrated the harm and violence of it does not stop with Trump.
In truth, the barely concealed violence of Pompeo's rhetoric is engrained so deeply into the fabric of the United States that he might be right: Despite its insistence to the contrary, the US has purported to be a multicultural nation but has always been ruled by white supremacy.
Though this country claims to be about diversity and inclusion, so much of its history points to the opposite. But this is not the argument Pompeo is making.
There are valid claims about how, occasionally throughout US history, multiculturalism and the famous "melting pot" end up diluting people's cultures into a vague shadow of what they used to be. Pompeo, as a descendant of Italian immigrants, is a direct result of the dilution of Italian culture for the mantle of whiteness that he is so secure inside.
However, Pompeo is not calling for a more nuanced understanding of race, culture, and ethnicity.
He's calling for the same thing Donald Trump called for that brought on the Capitol siege, the same thing that has allowed racism, xenophobia, and white supremacy to persist as ruling bodies of this country — a scapegoat.
His vague language is intentional. It invites dissatisfied, disaffeced white people to substitute their ideals and their issues for the distortions and divisions he mentions while uniting them against "multiculturalism."
While similar rhetoric has been spouted by this administration in various forms, its usual targets are the general left, or progressives and democrats. The focus on "multiculturalism" bypasses the white liberals he could be appealing to for unity against the "divisions" in our country.
The invocation of "woke-ism," a convenient neologism he makes up to orchestrate this tweet, fabricates another giant to distract from the actual "isms" most people would turn to … like, racism.
Merely deleting the first two words of the tweet makes a different argument altogether. Yes, I do agree that "all the -isms" distort the ideal vision of the country, but we have different "isms" and different ideals.
What's most frightening about this sentiment is that Mike Pompeo reportedly has ambitions to run for President in 2024. His key to winning: taking over the MAGA mantle.
Pompeo's sentiments coupled with his ambitions serve as a reminder that Trump's legacy is not going away with a Biden Presidency.
Despite Biden's calls for "unity," Trump loyalists do not want unity between all Americans. They want the vitriolic energy that put them in power to persist so that they can stay in power.
I implore Biden then, to pull back his hands, to waste less time appealing to white supremacists and more time reaching towards the communities who (somewhat reluctantly for most) ensured his win.
So far, Biden has elected a historically diverse cabinet, one which seems to exemplify multiculturalism at its best. But to make it its best, it's important that we do not take multiculturalism to mean tokenization, but rather the active process of representation, celebration, and learning that it should be.
How Will the Joe Biden Tax Plan Affect Me?
The answer: most people will see no tax increases.
The tax plan that Joe Biden has rolled out is targeted at individuals making more than $400,000 a year, less than 1% of the population of the US. If you (like me) are not one of these lucky individuals, then it's very-likely that nothing in this article is going to apply to you.
But, for argument's sake, let's hop in the Model S, drive over to the penthouse, and analyze what Biden's tax code plans mean for you.
If you make over $400,000 a year
First, Biden is going to impose a 12.4% tax on incomes over $400,000 to fund Social Security, split evenly between employers and employees. This is a new tax, because Social Security taxes in the past have been capped on income at or below $137,700.
People who made over $137,700 had a tax break where they didn't have to pay into Social Security for all of their income. Biden's tax plan still allows people making over $137,700 to not pay the Social Security payroll tax for income above that amount as long as they make under $400,000.
When your income exceeds $400,000, you then have to start paying the tax again. This creates an interesting tax structure where people's income at the very bottom and the very top of their income is being taxed for Social Security, but income in the middle is not.
Second, while Biden is likely to keep many of changes from the Tax Cuts and Jobs Act, he has stated that he is going to revert the marginal tax rate for individual incomes above $400,000 from 37% back to the previous 39.6%. As with the Social Security tax, this does not kick in unless your income goes above $400,000.
Individuals making above $400,000 will also have their incomes above $400,000 see itemized deductions capped at 28%. That means if your income is over $400,000 and your tax rate is over 28%, you have less options for itemizing your deductions to get a lower tax rate.
Some business owners have benefitted from deducting up to 20% of their business income as well as 20% of the dividends from qualifying Real Estate Investment Trusts (REITs) on their taxes. Biden is proposing phasing that out for incomes above – drumroll - $400,000.
But what if you're not just making $400,000 a year? What if you are making even more than $400,000 a year? What if you earn over $1 million a year? That's when Biden's really going to hit you where it hurts – your investments.
Most people pay taxes on what's called "earned income," referring to things like your salary at your job. The tax rates for that range from 10% to 37%, depending on how much you make. If you make money from investments instead, that's a whole different story.
If you buy an investment and sell it for a profit within one year of purchase, you would pay your normal income tax on any profit you make. But if you hold the investment for longer than a year, you pay a reduced tax rate between 0% and 20%, depending on your income.
If you make over $200,000 ($250,000 for married couples), you would also pay a 3.8% tax on net investment income. What Biden is proposing is taxing any income over $1 million the same regardless of it comes from your salary or your long-term investments.
The wealthiest people in the US have seen a large amount of their income come from investments, and this measure would keep the wealthiest Americans from paying less in taxes than average working people just because the money comes from holding stocks or real estate instead of a traditional job.
If you make under $400,000 a year
Let's say that you, like more than 99% of Americans, do not make $400,000 a year. Does this mean Biden's tax plan will not affect you at all? There's actually a decent chance you might see some changes to your taxes.
Biden is proposing bringing back the First-Time Homebuyers' Tax Credit, originally created to help the housing market during the Great Recession, and provide up to $15,000 for first-time homebuyers. With interest rates at historic lows, this may be another incentive for you to consider dipping your toes into the real estate game and becoming a homeowner.
Biden is also proposing expanding the Child and Dependent Care Tax Credit from $3,000 up to $8,000 for one dependent and $16,000 if you have multiple dependents. The maximum reimbursement rate would also adjust from 35% to 50%. If you have kids or other dependents, this may reduce how much you pay in taxes by giving you a child tax credit the money you spend to support your family.
Biden also has a few very targeted tax cuts and tax benefits that will apply to a much smaller group of people. One is expanding the Earned Income Tax Credit (a tax credit for low-income people who are very close to the poverty line) and allowing people over the age of 65 to also claim the credit even if they do not have dependent children.
He would also provide a refundable low-income renter's credit, reinstate tax credits for the purchase of electric vehicles and improvements to your home to make them more energy-efficient, as well as exempt forgiven student loans from taxable income. These may not apply to as wide a group of people, but if you're older, a renter, looking to live a more green lifestyle, or seeking forgiveness for student loans, Biden's tax proposals can have you looking at a smaller tax bill.
Biden's plans for inheritances
At first glance, it looks like everyone making more than $400,000 a year will pay higher taxes and everyone else will pay less taxes than they currently do. However, there is a part of Biden's tax plan that may have an impact on you even if you are lower income – if you have a rich family.
The Tax Cuts and Jobs Act raised the threshold at which estate taxes are paid and lowered how much they have to pay in taxes. If you stand to inherit an estate worth $11.6 million dollars today ($23 million if you are a married couple), right now you don't pay taxes on it.
If you inherit more than that, you would pay a top rate of 40% tax. Biden is proposing lowering the threshold where the tax would kick in back down to $3.5 million ($7 million for married couples) and raising the tax rate back to 45%. This will affect roughly 0.3% of estates. If you are in the 99.7%, you do not need to worry about the Biden inheritance policy.
Now, the next part is closing an inheritance loophole called the "stepped-up basis" loophole. Right now, when an heir inherits an asset, they only pay taxes on the gain in value of the asset from the time that they inherited it.
Let's say your parents bought $100 worth of stocks decades ago and today those stocks are worth $10,000. If your parents passed away and left you the stocks, you would be allowed to sell them immediately and not pay any taxes.
If you held the stock and the price rose to $12,000, you would only pay taxes on the $2,000 in value the stocks gained since you inherited it. This because the initial value of the stocks would be "stepped-up" to the value at the time you inherited it rather than the value at the time your parents bought it.
This loophole has allowed the very wealthy to leave very valuable assets to their children without needing to pay taxes and allowed generations to pass large fortunes to their children. Biden has proposed closing this loophole and not stepping-up the value of an asset when it is inherited; taxes will instead be paid on the value of the asset from when it was first purchased.
This part of the plan has yet to be fully fleshed-out by Biden, but it appears to be modelled after a proposal from the Obama administration. That plan allowed an exclusion of $100,000 per person (rising with inflation) and excluding $250,000 for primary residences ($500,000 for couples). It also allowed a 15-year payment period and tax deferrals for family-owned small businesses. Biden may roll out similar provisions once he rolls his tax plan out before congress.
Does any of the Biden tax policy outlines even matter?
Maybe?
Biden has presented something of a wish list for his tax plan, but that doesn't mean he can wave a magic wand on January 20th and put it into place. This plan will require significant negotiations in Congress, and if Republicans retain a Senate majority, they may refuse to even allow a bill to have a hearing. Ultimately, Biden's tax proposals may change significantly as they work their way through Congress and if they are not able to garner enough support, they may never come into effect.