EXPERT ADVICE: The Details of ‘Bidenomics

EXPERT ADVICE BIDENOMICS AND WHAT IT MEANS FOR YOU

BY ROBERT INTELISANO

With Joe Biden now officially in the White House, it is a good time to address some changes he might make based on his platform. The question is, what does “Bidenomics” mean for your wallet?

Over the years, I have found that politicians’ actions are often incongruent to their words. Here are some of his proposed changes: 1. Those making under $400,000 will be unaffected. His proposal is to leave those earners alone and add a “Social Security Increase Tax” of 6.2 percent on all income earned over $400,000.

Social Security is in jeopardy as Baby Boomers (10,000 people turn 65 every day) are withdrawing Social Security benefits faster than working Americans are contributing. The affluent would be bridging that gap. 2. Income earners over $1,000,000 would incur higher capital gains taxes. Americans with over $1 million in total income would see income received from dividends, as well as capital gains, taxed like their wages.

In this scenario, if you had a stock or business sale, your capital gains tax doubles from 20 to roughly 40 percent. This would change many

Robert Intelisano owns an independent insurance agency in Forest Hills. He can be reached at Rob@InsuranceDoctor.us.

business and investment decisions. You should consider making those sales now, as usually these changes are “grandfathered” in. 3. Corporate tax rates would be increased. His proposal would increase corporate tax rates from 21 to 28 percent. This is a big change that could have corporations reevaluate moving or setting up subsidiaries overseas.

In essence, his proposals would be taxing the rich and protecting the middle class. Based on our current national and state budget deficits, I do see the middle class paying more taxes eventually.

President Biden has vastly different viewpoints on many issues than Donald Trump, especially on energy, climate change, health care and infrastructure. The Green New Deal was a centerpiece of Biden’s campaign.

Some areas where President Biden said he would concentrate on include traditional and digital infrastructure, electric cars, telemedicine and green and clean energy.

There has been much anger and angst over the fact that Congress had taken so long to pass an additional stimulus package since the last one ended on July 31.

Some highlights of Biden’s $1.9 trillion stimulus relief plan called The American Rescue Plan include extending unemployment benefits, increasing the federal minimum wage to $15 per hour, expanding COVID-19 testing and immunizations centers, and funding state and local government, and $30 billion for PPE.

The plans includes a second stimulus check. Individuals making less than $75,000/year receive $600, couples making up to $150,000/ year receive his target $1,400 and $600 per child.

There is also aid for small businesses. That includes Triple P (Paycheck Protection Program) funding, $20 billion for businesses in low-income communities, and $15 billion in aid for struggling live venues, movie theaters and museums, to name a few venues.

There is still a lot of uncertainty surrounding the pandemic and when the economy will get back on track. However, it seems likely that income and estate taxes will rise for the wealthy.

For example, under Biden’s proposed plan, when all is said and done a $100 million dollar estate will be taxed at 67.3 percent.

However, if everything proposed becomes law, there will be a renewed interest in Irrevocable Life Insurance Trusts to leverage off life insurance companies to pay these taxes with pennies on the dollar.

ANDERSON KEEPS HUMBLE APPROACH

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of the flaws in our society that we as activists have been kicking and screaming about for decades.”

He called for “bold action” in the Assembly to bring better healthcare access to his community, as well as protection for workers, renters and mortgage payers.

“These are things that we otherwise would not do,” Anderson said. “And we should be doing them as it relates to getting us out of this pandemic.”

He said that police reform cannot be forgotten among all these issues.

“Police reform will always be in the front seat so long as our people continue to be beaten and killed at the hands of police,” Anderson said. “Now more than ever, we should be focused on redefining public safety and holding our police forces accountable.”

Through all of his accomplishments, Anderson has remained personable and humble, giving his staff credit for helping him achieve his goals.

“I don’t run this show by myself,” Anderson said. “I have a tremendous staff that helps me live out my vision and message.”

That message is one of unity, but he remained steadfast in his activist roots, making sure that his constituents know he is there for them.

“I’m prioritizing working-class families, prioritizing people of color who live in a geographically and politically isolated community,” Anderson said. “A community that’s lacked a fighting voice for so long. That’s where we need to start, and I’m ready to take the bull by the horn.”

Khaleel Anderson is the youngest person ever elected to the Assembly.

NONPROFIT NEWS ALPHAPOINTE TO MAKE MILITARY SPLINTS

Alphapointe announced a threeyear, multi-million-dollar agreement with Tactical Medical Solutions to manufacture more than 150,000 groundbreaking splints to be distributed around the world.

The Richmond Hill-based organization is one of the nation’s largest providers of rehabilitation services and employment for people who are blind,

Alphapointe developed RISE (Rigid Immobilization System for Extremities) in conjunction with the United States Army.

Tactical Medical Solutions of Anderson, South Carolina, will serve as a distributor for the splint to organizations and individuals around the world, including branches of the U.S. military and international military agencies.

The splints, which are also used by outdoor enthusiasts who engage in activities such as hiking and mountain climbing, will also be available to the general public.

“Alphapointe is incredibly proud to have developed these groundbreaking splints and we are delighted to begin production,” said Alphapointe President and CEO Reinhard Mabry. “For more than 100 years, Alphapointe has provided jobs and assistance to people who are blind and our team of dedicated employees is excited to begin making yet another product that will help the lives of people around the world.”

The RISE changes the landscape for the application of splints in triage situations, particularly in front line military settings. RISE units are significantly more lightweight and compact than predecessors, which will allow for non-medical personnel to carry the item and potentially administer critical treatments on the battlefield.

The RISE is also unique because it has the capability to be used for both limbs and pelvic stabilization, a feature not currently available with standard-issue splints in the U.S. military.

Production began earlier this month and RISE is now available to the public through Tactical Medical Solutions at tacmedsolutions. com/rise.

The RISE is the fourth tactical/medical product developed by Alphapointe in the past five years. Previously produced items – largely used by branches of the U.S. military – include the Tactical Mechanical Tourniquet, the Tactical Pneumatic Tourniquet and the Junctional Hemorrhage Control Plate.

To date, Alphapointe has produced more than 250,000 life-saving tactical/medical devices, which has created sustainable jobs for more than 25 Americans, nearly half of whom are blind.

The development of these lifesaving items has been led by a pair of U.S. veterans, director of Tactical & Medical Division, Christopher Kosiorek, and the organization’s vice president of Sales and Marketing, Ryan Williams.

Kosiorek, the primary inventor of the RISE, is a retired Special Forces Medical Sergeant with multiple combat-related deployments and tours during 23 years of service. His final assignment was with the Concepts and Requirements Division at The Army Medical Department as a Combat Developer.

Williams served as an Army Artillery Officer in the XVIII Airborne Corps.

QCP STAFF, RESIDENTS GET VACCINE

Queens Centers for Progress’s staff and residents were among the first group of people in the state’s intellectual disabilities community to receive the COVID-19 vaccine.

The first in line to be administered the vaccine were QCP executive director Terri Ross, direct support professional Nicole Marjett and QCP resident Robert Dempsey.

“Far too many people have become sick and many have passed on from COVID-19,” Ross said. “Our QCP family has lost some very dear people. Getting vaccinated is the best way to protect yourself, your family and our community.”

QCP partnered with its longtime pharmaceutical provider, Total Care Rx. Dr. Frank Patina, the company’s pharmacy supervisor, called the vaccination “beyond successful.”

“We were booked for 43 immunizations, but were able to vaccinate 77 individuals at the inaugural clinic,” he said.

Additional residents and staff members received the vaccine last week.

Queens Centers for Progress was among the organizations campaigning to make the intellectual disabilities community a priority for the vaccine.

“QCP and Cerebral Palsy NY State advocated strongly for the people we support to be prioritized in the distribution,” said Ed Weiss, the group’s director of adult services.