Covid Relief Path and the Economy Top Biden administration agenda items: first is the $1.9T Covid rescue package. The Democrats are moving ahead using a process called reconciliation that allows them to pass legislation with no Republican support. Just as the national recovery letter shape is a "K" so is the state/municipal recovery. As we read about the surplus in San Francisco’s budget this year, the future is more cloudy for the city budget with...
This week we have the historic 2nd impeachment trial beginning. Congress and the administration are moving forward with a massive stimulus relief bill to provide funding for vaccinations, a pathway for schools to reopen, rent relief, economic impact checks to be sent to all income qualified Americans, a proposed raising of the minimum wage, and a child tax credit resulting in cash for families with children. Current Events The cost of this package will approach...
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Fiscal Relief Bipartisanship was tested in the discussions this week between a group of 10 Republican Senators and President Biden to discuss their proposal for fiscal relief. The difference between the proposals is substantial. In fact, the Republican Senators’ proposal is one-third of the administration’s proposal in length. From news reports, one area of potential compromise is the issuance of Economic Impact checks to individuals and families. The Senators propose lowering the payment amount as...
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This is the first week in office for President Biden and Vice President Kamala Harris since their inauguration January 20th, 2021. Priorities After a challenging transition, mixed in with the events of January 6th, the news has been a roller coaster. The new administration is facing multiple serious issues. The administration’s immediate priorities are available online and so far communication, nominations and appointments are in stark contrast from the previous administration. Economy The economy faces...
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Headlines Wednesday, January 20th - today is inauguration day. There are enormous challenges facing the new administration. Managing the pandemic, reviving the economy for those who have suffered, racial justice, climate change and healing the divisions in our country. The goals are set high for the administration’s first 100 days. The initial impact of the inauguration should lower the general anxiety felt by many. We will no longer pay attention to governing by tweet. The...
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I apologize for the unavoidable dark tone this week. We thought about revising last week’s newsletter in lieu of Wednesday’s violence at the Capitol building in Washington DC, but we figured the impact of this attempt to overthrow a free and fair election would continue in our discussions this week. And we were right. Analysts say this is the beginning of 2 weeks that we all anticipate to be intense with the FBI’s memo warning...
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A new year like no other in my lifetime. A long weekend like all the other weekends since the new year, let alone since the middle of March. Light at the end of the dark tunnel should arrive in 2021 assuming the newly installed administration can deliver the vaccine efficiently and to all Americans. Time will tell! News Shocked but not surprised. This is the reaction often used by commentators in regard to soon to...
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As we begin this week's newsletter there are 23 days left until the Biden inauguration. Rest assured, the political drama will continue. The fiscal relief act has been signed by President Trump after a bit of drama and some demands he made to increase the subsidy check sent to qualifying Americans and rid some of the typical “pork” in the bill. Also today his veto of the “Defense Appropriations” bill was overridden by the House...
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Hanukkah has passed and Christmas is upon us. We are in the final stretch of 2020! The Federal government is highlighted this week in many highs and lows. Current Events The vaccine launch is here! Yet it has not happened without problems. Overall this new vaccine does provide light at the end of a long dark tunnel. It is amazing to watch Americans-front line health care workers and nursing home residents first - made me...
Each week that passes and I write this newsletter, I am reminded that the end of the calendar year is upon us. Time is of the essence to meet with SAS and your advisor team for any end of the year planning! Charitable donations are still eligible for deductions against your taxes. However, if you use the standard deduction on your tax return, $24,800 married filing joint filers and $12,400 single filers, then it makes...
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Reminder: 12/31/2020 tax calendar year deadline approaching. Be mindful of helpful tax planning tasks. Consider the following: Can you contribute more to your employer sponsored retirement plans (401k, 403b, etc)? Use December pay checks as a final funding source into your tax deferred accounts if your cash flow has room. Ideas include: Login to your work retirement plan online or contact HR to see what can be done before the annual deadline to add more...
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Welcome back from Thanksgiving. I was excited to jump back into writing the weekly SAS Newsletter since our last one two weeks ago formalizing the Election results and the Market responses. Writing this newsletter is something I am looking forward to beginning Monday morning each week. I’m grateful for this practice to keep in the minds and inboxes of all of our clients each week. Reminder! As the end of the calendar year approaches please...