Tesla's ups and downs have been a roller coaster for investors over the last few years, but Monday's announcement that the company will be added to the S&P 500 should grab everyone's attention.

Tesla met the criteria to join the exclusive club representing some of the most valuable public companies in the US back in September. Despite the delayed addition, the S&P Selection Committee will include the company in the benchmark index starting Monday, December 21st.

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The Tax Cuts and Jobs Act of 2017 raised the standard deduction for US taxpayers and capped the state and local tax deduction at $10,000. This greatly reduced the number of taxpayers who itemize on their tax return and caused a major reduction in charitable giving.

Taxpayers who itemize can reduce their income by the amount that they give to eligible charities and charitable organizations, and thus pay less in taxes.

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With the election of Joe Biden to the Presidency, you're probably here seeking to understand how much your taxes are going to go up.

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.

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