Does Biden Know Best? Breaking Down His Tax Plan

Does Biden Know Best? Breaking Down His Tax Plan

Does Biden know best? We break down the Biden Tax Plan in today’s episode. Is President Biden bringing the biggest tax increase of the last 100 years?

The proposed Biden Tax Plan includes increasing the corporate tax rate from 21% to 28% (the Republican tax cuts slashed it from 35% to 21%) as well as increasing the income tax rate on families making more than $400,000 a year. Biden also proposed changing capital gains taxes (how taxes are applied when someone sells an asset—like a stock, crypto, bitcoin, etc.) for people making more than $1,000,000 a year, so that they would be taxed the same as income. Also there is an increase from 23.9% to 39.6% on capital gains—a rate that goes even higher when including a tax on net investment income, all the way to 43.4%!

According to The Tax Foundation, an increase in corporate income tax would reduce long run economic output by 0.8%, eliminate 159,000 jobs, and reduce wages by 0.7%. The bottom 20% of earners would see an average 1.45% drop in after tax income in the long run.

1:06 – Biden Tax Plan History & Likelihood
2:37 – Market’s Initial Reaction To Biden’s Tax Plan
2:53 – Biden Tax Plan Overview
4:34 – Potential fallouts from the capital gains tax increase.
4:55 – Biden Tax Plan’s Effects on Stock Market
6:26 – Impact For Those Who Make Under $400,000 A Year
7:20 – Options for Business Owners
7:47 – Options for Individuals & Investors

The US Debt Clock:

Don’t forget to sign up TODAY for your exclusive one on one consultation at:

Get your FREE Cash Flow Cruncher budgeting spreadsheet here:
It’s way more than just a budgeting spreadsheet! Manage your finances completely and easily with the Cash Flow Cruncher, our gift to you just for being a viewer of the channel!

Want more actionable financial tips and tricks like this one? Check out our YouTube channel here

Much like Robert Kiyosaki, VIP is all about utilizing leverage (via Debt Weapons) to increase cash flow through investing in all types of things, from real estate to small businesses. VIP differs in their approach to the follow-through, utilizing some of the things Dave Ramsey teaches – optimizing your cash flow by decreasing expenses – however VIP differs there too. We are all about maintaining the lifestyle design YOU want, all while optimizing your expenses through creative approaches. We’re all about the best of both worlds.

Do you watch Dave Ramsey, Robert Kiyosaki, Grant Cardone, Gary Vee, Graham Stephan, Meet Kevin, Ryan Scribner, Replace Your Mortgage, Project Life Mastery, Russel Brunson, Alex Becker, Tanner J Fox, Refusing to Settle, Dan Lok, Jeff Rose, Tai Lopez, Bigger Pockets, or Pat Flynn? Then you’ll love our channel! Be sure to subscribe!!

Make sure to check out our social channels for more insight and industry news!
Facebook –
Instagram –
Instagram (Lifestyle) –
Twitter –
LinkedIn –
BBB A+ Rating –

Disclaimer and Waiver — VIP Enterprises, LLC, its owners, officers, directors, employees, subsidiaries, service providers, content providers and agents (referred to as “VIP Financial Education”) are not financial or investment advisers and not licensed to sell securities or investments. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offerings. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information contained herein is at your own risk and results always vary. The content is provided ‘as is’ and without warranties, either expressed or implied. VIP Enterprises does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will VIP Enterprises be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content. Furthermore, from time to time VIP Enterprises may earn an affiliate commission when a viewer purchases a product, program, or service as a result of our content.

#BidenTaxes #CapitalGainsTax #WealthTax

#BidenTaxPlan #TaxIncrease #CorporateTaxRate #Taxes

Learn More