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
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