A very VERY important topic for everyone in this year’s election is the Biden tax plan vs Trump tax plan. In this video, I am going to breakdown what Joe Biden will implement in regards to his tax plan and I also talk about what Trump will be changing if he get’s reelected during this year’s presidential election. Now, I have tried, to the best of my ability to provide both Biden’s Tax Plan and Trump’s Tax Plan, with just the plain facts, no bias, and I want to show you whos tax plan will benefit the American people the most. The Biden Tax Plan has definite increases in comparison to the existing Trump Tax Plans, including changing existing policies in the real estate investing realm, which would effect a lot of our business and the business of our audience. So check out what I found in the Biden Tax Plan vs Trump Tax Plan video! https://taxfoundation.org/joe-biden-tax-plan-2020/
Joe Biden’s Tax Plan shows an increase in taxes in several different arenas. Now the key number for Joe Biden’s Tax Plan is $400,000 and this number seems to be the benchmark for a lot of Joe Biden’s Tax Plans. For instance a 12.4% tax will be imposed on social security income over $400k. Additionally anyone making over $400k as an individual tax payer, will pay 39.6% on income instead of the current 37%. The child tax credit will increase to $3000 for children 17 and under, while introducing an additional $600 credit for children 6 and under. Also under Joe Biden’s Tax Plan, first time homebuyers’ would provide $15,000 for first time home buyers. The corporate tax rate under Joe Biden’s Tax Plan will increase to 28% from 21% it’s currently at now. Also within the Joe Biden’s corporate tax plan, small businesses will receive a credit if a retirement plan is implemented. Now, Donald Trump’s Tax Plan has not changed very much, but the President is looking to introduce some new ideas for his Tax Plan. This year there was a tax deferral on payroll taxes within the stimulus packages. As part of Donald Trump’s Tax Plan, he is looking to forgive all those payroll taxes that were deferred this year. Secondly, President Trump is looking to cut Capital Gains Tax down to 15% from the current Capital Gains Tax rate of 20%. This would encourage many Americans to get into investing and other money making avenues and a lower capital gains tax rate would help encourage that. Another thing that Trump’s Tax Plan would do would cut taxes on the Middle Class. The Middle Class is the biggest group of tax payers in the US, doing this would surely impact the economy as spending would go up from the biggest class in America. I hope you enjoyed this breakdown of each tax plan!