Joe Biden’s Ambitious Tax Plan Faces Reality | WSJ
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- Опубликовано: 24 ноя 2020
- President-elect Joe Biden campaigned on raising taxes on the wealthy and corporations. But the fate of Biden’s plan rests largely on whether or not Democrats take control of the Senate. WSJ’s Richard Rubin explains. Photo: Olivier Douliery/AFP/Bloomberg
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#Biden #Taxes #Economy
People forget that he doesn’t have the power to change it, he can only sign the bill once it passes the House and Senate.
Arent executive orders a thing
executive order can take care of that, and if the democrats take the senate then they can do it with out one
Katrina biden will never have any power to change any thing simply because he's not the president and never will be
@katrina so what can a president do?
@@woostuff6542 9oooooo9oooooo
Maybe scientology should be paying taxes as well... the wealth they've accumulated tax free is ridiculous ...
so should the church
They'll just blackmail IRS employees
Maybe the people who make 20k a year who are using all the tax money should pay more.
@@myronwoods40 You do know what the purpose of taxation is?
You know why Biden got hairline fracture in his foot? Because of his bones are made in China! Lol lol lol ruclips.net/video/AZ28vfL1j8I/видео.html
#Trump4MoreYears #InsyaAllah #GreetingsFromIndonesia🇮🇩
More than a trillion dollars spent just in Afghanistan alone since 2001, so what should be changed? Tax policy or foreign intervention policy
Isn’t it 7 trillion
Both. Republicans put us in both messes with tax cuts for the rich and the war on terror.
@@globaladdict 🤣🤣🤣 sorry but it was the Dems that start funding intervention in foreign land under Obama and said they going to leave but never did! Then when Trump said he was going to take more troops out top military officials lied about the numbers to keep more troops over there! Under Biden it's going to go back up!
Foreign intervention policy will be same like Obama administration as most people from Obama administration
THIS!! Politicians always talk about taxes but hardly ever talk about wasteful spending. Frustrating.
Ban Lobbying.
‘’Redress to government’’ clause repealed?
Banning lobbying is not going to prevent companies from influencing politicians with money. If they can't bribe politicians legally-through lobbying-they will most definitely do so illegally. With that in mind, I see lobbying as a lesser of these two evils as at least the government is able to somewhat regulate the money politicians receive.
does that also apply to unions and environmentalists lobbying government? or only ban the type of lobbying you dont like?
@@freddytang2128 yes any circulation of money that isn't from the us tax dollars in government is bad and no money is given without a price or a bill to be paid back later no private company no matter what should have a say in anything but there business
While I hate the scumbags that are payed to sit in a government hearing and spew the same prescripted garbage that they don’t believe in to government officials, you also have to understand that lobbying was an original right given to the people to voice there complaints to the local/federal legislature. Whilst these payed lobbyists who try to lobby for laws that will only support their company are of course corrupt we must find the ability to combat these individuals with our own voices and with our free time to invest in the inner workings of our government because we the people have the power to control the direction our nation heads towards
How to get elected to any position in the US. Lie and tell people what they want to hear.
Go win your election then
Free stuff for everyone!! We just have to steal it from others (present or future we don’t care).
@@350speedfreak Nice strawman!
@@ryanarthur9102 its true, is that why you are offended by it?
And stupid people will blindly follow
There is Federal income Tax, state income tax, Social security tax, medical tax. estate tax. property tax. All the taxes adds up which is pretty high.
Not high compared to other so called "developed or rich nations". Most rich nations have a value added tax which is usually around %20 on everything you buy. Most of the taxes you mention don't add up to %20. End then pay the taxes you mentioned as well.
@@kokovox most tax i mention add up to 30% + actually. The tax on the middle class is very heavy. The government needs to cut off the spending on military before they think about raising tax. The amount of money spent on invading the Middle East is enough to rebuild US couple times.
@@joshn2342323 unfortunately. High income means having financial vehicles to shield income from taxation. It is those in the middle that suffer.
Sale tax too
@@joshn2342323 I'd love to know the math you used to get that. Things like payroll taxes only affect a portion of your income and have an upper limit cutoff. Estate taxes don't affect income at all, unless you count an inheritance as income. Sales taxes are arguably the biggest, but they actually don't hit high income people as hard because the spending habits do not scale up so linearly with income. It's not as if earning 10x the money means I eat 10x the food or drive 10x the distance to work or have 10x the phone lines or anything else you could imagine.
I love how people say when a new tax will only affect big business. The customer is the one who really pays. Sure walmart will pay higher taxes but your $1 can of soup is now $1.99
Higher taxes do not necessarily correlate to higher prices - research shows this. It can be compensated by wage compression as well.
@@skair5425 They’re corporations who still utilize sweatshops and love to destroy small business and then, when the business closes, they raise prices. This is literally how Walmart gets business, lower priced and accept the losses and then compensate once you’re all that’s left in the region. They will raise prices, make no mistake.
@@RandomGuy-fq4mb Amazon uses the same destructive pricing strategy. If you want small business to survive, the solution isn't deregulation and no minimum wage, it's smart policy. Companies like Apple and Amazon have been fined by European regulators for violating regulations. If the government doesn't step in to protect the market, it will quickly devolve into corporatism. One example is the recent legislation in the US that would have forced Apple and other major companies to prove they didn't source labour from sweatshops in China. Apple shut the legislation down with corporate lobbying. In Ontario, a right to repair bill was proposed by an independent which would have given customers the right to repair their own products and prevent large companies from blocking supply of components, but guess who shut it down? Apple, of course.
@@RandomGuy-fq4mb Oh, I didn't respond to your main point lol. Prices do not necessarily rise in an ideal economy due to tax increases, but in a monopoly/monopsony condition, like the one you've pointed out - prices will rise and wages will drop as far as humanly possible, yes. The solution is regulation to break monopolies.
@@skair5425 Which wouldn’t happen under Democrats. They’re systematically shown to get more corporate funding especially recently. Bill Gates is even an advocate of socialism. Small business is shown to be dwindling due to democratic policies regarding COVID, look at NJ losing 1/3 of their local businesses and just look to how NY business owners are reacting. I appreciate your lack of hostility regarding my points, and you are correct to an extent. I just personally don’t see a Democrat administration doing our economy or businesses any favors, especially after seeing the fallout of the previous Administration.
CGP Grey's "Rules for Rulers" will come in handy for anyone confused as to how this all works.
One of my favorites!!
How? I already watch that video but i dont understand what you are saying?
@@pordeepongsathantham9401 In his videos he talks about these "keys". although people are the ones who vote, The Government needs some "keys" like corporations, investors for a smooth functioning of the nation and the economy
Imagine CGP Prey as president
Trump will eat this foods in Turkey ----- ruclips.net/video/O0zQ1tjrPxM/видео.html
Democrats: Billionaires live in mansions while I can't even afford rent! We need a massive property tax!!!
Also Democrats: Wait, why did my rent go up? We need an even bigger property tax!!
We do have a massive property tax. I suggest you work hard educate yourself and keep getting better at what you do. No one is going to take care of you except for you. It’s called america go out and earn it.
@@marcrodriguez4830 not everywhere tho, property taxes and funding of surrounding institutes based of it are usually used in big urban areas
Two things are clear but not addressed in this video: 1) who are the people at $400K or above in household income? Well, most US politicians and their donors like trial lawyers, executives, Silicon Valley, etc. Do we really believe they are willing to take it on the chin in higher taxes for the benefit of the Middle Class? Regardless of party, when has that ever occurred? and 2) Since the 1940s whenever taxes were raised on the wealthy the resulting income tax revenue remained the same because the wealthy are more mobile. The result? The minimum income was lowered and the tax base increased because they need the additional revenue to feed their pet projects which are largely very narrowly-focused on key demographics. Ergo, the Middle Class are eventually going to eat it.
Yeah I think the main thing we should focus on first is closing tax loopholes. It doesn’t matter how high the tax rate is when rich people can just weasel their way around it one way or another.
@@cooper8357 *let’s just get rid of Florida*
@@SkippyTheSpiteful don’t really understand how that relates to taxes but I’m not complaining
Cut off certain tax breaks
@@cooper8357 which is ironic cuz Biden signed the tax bill that allows those loopholes 🤣
So in the US you get elected then explain your political program great !
He even said that he wouldn’t tell people his plans until he got elected.
@@mateuszjasinski3702 lol 😂 this crazy but hey here In France with macron he did same so ...
@@REDIUS999 guess some politics are the same after all!😂🇫🇷🇺🇸
Kinda like the ACA...
US politics instead of being transparent huge, dodge, mudsling yer way to the office!
Is that a former Vox employee, narrating your video?
Right?
Does it matter?
Idk to me it sounds like Mackenzie Sigalos from CNBC.
Could be a deepfake voice
@@JinKee good point
taxes for the rich and for the rest of us, INFLATION!
The tax without representation!
Least it will remove the debt than.
@@Fakir497 at least Joe Biden is creating a flat tax system instead of progressive taxes 😂.
@@Kongajinken hahahaha that’s cute. “It will remove the debt” you made my day.
Anyone who thinks things are gonna be any better are fooling themselves.
Care to explain how this would affect me, a low income person , negatively?
Like back up your claims my guy. Just telling people that its bad isn't going to start an actual discussion.
@@bullet996 There are a few issues with his tax plan. For example, when you raise corporate taxes you are taking money away from companies that hire lower income earnings. When that tax rate was lowered many companies chose to raise their minimum wage. What do you think will happen when that is raised? Then there is taxing earners that make over 400k a year more. Those earners are usually business owners that have just broken into true success for the first time and now to congratulate them they get to pay higher taxes which they may choose to take out on hiring new employees. In economics taxes have a ripple effect that runs much deeper than most people think. I don’t really agree with either political party, but when messing with the economy the government should tread lightly.
@@bullet996 you proboly want even see tour paycheck or your job well be gone regulations on bussiness well do that.
Agree Bobby
@@bullet996 people like you fail to see the big picture. You only see what’s in front of you.
Its already a disaster, as an upper middle class worker, I get annoyed at tax time because over the course of the year I paid in close to 20,000 in taxes last year, but still ended up having to pay in another 2500, whereas my friend and his wife paid in about 8,000 and got back 14,000 because of multiple kids, they get housing assistance, foodstamps, and other types of help, and at tax time they get a new toy(last year it was a camper) that I can't afford... I think we need to start over with a flat tax, and say you can't get back more than you put in, especially when you use other government assistance to reduce your monthly expenses as well, incentivize working and making more money, or eventually everyone will want to live off the state...
Exactly. I understand how you feel cause I'm in the same situation. It almost makes me feel like having more kids to get more benefits but that's just too irresponsible though people are doing it. It's not fair to us that we don't get any consideration; but well I was able to get an inveztment paying me 3k weekly to help and it's been great since last year so we just have to stay strong okay?
Yeah, I can't get the Andrew Yang $1,000 a month for everyone. SO the people who paid into SSI, but lost most other retirement money will get $1,000 after all the contributions they paid, and Joe Blow will also get $1,000/mth for having a pulse?
This was a well done a clear reporting with out politics and showed both side of the issues. That I you.
Rich people: Aight, imma compensate for this by pulling this percentage out of the stock market
Stock market: Aight, imma *CRASH*
companies: Aight, imma close job positions and raise prices to compensate for my high taxes and loss of investors
employes: Aight, imma file for unemployment
economy: Aight, imma *INFLATE*
my savings account: Aight, imma decrease in value
everyones 401ks, pensions, and retirement funds: Aight, imma cease to exist
Lol that’s awesome how you worded all that
Hi, how are you?
South Korea began to get colder after heavy rain last week. I hope you have good health and good things together this week. ^O^
Thank you kamsamida
ありがとう
Thank you!
im doing good thank you, i hope your doing well too
sudden peace appear in youtbe
Currently binge watching WSJ docs. Keep it up guys these are incredible.
Man, this stuff is really complicated and lacks a perfect answer. I don’t know what’s right and can’t form a full opinion on this issue.
Raising taxes has always been a double edged sword, it lines the pockets of our officials and governments but hurts the economy in the long run.
@@bigspun Thanks.
I think that how the government intends it to be. Keep the sheep stupid by making it so hard to understand that everybody just gives up.
@@jbrownjetmech-4783 *bah*
@jkforever10 Nobody is proposing raising taxes right now and capitalists aren’t paying for salaries with their personal income.
Goddess the Journal. Keep it up.
Wait so after the election now they going to divulge his full tax plan...lol
See how corrupt it all is?
...that’s normal.
what? candidates lying? bro what are you talking about?
@@xtdycxtfuv9353 LOL my bad. I must have done too much blow. They would never lie lol
The worst election ever..
The only business that will be impacted by the tax hikes are small businesses
Reality is what history repeats itself, consistently. Rich does get away and poor suffers.
I don’t think branding the world as rich and poor also literally is the land of opportunity you should go to UK where there is a stratified society basically
@@ROBOROBOROBOROBO Oh yeah being a spoiled little trust fund baby working so "hard" for your income my little heart bleeds for you
The english skills in this thread is painful.
Instead of blaming the rich for being successful why not learn from them and follow their example? People migrate to the US and do the same. There is a misconception that much of the wealth in the US is inherited and people who are rich do not work hard. The reality is that most wealth has been worked very hard for, still is, and those individuals took on the risk that, if they failed, no one would help them with. Starting a business, a corner grocery store, anything is an equal opportunity. Jeff Bezos operated in the red for years until he focused on cloud computing. The guy who founded eBay spent long nights programming it himself and was relying on his savings. Apple Computers was started in a garage and almost tanked completely after years of sales.
@@brentfox6540 The classic loser argument “all rich people are only rich because they were born into it”
• Cut Military Spending
• Raise The Tax rates on the rich
• Stop guaranteeing student loans, the Universities are price gouging.
• Raise Sales Tax on luxury items.
The “real people” in charge won’t allow that to happen
@Sam Hirst Are you running for office? I'd vote for that.
Because you don't like having a safe, secure nation? Just because you cut US military spending doesn't mean Russia, China, or Iran will.
Tax rates on the rich won't gain much since their money is highly mobile. And penalizing the rich for taking the risks and being successful is just as unfair as demanding kids getting As in school to take a B instead so someone else can get a better grade. The wealthy are not, and never should be, your personal ATM.
Correct on the Universities. It was a good idea by the US govt but was taken advantage of by the entire academic sector and just like the days of the high-tech boom in the late 1990s, everyone is drunk on success. Elizabeth Warren was making $350,000+ for just one class at Harvard. That's insane. BUT, and this is a big one, the US govt gets over $1Bn in interest from these student loans and is in no mood to give back and or reduce a cash cow.
What do you consider a luxury item? 65" TV? A Tesla? A home? Private School? Where to draw the line is fraught with landmines, but I suspect $24,000 sub-zero refrigerators and premium ice cream would make the list.
@@biacus_il1128 1. I'm not talking about defunding the whole military, we should recognize the threat that is China. However America spends about $686 Billion on the Military compared to China's Military budget of $178 Billion. Iran is only a threat with their nuclear program, their military capability is minuscule compared to the United States. I don't perceive Russia as a threat while Putin is very corrupt they are nothing compared to the Human Rights violations that happen in China.
2. I don't hate on the rich I'm not one of these people that cry when Jeff bezos makes another billion. I recognize how innovative, smart and hard working most billionaires and millionaires are and how vital they are to the economy. But we do need to raise taxes on the 1% and the corporations, while Trump's tax cut created jobs and brought unemployment down it hasn't paid for itself as he had claimed, after being adjusted for inflation and the size of the economy, Tax revenue was down by $275 billion than what the CBO had projected and not to mention the Tax cuts have hiked the deficit up which is something we need to tackle. Raising taxes will not only help tackling the deficit but it'll give us more money for better Infrastructure, the expansion of Obamacare, Universal Pre-K and Child Care, Advanced Police Training, Funding for Drug Addiction Centers and Mental Health Clinics. Mainly the new tax revenue can be raised through higher corporation tax whilst giving out tax credits that will stimulate the economy but overall will give us a higher effective corporate tax rate. We can claw back tax revenue lost to tax evasion through increasing funding for the IRS, between $420 - $470 billion is lost to Tax Avoidance, the Conservative Think Tank The Brookings Institute states that for every $1 of new funding the government can get back $5 in tax revenue from more IRS Audits. You say we shouldn't use the rich as a Personal ATM but they have far more disposable income why should working and middle class Americans pick up the bill. I understand the 1% help out the economy but low tax rates aren't the best thing for the country right now.
3.We should stop guaranteeing student loans from now on, current student loans should be paid back it's ridiculous that Biden wants to cancel $1.5 Trillion of student debt, 56% of student debt is owed by Middle Class Americans, the Working Class are effectively paying for the Middle Classes education. But we need to only start guaranteeing them when universities start charging reasonable tuitions fees. The government should also give out tax credits for businesses that hire high school graduates through apprenticeships so they can be qualified in a trade as an alternative to college.
4. Lastly the Luxury items that would qualify for a higher sales tax would be things such as Jewelry, Watches, designer clothing brands, expensive furniture, $1500+ electronics, Luxury Cars, $2 Million+ Homes, etc. Effectively items that aren't within the price range of Middle Class Americans.
This would be very hard rich people and companies will bribe millions to politicians to stop this because it will hurt them
If anybody has actually read through some of the things in his proposed bill, you'll know that he plans on raising taxes on EVERY tax bracket. Not just people that have over $400,000 a year.
There are a few proposed changes to increase tax returns that will most likely never get passed, but it looks really good, so people want it, even if that part of the bill won't be passed.
The major problem that people don't really understand is that raising taxes so extremely on businesses and extremely high incomes will force those entities to re-route their money through different means to avoid those taxes regardless. Whether its donating more to charity, or putting your money through whatever various sketchy/hidden routes to avoid a large portion of the taxes.
Basically, the tax increases WILL affect the people that don't have the resources to do those sorts of things (normal people) and the people that do have those resources are just gonna be giving up a fraction more of their money. The thing is, though, is that that extra money that they're giving up still isn't gonna be going through taxes, but the average person's will.
I really don't understand people on this issue. They hate that Trump has used these sorts of loopholes and whatnot to avoid paying most of his taxes, but they support a tax system that would largely incentivize a larger number of people to do the same thing he does every year, and that will make they themselves pay more taxes? It's just baffling to me sometimes.
I just wish more people were more willing to actually read through these sorts of thing that will affect them, rather than just listen to 15 words from a politician that will only highlight the things that people will have a strong positive response to.
Yep. What people don’t realize too is that raising taxes of the rich also reduces incentive to make more money, especially for young entrepreneurs.
Yeah it's the insanity of these people that fries my brain that they think just by increasing the tax on the rich will bring equality and everyone(middle class and poor) will have more money is utterly ridiculous and insane
These rich people are not idiots they will simply transfer thier wealth somewhere safe they have been doing it for thousands of years to protect it from looters both illegal and the legal ones (usually the governments with high taxes)
that's because you are trying to reason with people who have long ago thrown any logic out the window!
@@joecool4656 and that is worst for the working class no jobs
"they need to start thinking" yes the democrats do need to start doing that
👆👈➖User Name ✓s out!
@Jon I no sirrrr
Republicans have no brains
@@vanthom9185 republicans and democrats *
Taxationis Theft based
We could Raise taxes OR we could stop sending billions of dollars to other countries (like Iran and Pakistan) and reduce our trillion dollar trade deficit with China.
Spot on, can’t believe what was in that stimulus package
@@connorl7679 it was a slap in the face. And there's another 2 trillion stimulus check and we already know know where most of it is going.
The money given to Iran was Irans money seized before the revolution...
i showed this to 50 cent, now he is 20 cent
"Raising corporate and high income taxes.....at a time when so many businesses are struggling could be tricky..." TRICKY? HELLO!?! STRUGGLING ARE THE SMALL BUSINESSES DYING by the DAY. Big corporations and high income folks are PERFECTLY fine. THEY ARE NOT... I REPEAT NOT struggling.... Even if a few fail, they can file bankruptcy, but can regular folks who earn a few $k to below $100k a year cant pay the bills or is just digging into a few $thousands worth of savings, WE can't file bankruptcy. Congressmen don't lose their jobs during covid. They can keep taking "recesses" but still earn $174k on avg per year.... This is a broken US system that only helps the rich & super lucky & manipulative folks.
The higher the taxes the more power the corrupt politicians have.
Talk is cheap but when it's all said and done we'll all know how we got burned.
Ah yes, ryu
If my employer gets taxed more so do I.
That’s not how taxation works. But sure
@@MrJimheeren that company will not take that loss in profits employee pay or jobs deemed non essential will be cut, so yes it does pass down to the employee just not in the form of an income tax.
Not unless you are poor. The poor don't pay taxes.
@@deadcell1 it will affect you no matter what, people start a business to make money. If an owner getting taxed more it just means higher prices on his products and it doesn’t allow him to pay his customers anymore than he was paying them before, if anything if they can’t make up the $$ you lose it not the owner. No one forces you work for someone else. If you don’t like that go start your own business, but it gets hard when you have tons of taxes and regulations. This is what’s killing small business.
And with the way our corrupt politicians spend tax money you won’t even see 1% of it helping you.
Wait "individuals" or "households"
Biden ran saying individuals, households is a significant difference.
" Statism survives by looting ; a free country survives by production. "
-Ayn Rand-1966
Who knew that Biden could run that "fast" !!
Ya, Biden made it to the basement very fast, while the dirty deeds were done
On election night in Democrate states.
@@bradanderson1024 someone's need a reality check.
I’m grateful I don’t live in a red state with gdp and academic success rate of a 3rd world country evening knowing how much those states are going to become welfare states because of there dependence on the fed. And that wasn’t caused by COVID it just sped up the process
Biden's mobility may be helped by not being overweight and trying to walk in heels. Trump can't even be honest about who he is, physically or mentally.
don't b fooled. Biden will never make a decision. he's senile. Kamala will b running the country.
The gap between the money of different economic classes is huge
I'm betting quite a few high income earners are looking to move assets overseas or possibly get a second passport now that Biden
@Luce M unfortunately nowadays wealth distribution in America is not Pareto efficient
@Luce M It's a bug rather than feature. Capitalism also rewards taking advantage of others in addition of meritocracy leading to such distribution.
@@shivam-aggarwal capitalism does not take advantage of no one, its a win win situation for every side of the party
If that high class is not there economy would be stagnate and we wouldn't this many jobs and companies in world
Everyone stop paying taxes... time to make these idiots realize they can’t “tax the rich” while simultaneously subsidizing big business.
Your taxes are going to increase and you have nobody to blame but yourselves.
Ofc the WSJ says that, they'd be the ones having to pay all of those taxes
The guy you keep going to does not know the basic facts of this issue. The lowest incomes pay negative taxes now.
Exactly
What's the point in raising taxes if the loopholes that allows the wealthy and large corporations to transfer money out of the country stays
Exactly. All this will do is hurt small businesses when they are all ready suffering due to the virus
I’m sure he’ll find a plan for those later. It’s pretty hard to avoid something like that. He was already in a tricky situation with his investors and his tax plans for the rich so he likely wanted to keep it simple to keep those investors and not scare more away. I’m purely speculating though, nobody knows what will happen with those loopholes.
Because those loopholes see available to everyone. They aren't going to go anywhere. Taxation is theft anyway. You increase it too much and you will be doing China's job of removing jobs from USA.
China makes policies to entice businesses while USA is going the opposite path. Current China in many ways is more Capitalistic than USA. Only thing communist they got is the authoritarian government which persists from their true communist days of mao.
i am sure US gov can make money no matter how much they want. why would gov concern about corporations money?
So how is it that the US government gets high taxes compared to other countries but provides fewer social services (healthcare etc)?
Other countries have high individual tax, but lower corporate taxes, this allows businesses to viably compete and grow in these countries and thereby make costs of living lower and products cheaper. The whole point of the Trump administration’s cut on corporate taxes was to make our country more competitive with countries that have corporate tax rates at 25% or lower. That’s part of the reason why many rust belt states saw a hefty economic boom pre-Covid, and why many rural areas voted overwhelmingly for Trump, because these areas benefited the most economically since businesses both foreign and domestic began to reinvest in the American market. The renegotiating of trade deals to be more fair was also a big factor as well as deregulation. But if you listen to CNN, ABC, MSNBC and the other alphabet smear merchants, Trump was scamming everyone.
Because here social services= communism
@@Lethal_Giggles i think corporate tax should be 0. But trump may have shifted the economy into overdrive where we were growing/producing at a unstable level. Also he lowered everything during an economic boom which is considered bad, opposite of countercycle. And may have resulted in a bigger crash during the downturn then what would've happened if status quo
@@bobthebuilder9339 the economic boom happened BECAUSE of the lowered taxes though. If I remembered correctly the corporate tax cut and the overall tax cuts for everyone occurred at the same time.
As for producing too much at an unstable level, tbh I’m not so sure. Maybe that’s something that’s needed because of Covid, we are seeing a V shaped recovery right now, but if Democrat mayors and Joe Biden closes things down again that recovery will either slow or just not happen
the military
Thank you for remembering there’s an IRS. Whatever President Elect Biden has in mind, I think, the IRS needs to be allowed to do their job to the fullest extent of the law. Otherwise, it’s like they’re glorified tax accountants who aren’t given any respect whatsoever, am I wrong?
Speaking of the IRS, could we do a piece on what if the IRS could do the work they’re intended to do? Would we see a lower deficit and better welfare system?
Trump will eat these foods in Turkey ----- ruclips.net/video/O0zQ1tjrPxM/видео.html
I want lower taxes for everyone. Is that too much to ask?
Tax cuts for low-income households doesn't sound counterintuitive but tax increases for major corporations in the middle of a pandemic can only spell collapse in the job and stock markets.
I wish they highlighted how increasing corporate taxes will encourage them to layoff employees to cut expenses
Don't forget Hunter doesn't pay taxes!!!!!!!
Why would "normal" people in the US be against higher taxes for incomes above §400,000?
The problem is they are stupid. Yes, taxes do slow down growth of an economy but taxing the rich doesn't affect normal people much. Rather it in way help people as they more money to spend and will lead to more profits for these companies and difference won't be too much. The only thing trump's tax cuts did was to make rich people more. If you look at dow jones and s&p 500 you will notice that both indexes grew a lot after tax cuts. There are many reasons for it BUT by and large the tax cuts were responsible for it. This made people like Jeff Bezos, bill gates, Elon Musk etc. A lot richer.
I’m not against higher taxes for the rich, but I think one could argue that it leads to brain drain. Many (but not all, of course) high-income Americans are invaluable to the economy in some way, and if you raise taxes too much, they might just run away to another country and dodge the new taxes altogether.
Who do you think makes just over 400k,small business owners that employ most of America.They get hit by higher taxes and it effects all of us.
Because it doesn't and never has stopped there. It always expands when the govt can't make the revenue projections they expected.
@@JaspreetSingh-dh4nf Not true at all. Trump's tax reform removed a lot of convoluted regulation and allowed companies to reinvest back into the business which resulted in Capital purchases, expansions, and increased hiring. That's much faster than waiting for people to buy more of your product - which still requires marketing, sales, production, shipping, etc.
As a middle-class worker, I saw a bump in my paycheck right away, and at the end of the year with additional deductions. I also saw more opportunities because more companies were hiring.
Jeff Bezos and Bill Gates got richer not so much because of the tax reform, because unlike the common belief among average people - the profits do not go right into their personal pockets. The reason they became richer is because the coronavirus lockdowns forced everyone into a remote-work situation which meant ordering more from online, using more Microsoft technology to get work down, etc. Elon Musk gained more because he invested in advanced battery technology and other technologies which are bearing fruit for the same reason. Once a vaccine was announced by Pfizer guess who's stocks fell? Zoom Inc for one.
Question, is there any way to add more advertising, I didn't get enough
Why raising the tax is a bad idea. Ask anyone who fled California.
Not as simple but I like how efficient spending is never part of the argument
@@harmanjotsingh4230 - Efficiency and government are two words that never go together. That said high taxes chases people away as diplomats, especially those with more socialist tendencies only means to solve problems is to throw more money at it.
@@namelessking8905 and that is why reduced DC control and small govt is the way to go isnt it
Edit, I'd throw in the pentagon as well
@@harmanjotsingh4230 - Along with term limits. Being in power for half a century (Biden) needs to stop. Half of the diplomats have ties to the weapons industry. This is the reason they like to vote for war.
@@namelessking8905 lol at the end of the day a sensible person can probably criticize the govt for 1000 problems
But then they say wall street is the biggest threat to American middle class's prosperity
Stupid is as stupid does. Common theme its the govts money they just decide how much you get to keep. Jobs will disappear history about to repeat.
TRUTH!!! Exactly!
None of this will get through in a Mcconnell Senate
Tbh the Democrats having undisputed voting power in Congress is no better of an outcome. Perhaps even worse cuz it means lots of laws are gonna appeal overwealmingly to their voter base, mostly the West Coast and Northeastern states, at the expense of the South and Midwest who tend to vote Republican, which will escalate political polarization.
Thank God! Lol people want higher taxes?
@@ragingshibe no democrats wouldn’t the senate is the upper house and if the senate isn’t at least tied them the house of representatives is just powerless to some degree
@@ragingshibe also what have republicans been doing since the early 2010s the same thing.
Nice video.
“Largely don’t effect you”
ruclips.net/video/z-SavgJlBLA/видео.html McCain said it best.
0:48 like Stone Cold entering the arena
JR: GOOD GAWD ALMIGHTY! HE'S BROKEN TRUMPS EGO IN HALF!
Except people cheer for stone cold
@@da-p6814 how?
WELL HERE COMES THE PAIN
"Nothing would fundamentally change" Joe Biden
Small business owners don't earn $400000 , most are in middle class
When you have one of the highest business tax rates in the world -- what do you think happens!? Logically, the businesses find ways around it.
Higher corporate taxes = passed on to consumers, taken out of their employee wages, cutting jobs, and shipping work to slave labor over seas.
They are out of their minds. It's the rich people who create businesses and it's the rich people who can take those businesses anywhere they want in the world before they blink. You are gonna try to tax those people ? Good luck with that.
Obama tried that
I’ve looked online every where but can’t find an actual document of Biden’s tax plans. Know where I could find one?
Just look in the top dumbest people and you will find him
@@shademan2977 *people
@@pinkkitty3636 what?
Because Biden doesn’t have any plan
All you have to do is look it up.
Politicians should have to pay the maximum rates
how about we cut spending instead of taking more money from people
Meh, they got 1 trillion dollar covid plan coming and 14 trillion dollar green new deal plan relabeled to Biden's plan or something along with trillion dollar healthcare plan too. They're gonna have to tax us, taxing corporations 90% won't being in enough revenue to afford all that.
@@paulp628 Biden has explicitly stated that he does not support the Green New Deal
@@reidwinter1023 he does, and it is part of his Biden plan. They just gave it a new name, and called it his own.
@@paulp628 it’s funny cuz all it takes is to search up “does Biden support the green new deal”, and you’ll have an answer in a second. It’s easy to search things up, apparently it’s easier to be ignorant
@@reidwinter1023 you compare his two deals and they're 80% similar. They take on most of the same things and still costs trillions 10 yes.
Close the tax loopholes if you want more meaningful changes
They do and new ones just open up
Depends. If you close loopholes where a business can take a risk and write-off loses than what incentive is there for them to take a risk in the future? And if you remove that, how fast do you think the economy would grind to a halt because no one is willing to take risks?
These are the worst I 100% agree.
Lower rates (for everyone) and eliminate loopholes. Simpler tax codes benefits everyone. But it won’t happen lol
@@MiamiManiac with these new tax laws voted it will get more complex
End of the day it is the poor who suffer
Not like it was any better when trump was president.
Muh poor people.
If the poor are waiting for govt handouts than they should suffer. With so many opportunities in the US if they choose to remain in low-paying jobs and refuse to gain education to advance themselves, they are to blame. And even the govt handouts come with golden shackles which make it hard to get past which is why getting paid to have children out of wedlock seems more enticing than the obligation of a unified family and hard work of being a productive member of society. I came from a lower-middle class family, first to go to college. I was going to make it happen even if it killed me and I'm still paying off the college debt years later. But - my ability to earn and be more mobile increased, and even if I carry a major burden my kids are already set up for success. This is what many Hispanic and Asian migrants focus on, and have been successful.
@@imperfectmammal2566 - It was far better. That is why he gained in the minority vote and has more donations from the working class while Democrats got from the elites.
@@namelessking8905 No it wasn’t because the 2017 TAX plan actually raises taxes on the middle class over time and cuts them on the rich and corporations. So what are you talking about?
Does taxing a business the same rate for small businesses as it is for a Amazon or Facebook? Such a high rate could impact operations for a new small business.
We get taxed so much it is ridiculous.
A low income household pays negative taxes. They get back more then they put in.
Blessing in disguise for Switzerland and Luxembourg
How so? I'm genuinely curious
keep bringing in the news :)
No true think about it how many Americans make 400 thousand a year, all our taxes will go up.
Let's not forget that Amazon pays 0$ in taxes
cause they had net operating loss
They lost money in 2016 and 2017. I know, how can that be, but Amazon website is not where the money comes from, AWS Cloud is the cash cow...
Liberals love the Green welfare when it is a "write off" for their cool electric car...
Yall literally voted in a guy saying he will raise taxes. The rich find the loopholes no matter what.
Illinois voters voted against the “fair tax” because if we voted for it we would have rising taxes like California or New York within a couple years regardless of income, raising taxes is the lazy way of fixing the problems without addressing problems.
You know it would be nice for the government to just learn how to live within their means and not overspend on everything.
I use to care about corporate taxes. Was worried we would loose jobs. After the tax cut from Trump and seeing how public corporations did not improve wages for workers or reinvest back into the company. Instead they performed company stock buybacks to manipulate share prices so they could get rich faster... now I know they are looking out for there own interest, not the American people.
$400,000 cutoff huh? What was the presidential salary again?
That just shows that he’s willing to pay more in taxes for the greater good of the people. The president makes $400,000, so his tax plan would directly impact him but yet he does it anyway.
@@reidwinter1023 no dummy, it's above $400,000 who pays more aka not him. Trump donated his salary all 4 years btw, but I bet you would never say that about him right?
@@RileyFreeman8 Your first sentence isn’t even readable first of all. Second of all, good for trump. I wouldn’t expect someone that claims they’re worth $10 billion to be affected by losing $400,000😂
@@reidwinter1023... How is it not readable? Do you not know what aka means?
@@RileyFreeman8 Re-read your sentence. Idk if you’re missing 4 punctuation marks, or 5 words, but something isn’t right about it🤣
Hey Americans it’s me, John cena, I now live in Britain, Short answer, Taxes are gonna be high no matter what.
they are already going to rise because of the tax raise Trump put :(
Lol Boris be like “it’s free revenue”
I can't see you
Increase 7% tax on all companies which have been hurting from the pandemic? If someone says, the tax will not impact low income, you and me! Let me tell you, you are on high.
1/ The product prices already include company income tax, the price increase
2/ Small corporations will not have enough strength to compete with those giants.
3/ Jobs cut
4/ Renting increase
5/ Outsourcing
6/ the workforce with a salary range from 50k >400k are the main taxpayer. What if they lose the job? Look back on March. Don't let those supports plan for low income attract you, nobody wants to be low income. Plus if people keep losing the job and don't pay tax where is the money to run those support plans???
Don't be a sheep
i i lose money into my 401k due to corporate profits going down, but as a whole im in a position to make more money, why is that bad? seems like its giving more control of their lives to people and not corporations
The corporations pay your bills... without them many people will be unemployed.... wake up
@@mechanismmalfunction3822 Bootlicking isn't a reasonable economic strategy.
ruclips.net/video/yP9Oj65OweI/видео.html&t
@@mechanismmalfunction3822 jobs are jobs, they are not created by corporations, if they go away other jobs will be provided by another entity.
“We’re gonna tax the rich” signs 800 page tax bill that includes rewards for the wealth.
You have to do it.See rich always got the option.They might just leave the state that impose high tax or even bills like “Tax the Riches”
The people passing this legislation will be directly affected by it so that is a conflict of interest. This should be voted on by the entire country. The 99% have no say in what happens
There wouldn't be any voting if the decision is determined by 99% of the people. There are way more poor people who did a poor job of managing their money on this land of opportunity and living way above their means. My family came to the US with nothing and we're in a better position than most Americans who were born here. It's a balancing act. You can increase tax and it will be good for the country, but if you increase it by too much, then big companies will set up more shell companies or move their operation to another country. With that being said, People will lose their job if t he company moves out and we're back at square one again.
@@juanmoar7239 and the people voting on these tax raises (congress, house) often have VESTED INTERESTS in the exact companies that would be affected by these changes. They are only a small percentage and certain type of stakeholder in the companies affected vs the common man who gets affected in a much worse way, losing their job. This shouldnt be determined by that small group it should be determined by EVERYONE. You just proved my point.
Didn't people already vote in presidential elections
@@cv4809 yea they voted for a puppet
@@LiterallyGod puppet or not, it's just your opinion. 80 million people have spoken. it is what it is.
How is changing the interpretation of the law not the same as changing the law in which case would it not be the executive branch overruling the legislative and judicial branches?
how will they affect prices and peoples jobs
Who knew a publication called the "Wall Street Journal" would oppose corporate taxation?
What they do is they say theyre gonna raise taxes on the "rich" then they put u in a new tax bracket that lumps u in with the "rich".
Always be wary of vague language like that
Any one of us tell increased the tax in 28%. So reduce the gold rate or increase..
No change on capital gain tax?
Note to myself: do not to make more than $400,000. I think I'm satified with $399,999
It's a progressive tax rate. Your first $400,000 is taxed same as everyone else, your $400,001st dollar will be taxed more heavily.
@@syntheticXstasy It's a punishment on success, plain and simple.
@@Anti-Taxxer and the current tax code is punishment for the middle class
@@Anti-Taxxer By your logic, we should just remove the Monopoly law because that too is a "punishment on success"....the fundamental law of Capitalism is absolute, "The Wealthy will live, The Poor shall die".....if we allow Capitalism to take it's natural course, it'll eventually break the social structures of any society because soon it'll be a dog eat dog world, survival of the richest....and remember no matter how rich you are today, there's always somebody richer above you, and just as you showed no mercy on people below you today; you too will see no mercy tomorrow..
@@ameyas7726 You clearly have a fundamental misunderstanding of capitalism. It's not a zero sum game. It is a system that has created prosperity for most wherever it's been implemented. Sure, it has allowed a few individuals to become fabulously wealthy, but how have they done that? By growing businesses and investing, which in turn creates jobs and prosperity for those bellow them. Can everyone in society reap those benefits? No, of course not. The least productive members of society will fall through the cracks, and there's nothing wrong with that. It should be up to each individual to look after themselves. The alternative is a system like socialism where, sure, everyone is equal--equally poor and miserable. The funny thing is that, in a truly capitalist society (one with little to no government intervention), monopolies hardly ever occur naturally. Most monopolies or oligopolies today are either government-created or government-encouraged. Think the postal service or utilities companies.
It makes no sense to raise the corporate taxes even more, especially in the united states
Do you not see our $27 trillion dollar debt? Literally $27,000,000,000,000 and raising rapidly.
@@Lucas_Antar our debt doesn’t matter we will never pay it off.
@@AvengedSeven09 doesn’t matter? Wow you should never get a loan since you’ll never pay it off. We still have to pay interest on our debt and it will one day have to be paid. The British, French, and Germans are still paying debts from the World Wars. The UK didn’t finish paying a debt for paying ex slave owns from 1865 to 2012. Debt doesn’t just go away and we will be paying for it for decades.
@@Lucas_Antar i believe the best way to decrease national debt is decreased taxes for everyone, from rich to poor. The reason the debt is so high is because of gov. spending which is inefficient and very expensive in nature. More money to the gov will only add fuel to the fire. In essence, I am saying that a free market is the best cure to the current problem.
Meet the new boss. Same as the old boss.
GO GO !!!!
Tax the Demonrats only
@Andy Lopez:3 cuz we're obviously still dealing with the red scare and Democrats are evil commies.
The buy and sale routine. It is overwhelming with error. We just determine the monies that you collect rather than the monies that you hold. No matter how many time you buy and how many time you sale. The monies that you not buy or not sale or not save. That monies need 10% tax.
Hope they keep consulting without conflict.... "Consultation bestoweth greater awareness and transmuteth conjecture into certitude. It is a shining light which, in a dark world, leadeth the way and guideth." ~ Baha'u'llah, Baha'i Faith
Stop rewarding people for having children, we have enough people on this planet already.
They are not rewarding having children, the average child cost nearly a million dollars over a life time.
We’re screwed
This idea that it won’t affect the middle class and lower class is ridiculous. Where do you think your jobs come from? What about your 401k? What about creating new millionaires instead of just making it harder for everyone else to succeed?
This is a joke. There is no reason to raise taxes other than pure jealousy. And jealousy isn’t a reason to tax people.
I live in the UK and our max capital gains tax is 20%. The U.S.A calls itself capitalist yet we’re more capitalist than they are in terms of Business friendliness lol. What a joke.
Can you give me a brief of this video?
Please.
It said that dogs are good
Cut military expenditure. US practically has effective weapon & war equipment, why need so many bases around the world, like a lot?
International guarantees mostly 🇪🇺 nato2 🇯🇵, 🇰🇷, 🇦🇫 have agreements to have us bases in them.
That and us military assistance is generally asked for everywhere else
It’s a GOP’s hobby
6:18 -- "Economists generally agree that increased taxes lower economic growth..."
Since when? At least as long as we are talking about income taxes, literally all data in all countries that have had an income tax for more than 50 years or so shows without question that there is no correlation let alone causal link between income tax rates an economic growth. At best, it shows that whatever effect it does have is entirely superseded by other factors.
I can understand if that claim is a broad-sweeping statement about the total sum of income, property, sales, and various other taxes... But what is true of the whole is not necessarily true of the parts.
There's robust empirical evidence on that. Lower corporate and income tax correlates with higher GDP growth. However, most developed companies have compensated through value added tax which is much more harder to avoid. I read about it specifically for the case of Turkey in a peer reviewed journal. I ignore where you are basing your conclusions from. And, for the record, I agree with increasing income taxes.
@@luisfer9361 stupid and evil people want taxes raised. So which are you?
So low income earners use tax loop holes to pay an effective rate of zero percent and still get a refund. And these same people think that the rich need to pay their fair share?
In January 1914, Henry Ford started paying his auto workers a remarkable $5 a day. Doubling the average wage helped ensure a stable workforce and likely boosted sales. That would be like making $130 a day in today’s money working in a factory.
If that’s not enough for you then you shouldn’t be working for someone else
Where I live making around $30k or lower is considered low class. The living cost is quite ridiculous tbh.
I’m confused
I could never imagine ever making over 12k a year.. lol I think the most I’ve ever made at a job is like 14k a year. If I made 30k a year I wouldn’t even know what to do with all the extra money
@strangerhythm when I was living in New Orleans it was similar to that. If you’re living in the quarter where everything is going down base apartments go for like 1500 a month and drastically go down in price the farther out from the quarter you go. I was making upwards of 20k a month living there but it’s very expensive to live there unless you seclude yourself off at home and don’t go anywhere or do anything