Joe Biden's 2025 Tax Proposal EXPLAINED
HTML-код
- Опубликовано: 18 май 2024
- Register for my free Stock Market Mastery workshop: briefs.co/smmworkshop
Subscribe to Market Briefs for FREE and get my daily financial newsletter: briefs.co/market/jaspreet
My recommended tools*!
*Please note: Yes, these are our sponsors & advertisers. However, these are companies that I trust and use (or have used). The compensation doesn't affect my recommendations or advice. That being said, you should always do your own research & never blindly listen to a random guy on RUclips.
----------
➤ Invest In Stocks Passively
1) 📈 M1 Finance - Buy stocks & ETFs on autopilot:
theminoritymindset.com/m1
----------
➤ Life Insurance
2) 🛡 Policygenius - Get a free life insurance quote:
theminoritymindset.com/policy...
----------
➤ Real Estate Investing Online
3) 🏠 Fundrise - Invest in real estate with as little as $10!
theminoritymindset.com/fundrise
----------
➤ Buy Gold Passively
4) 👑 Vaulted - Buy physical gold on autopilot:
theminoritymindset.com/yt/vau...
----------
➤ Business Accounting
5) 💸 CommonWealth - Does your business do over $250k/year? If yes, get a free consultation from my partner accounting firm: theminoritymindset.com/yt/acc...
----------
Recommended:
Joe Biden's Tax Proposal: www.whitehouse.gov/briefing-r...
We Just Got The Truth About Inflation - And It's Not Good
• We Just Got The Truth ...
What Is The Minority Mindset?
"The Minority Mindset has nothing to do with the way you look. It's the mindset of thinking differently than the majority of people" ~Jaspreet Singh
Follow me:
Instagram: / minoritymindset
Website: www.TheMinorityMindset.com
Want More 🥑🥑?
Minority Mindset Clips: / minoritymindsetclips
Minority Mindset En Español: / minoritymindsetenespanol
Video host: Jaspreet Singh
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you.
DISCLAIMER CONT'D: I'm just a random guy on RUclips so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
Register for my free Stock Market Mastery workshop: briefs.co/smmworkshop
WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS!
There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through RUclips comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!
Jaspreet, IMHO you are talking too fast.
😊
Cannot register...error msg
Sure.I'm gonna sign up for that.. What do you think America is a bunch of stupid a**** Or what?
We need a politician tax… a special very high tax for earnings politicians get from outside of their salary
Politicians shouldn't get a salary. Then they wouldn't do it for 40 years
@@nikadgod5152sure they would, they make way more off insider trading than their salaries.. look at pelosi
Excellent idea!!!
@@SkepticismisthewayThey buy and short stocks because of insider information that should be the first thing they lose access to
Your inability to see why this is actually a good thing. Is what's concerning. Especially on the idea, paying high taxes on stock buybacks.
Let's stop stupid government overspending first
Lol, yeah that won’t happen. The mere fact people believe government has their best interest tells us that the average person is an idiot. The way the government communicates these policies is like a business, because it is a business…. Ie, new policies are promoted as generating additional revenue for the government. You create a problem, then create a solution to your own problem that benefits you.
@@stopthecap2644 Oh I know that won't happen. I'm just stating the painfully obvious.
They want to silence people that disagree of how the tax money is spent
@@LV-1969 I know, I'm crying inside along with you bro. You're not alone
There only overspending because corporations don’t pay real tax if they did they could spend way more that’s how china and Russia have caught up and will takeover unless something is done 😊
No more taxation until we get spending under control!!!
Tell that to the DoD who can’t even tell who they’re paying or what they paid for.
Only way to get spending under control is to shutdown all government agencies.
Did you even watch the video?
Hey didn’t mention that it’s 44.6% capital gains tax - and on unrealized gains.
Nope disagree. It’s time to tax the wealthy
Paying tax at death on already taxed assets bought with already taxed wages.
Is fuking evil.
No joke. And he has the nerve to say he's cutting taxes for working families. So working families never inherit anything from their parents? FJB.
You both have clearly no idea how the death tax works.
@@Mike-gj5lv Any tax on death is BS.
@@Calypso-rb9sf working families are not dying with more than 11million. Chill you are fine.
Farm families are worth this much and it does impact us. We are cash flow poor but asset rich (land). It takes generations to build the farm and idiots in DC can ruin it with the stroke of a pen.
The government is overspending on things we the people do not care about.
Agreed. Don't care about and can't afford.
And they've been doing that since the '60s 😂😂😂 when are we going to stop this
We need to stop buying things we don't need to help prevent the government to collect taxes on the stuff we purchase,
The industry of war and controlling the population is very costly, buddy. Who do you think has been benefiting all this time? Think why????
I find it very important to me that random Pakistani's understand pronoun use, its very very important to Joe Biden for them to understand that.
Purchasing a stock may seem straightforward, but selecting the correct stock without a proven strategy can be exceedingly challenging. I've been working on expanding my $210K portfolio for a while, and my primary obstacle is the lack of clear entry and exit strategies. Any advice on this matter would be greatly appreciated.
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
Angela Lynn Schilling a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
November can't get here fast enough.
Can't wait Biden to get re elected.
For real.
But it will already be too late.
That's what the election fraud criminals are saying too.
Trump's foreign policies make better sense, but i doubt most of the population sees that.
A lot of people hate him.
I hope you're right though and he wins. I believe it would make our lives easier.
And just like that, America became 2015 Argentina.
On the path.....
@@dr.emilschaffhausen4683
We're already there. Dedollarization will make it obvious.
Meanwhile Argentina is becoming 2019 America
Yep.
A Milei moment will come in America if this mess gets passed.
Someone's gotta pay for the wars, student loan forgiveness, and, of course, the wars.
Yeah, and don't forget the wars
Student loan forgiveness is a must.
Education should not only be accessible to rich people.
Education is essential to be a “first world” country. More specifically, technology; which is science and engineering.
@@ROVA00Nonsense. Community college is already free. State school is cheap. Trade schools are cheap. People can afford school. They just want to go get a useless liberal arts degree and have us pay for it.
@@ROVA00im okay with this for stem degrees. Not for gender studies
@@bencastro921 I think history, social studies, languages, and other “academic” degrees are also very important. In fact, these are the ones we need to fund the most because they aren’t degrees that bring a financial return on investment for students, yet they are all part of any advanced society.
Education should be the last thing we should be discouranging. An uneducated society is a poor and oppressed society. This is why certain political parties want you to distrust higher education… it’s much easier to control you if you can’t think for yourself and if you don’t understand history or societal behaviors.
What we need to stop subsidizing is failing businesses. We need to stop with the bailouts; if a businesses needs government assistance to survive, it’s not a good business.
We need to stop letting military subcontractors charging us $20k for a toilet and $7k for bags of screws, resulting in trillion dollar military budgets.
All this will do is raise prices on products and services even more. Companies are not in business to lose money. This is essentially another tax on the poor.
That’s what they want and the dumb working class will applaud this
Bingo!!! Ding ding ding
Honestly corporations will raise prices no matter what the gov does.
@@robertn.4329I've come to accept that fact and yet piasas put here fobr seem to understand that still
Need this president out of office
Wonder how hard the stock market will crash after a 25% unrealized gains tax is implemented? I wonder if anyone will invest in the us stock market ever again? I wonder if I'll ever be able to retire.
There’s a reason your Roth IRA exists btw
Your Roth ira had better not be invested..... when this happens.
@@Kwirts You really think they won't find a way to tax ROTH IRA/401K accounts within the next 20 years?
And that's why I'm doing bonds rn cause the stock market is overpriced.
The fall of Rome.
Remember that if these taxes pass and a wizard waved a wand and matched them by 500 hundred percent we would still run be running trillion dollar deficits. We have a spending problem not an income problem
We have a money printing problem…
How about the government just stops sending so much money to other countries and stop over spending on everything
@uria711 Great idea!
Forget sending money overseas, soon they will draft regular people to go fight for Israel 😅
MY OPINION ONLY
Much of the $ goes through a revolving door.
"BREAKING: A high-ranking official in Ukraine has come forward with a list of US politicians and government officials who are receiving MASSIVE kickbacks from the billions in our tax dollars that are being sent to the war-torn country. A massive money laundering operation has been going on for the past 18 months and the American people have been betrayed. When this list is revealed to the American public, the traitors in our government who have been selling out our country will be exposed and must be punished accordingly. Buckle up... The tide is about to turn. Justice is coming."
Speaking about money laundering, Ukrainian officials are now starting to release exact bribe numbers received by US officials as kickbacks for Ukrainian aid. The list is below:
Joe Biden $92M
Mitch McConnell $89M
Nancy Pelosi $86M
Chuck Schumer $66M
Lindsey Graham $82M
Mitt Romney $71M
John Cornyn $41M
Adam Schiff $62M
Dan Crenshaw $20M
Elizabeth Cheney $77M
Kevin McCarthy $42M
Jamie Raskin $38M
Mike Pence $61M
Greg Pence $17M
Rick Scott $63M
Hakeem Jeffries $74M
Ilhan Omar $33M
Elizabeth Warren $42M
SCREENSHOTS TAKEN OF ALL
This government can kiss my ass after I've had Taco Bell.
That's not even the biggest thing we spend on. Over 62% of our budget is set for Military spending. Soldier/officer pay, schools on bases, college for soldiers serving time, workers JN the Pentagon, etc is only a very small percent of that budget.The corrupt contracts for military ammunition, fighter jets and military planes (so many just sit, never used even for training), parts for military vehicles. Those contracts are given to senate buddies and associates who run those companies. Then senators, house members, retired Congress people invest in those companies, get options from lobbyists..
The only law that should be passed is a ban on Congress elected officials from trading. Other than that, FJB...
Beautiful
You want ban congress from trading, but seem to have no issue eith Trump hiring his entire family to work in the White House and make billions. 🤡🤡
and yet...you still pay the taxes.
They do have to show their trades and stock ownership. That was a law passed years ago. Not acceptable but it might be a way to profit off their corruption
The only law that needs to be passed is a balanced budget amendment that can't be waived. Do we really need to pay for studies on thr sex lives of trans Ugandans? We don't need to spend money on HHS, the Education Dept, the Import/Export Bank, foreign aide to rich countries or the UN. And that's just the short list.
i work 80+ hours a week make a high income. Why would i live somewhere were the harder i work the more im penalised.
Cause you’ll pay even more taxes if you make money here overseas.
@@109968shadowboy Not if you know how to get around it. Move to certain locations and then relinquish US citizenships.
Where would you move to pay less? Lol
Over 16 hour days? 🤣 For high income? How does it feel to be a slave?
What is a high income?
We all need to pay more in taxes while his son is evading it.
Didn’t he plead guilty to that? Sounds like the system actually holding a connected rich A-hole to account.
@@robertaylor9218 Did he go to jail? Nah just middle class guy that sees this as a treat to my people. You sound like a delusional liberal that can’t hold proper conversation so instead of that start calling names and screaming.
Do you even know the facts ?
And do you know what Trump paid on taxes ?
@@sv160 I think republicans and democrats are all corrupt and not good for this country. Bringing up Trump just says how clueless you are.Have a good day 👍🏻
This tax increase needs to have an equal amount cut from the budget...without reducing government spending all we are doing is dumping more water into a bucket with holes that let out more than we put in...never getting ahead...
The logic you are using doesn’t make sense. You are saying don’t try to solve anything until we solve everything.
@@Mike-gj5lv Gotta solve something. Can’t just spend infinitely and continuously raise taxes.
@@whetwilly1 that’s what this is. Closing loops holes and adding regulation for the most rampant offenders.
@@Mike-gj5lvhe’s saying patch the holes before just putting more money in. The government like most Americans have spending issues not earning issues.
@@Mike-gj5lvclosing 😂
Our government spends money like a drunk sailor.
Good luck getting people to agree on where to spend less.
@@robertaylor9218 I completely agree.
at least a deunk sailor only spends his money. This government spends my money my kids and grandkids money that they don't have yet. Biden is the Antichrist!
This mostly closes tax loopholes but it's pointless if the government keeps hemorrhaging money
It's not loopholes I'm pretty sure this is written in the tax code itself. Some parts of government just wants to waste more tax dollars on stuff that doesn't make our country in anyway better
These are about half new taxes and higher rates.
Did he pay taxes on his 10%?
Laundered money= no taxes
Biden is a criminal
The IRS agents are for the middle and poor classes, not DC politicians and their families
Dumb comments
@@Mike-gj5lv How so?
Let's see what happens to his son for avoiding taxes...
Bingo!
Avoiding taxes is fine. That's legal!
I think you mean evading taxes!
Nothing
evading tasxes.
Avoiding? You can't simply avoid them. You can evade your responsibility to some degree but if you don't have a clear paper trail showing why you deserve to not pay IRS will find you. Biden's son did as all wealthy individuals do, used our complicated tax system to it's fullest to pay as little as he possibly could, the amounts he did not pay they charged him for and he does indeed have to pay per the order he received and is paying. So maybe Trump should pay his?
4th generation Oklahoma oil & gas business here.... Not one time in 64 years have I ever seen an oil & gas subsidy check from the govt. I repeat. Not one.
So it won’t hurt if they stop giving money to the big boys then, right?
Also, the subsidies are in tax incentives, R&D, etc., not direct checks.
@@joemaxwell8361 Ha.... Nice try, kid. But you don't drill pipe from casing. And it shows.
This has to be a bot lol. Great anecdotal evidence and then complete avoidance of the question.
Oh no, he ignored the point of my comment and then called me kid. Whatever will I do. My internet pride…
@@joemaxwell8361LOL... I grew up in this business. And you don't have a clue.
Every single government spending will be passed onto us as taxes or inflation by corporation. There are no free lunches.
I’m tired of corporations making that empty threat. Let them try that and see how it goes. Those oil and gas subsidies need to stop. You can’t call yourself a free market guy while supporting corporate welfare. The private jet write off also has to go. It’s indefensible. And you guys really damage your credibility by not giving those up.
This will not only move US companies out of the US, it will create a market for non US c level people, paid with income from offshore profits.
So let corporations run shit and greed win ? How's that working out .
Probably the point…who really benefits from companies leaving and setting up shop elsewhere…it’s not us that’s for surw
Let them leave. Letting them rule isn't working, period.
Some of these comments make no sense. The only questions are what are the goals of such policies and then the actual results. People are greedy and envious, government and corporations are made of people. Raising corporate taxes in the past causes the offshoring of American companies and then lower tax receipts. Price caps cause shortages, so that will cause a reduction in the US of all sorts of high wage earners, and their income tax will be lost. The inflation reduction act snd infrastructure act appear to be corporate welfare, so the government is talking out of both sides of its mouth to buy votes.
Stop making shit up.
Stop sending my tax money to other countries. Then we won’t need to increase anything.
Government has the sheep believing that we are fighting for democracy. These tax dollars could be kept in our own country fixing the increasing issues we have here.
Deplorable Genius!
We are also paying and trading WAY TOO MUCH we need to be more self sufficient.
@@just_say_pig I’m fine with paying taxes as long as I know it’s going to schools and fire departments not JewKraine.
Why don't they get Hunter to pay his fair share .
Dumb
@@Mike-gj5lvhow
@@littlesparklysweets5500 cause it makes literal zero sense.
@littlesparklysweets5500 its (D)ifferent
I can't see how any of this would pass. The change in capital gains would crash the Stock Market with everyone taking their $$$ out before it is implemented!
A temporary crash like that would be a great buying opportunity. Even with the tax increases there's not a lot of easier ways to make the kind of money you can make from the stock market - especially if you're a good stock picker.
Because of dividends and safe option plays like covered calls the market crashes will always be temporary unless we get into an environment where money doesn't matter and there's total global chaos.
Great clear cut info! Please make one for trumps plan for comparison
lol the only policy he has is saying how bad the other side is
Trump didn't have much of one. His plan if he got re-elected was to raise taxes on the average Joe. Beyond that there was crickets. Even before getting elected he did not have any real plan. It was so hard as I was trying to figure out who I was going to vote for. I didn't like many of Bidens plans that were clearly spelled out but couldn't find a clear list of Trumps proposals. I don't vote based off of slogans and rhetoric. There was nothing. Even green party had clear defined plan that you could easily research and evaluate.
@@phantasm3207great comeback.
@@phantasm3207 I lol'ed at this. It's similar to what he proposed to stop the current wars, give him 24 hours and all wars will stop because of reasons.
Remind me again how much he payed in taxes.....
I've been watching your videos for a couple years now and I wanted to say thank you for always keeping us up to date on things going on and educating people on financial literacy!
Double taxation is the price you pay to limit your liability, it's a two way street. If the corporation is a separate legal entity, it needs to pay it's taxes separately from its shareholders
If this happens, milk will be 15$ a gallon
So let corporations run shit and greed win ? How's that working out .
Stop drinking milk.
@@mml3140 Nope, they'll leave, take jobs with them, and raise the prices for you when they import goods and services back into the country. Good luck!!
How? Explain why this would happen? Taxes come after cost. The market sets the price always. So this would basically lower dividend payments.
@@joec3703 So again..what's the option. Let them do what they want , how they want ?
He will increase inflation yet again.
Well, yes, I mean, nobody wants to stop him or the government. People in the comment sections are just being emotional and want to rant.
@@koban4max I call bullshit, I know damn well I would. Thing is can't do shit without more people.
@@just_say_pig you can’t call bullshit when you see people here in the comment section just ranting. If they wanted to make changes, they would do so in heartbeat.
Inflation goes up and they increase the taxes on people that just got a inflation based pay cut! WTF.
Corporations are making record profits
Are you wealthy ?
Nobody got a pay cut that is paying any of these taxes what are you talking about?
Seriously if you're single making over $400k a year and struggling you must be spending ridiculous amounts of money.
@DeathsInverse But people are not. This is a massive tax hike for working families.
@@Calypso-rb9sf How? Which part be specific.
If you no longer have a capital gain exemption, for things you hold for long periods you are basically being taxed on inflation as well as actual increase in value in terms of buying power.
Only over a million in a year. Either you actually make that much and I'm not particularly worried about your finances or you don't and this wouldn't affect you 🤷🏻
@@coreyburke3493 We're not talking about how much I make. We're talking about fairness. Who creates inflation? The government. Who creates taxes? The government.
Now lets look at the question again is it fair to tax long-term investors on inflation? What happens when a million isn't a lot of money anymore?
@@coreyburke3493first it’s the millionaires next it’s the middle class
@@Big-bob560 nah. We have been cutting taxes on the rich since Reagan and all it's done is blow up the wage gap and increase the deficit. Taxes are too low.
There is a country in east, in recent years when economy started slowing down, the government shut down regular surveys, changed the GDP calculations, stopped posting government jobs and yes, taxes on everything you can think of. This is a clear sign that economy is struggling.
Yes, we are in almost 400 trillion debt. THEY DON'T STOP SPENDING OR TRADING WE NEED TO STOP TO SAVE.
This does nothing to big corporations or super wealthy they can afford lawyers that know or can find loopholes that avoid tax what this does is keep the ppl trying to get rich from becoming rich because they still can’t afford a accountant or lawyer
Taxes on corporations are passed along to the consumer.
@@donkeysaurusrex7881 everything is passed onto consumer how bout they raise interest rates on wealthy and lower on lower and middle class? And get rid of that whole spend your profits on jets yachts houses to avoid taxes?
@@Bigredbulldog401 Congress is who can actually increase Taxes.
That is not an Administration duty.
The Wealthy buy their favorite Servants the Congressional Seats.
Robert Mercer has made that purchase more effective.
Taxes might increase on the Average Citizen,
but the Wealthy will be just fins.....
This is blocking some of the loopholes they use. Will it level the playing field? No. By the way you can hire an accountant too! It's not that ungodly expensive to do so. Most just won't do so. You can also purchase very good accounting programs that rival an actual accountant if your extremely cheap. No this does not stop anyone from moving up, lack of ambition and drive does that. Poor life decisions do that. However it's extremely unlikely much of this makes it through Congress so it's all just big talk to get elected. He ran on the promise of taxing the rich and has not done so, he must at least appear to be doing so now as he needs votes once again.
@@susanlippy1009 How about the poor start paying something for once?
I’m not a rich man for sure, but this makes me mad for them. Especially how the legislators spend the tax money like its their own. Unbelievable. Broken system/scheme
So you feel bad for the rich who pay a lower rate than you??? Seek help
Chicken for Mcnuggets mentality...
Exactly? Won’t some please think of the poor poor billionaires???
@@paulmouer610 you don’t have to be rich to take advantage of these tax laws Einstein, this will hurt those on the come up and small businesses gains
Some of these tax increases will apply to individuals with much lower income who aren't "rich". Most of the money in the system is held by the middle class and upper middle class. Taxing only the rich won't help much, especially with the insane spending by Congress.
VOTE PEOPLE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! THIS SHIT IS OUT OF CONTROL!!!
No they will cheat anyway.
He, and ALL his minions, got to go!
Lol; another moron who thinks voting matters
Oh yea, like the Republicans are about to help, they can't even legislate in the house. And since you dipsticks couldn't even muster a decent candidate against Trump, y'all whole party is a lost cause. Just remember MTG and Lauren Bobert and all the dimwits in control of congress is your crosses to bare
How many times can you raise taxes?
Depends on how much money they can fleece from Americans
It's adorable that he thinks he will get a 2nd term
Why not, he stole the 1st one
He will. Once the SC says the president can’t be held accountable, Biden will simply have Trump taken out.
@@commonsenseisntcommon1776😂😂😂 and your evidence?
@@julioblanco Even if he didn't steal it. That's even worse. Just goes to show American voters are ignorant.
@commonsenseisntcommon1776 if he stole the 1st one then trump is not eligible to run a third term
When he ran for resident in 2020 he stated “i promise to raise taxes up to 70 percent!”
And Sanders wanted 90 percent taxes.
Great video. Great information. Thanks for breaking it down Jaspreet!
Every single thing this administration does might as well have bold caption at the top that says destroy the middle-class and screw the working people
And he expects to be reelected with this....?
It goes to vote before the end of his term so it doesn't matter if he's reelected or not.
Haha, he doesn’t need legitimate votes.
Yes. He is helping his voter by robbing hardworking Americans..
Wealthy people control the means of production. Poor people buy what they need from wealthy people. Wealthy people will not see a reduction in their net worth, poor people will pay more for the goods and services owned by the wealthy to make up the difference. Solution? Stop fussing. Be an owner. Buy assets.
When the Federal Reserve Note loses Value,
Your assets seem to go down with it.
The ability to pay for the excess profits that Markets created,
could be gone by November.
The illusion is falling apart.
Ahh yes, the means of production. The (OUTSOURCED) means of production. The rich should honestly pay less taxes, I mean come on look at the thousands of fantastic (LOW INCOME) jobs they have created. 🎉😊
Democrats fail to understand that wealthy and entrepreneurial risk takers employ people in creative, productive jobs that no government can pretend to offer.
I thought you was going Marxist on us. 😂
Ha! Capitalism is the single biggest gift that the individual has ever received. Private property is practically a miracle considering the history of the people of the world.
"Pay your fair share"
Well maybe when i give taxes to my local sandbox i dont want it to go to 200 other sandboxes.
His plan does affect a large portion of Americans who pay little or no taxes while the top 20% pay over 50% of the taxes already. Try cutting expenses first before any tax increases.
Hey for people that say that your fighting for rich people, some of us that are making less money now actually want to try and be rich so we’re not living paycheck to paycheck check .
100 grand in income is not what it used to be 😢
Fr. I'm a millennial and I made 93k last year as a local truck driver and I paid $20k in federal taxes and $5k in state taxes, I only got $94 back
LMAO
You won't get rich if rich holds all the cash.
Jas, I don't know how you stay so calm reporting this without showing a hint of anger.
This is a GREAT class!! Your the best
Any punishment for Hunter for NOT PAYING TAXES??
Let's start with Trump
Actually, yes
@@jirizhanel795Trump didn't even take a salary as President
@@Nigriff😂😂😂😂
Yeah, I remember the whole Trump taxes fiasco…that turned out to be nothing burger.
FJB!!!
The thought of paying regular tax rates on investment income is disgusting! Kills any desire to save and invest by doubling the top tax rate
Exactly, Im going to stop investing if this passes.
Just like regular tax rates kills any desire to work 😒
That makes zero sense....
So you're saying if you could make $1mill a year investing from your couch you wouldn't because you would only take home $700k instead of $800k? Lol
I'm not going to Google it but feel free to. I'd bet less than 0.5% of people come anywhere near $1mill a year in investment income. Those people are not going vto stop investing and get a job because of taxes lol
@@coreyburke3493 Jaspreet and his audience have 💩 for brains. Don't expect common sense here.
Seems like it’s all planned. Especially as the economy is crumbling like sand.
Great video. Straight forward information on how the tax code and deductions work. 👍
Sweet property taxes going through the roof along with everything else. Pay has been the same for decades
Don't forget energy costs going up. The Green New Deal is shoving the knife in our back.
The wealth gap is going to be like a third world country at this point
My three favorite channels: Minority Mindset, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Try Thoughtful Money as well
Wouldn't a flat tax be easier?
Yes, but the tax code allows the government to manipulate behavior. They will never give it up.
@@donkeysaurusrex7881 agreed. Same with the credit scoring system.
The easiest thing to do is to shrink government spending, especially aid to foreign countries to prop up their wars.
@@oldscratch3535 on board with that. I don't think the folks in charge would be very happy with that.
A flat tax is regressive
Can we please first focus on cutting spending?
That is in the proposal. That said, where do you want to cut?
Awesome video thanks for breaking it down for us
39%? you might as well just say 50 at this point LOL
I moved to the US to avoid 40% taxes. If that happens i might as well go back. I wont be getting ahead. 🙁
Apparently 1.8% of Americans make over $400k a year so this will affect almost nobody. And 39 is a far cry from 50...
@@coreyburke3493imagine going to school 20 years to be a doctor, having 300k in debt, then when u finally get a job, they tax you at 40% while you’re trying to pay back the loans.
@@discorabbit that is a separate problem. Our education system is fucked it shouldn't cost that much to become a doctor.
But because our medical system is fucked American doctors also make way more money than most other countries. So things sort of find a way to balance out. But then again most doctors don't make $400k a year even still so wouldn't be affected either way.
@ksneed how close are you to that 400k threshold?
So many people simping for the government and their terrible spending 😂
Yes, and it's sad to see.
Thanks for TAX updates! ❤
This is very informational. Thank you. I must ask, as a higher income person how do you feel about this? Personally and for your employees?
Dang. We already pay 100k in taxes a year and now they want more geez. 😅
OKAY! Who really wrote these proposals? No way quid pro Jo (aka the big guy) thought up any of this.
Some communist dirtbag
Obama
It's been in the works for over 100 years. You can find articles in Foreign Affairs magazine (CFR) talking about America the "undertaxed", America's "Social Democratic Future", and America "Land of Dysfunction and Decay".
There very open about everything WELL IN ADVANCE.
Remember most politicians are CFR members.
Of course, Obama. Jo can’t even handle a salad.
I love these changes
Excellent analysis..
I'm glad you explained the tiered tax system, too many people don't have that knowledge. That results in people saying, "I'm not working overtime anymore, every time I do, more taxes taken form my check, so I hardly make anymore money for my overtime work." What they miss is, because they got a larger check, the payroll dept looks at the income for the week as if that what they earned every week and calculates taxes accordingly. If they didn't you would end up owing tax at the end of the year. They will get that money back at the end of the year when they get their refund.
You want to fix taxes I mean truly fix it let's go to a 100% consumption tax. You keep every single dollar and you only get taxed when you buy thing.
So then folks restrict buying. Then businesses stop hiring. Then the wealthy shutter the businesses, then no one gets anything. Sounds solid.
😂
This is called inflation.
@@jmanakajosh9354Lol, no it's not. That's not what OP is talking about.
Then my taxes would be low and there'll be an incentive for not consuming, corporate greed wouldn't ever allow it😂
@@yorsan2240 there would be even more consumption, especially for non essential goods. It wound be great for corporations.
Thank you for being impartial and just giving us the facts. I appreciate it.
soon u won't be able to be impartial--sooner or later u r going to have take a stand--or u will get what u tolerate
@@travelnurseadventures3225what exactly in this proposal do you think is so intolerable? Not “I could see a problem” or “it’s not the way i would address this issue”, what is straight up WRONG?
@@robertaylor9218The fact that the individual has a certain mindset towards a topic that is prevalent to this video. Obviously "someone" who's running for 2nd term (you decide who I'm talking about) is getting alot of blame for the economic state. So, he saying stop being "impartial" as it hurts us as a whole because they're "do nothings" for change. Get it now? It's e z kid
@@robertaylor9218nothing wrong, just that sooner or later we all are going to have to stand up and break the chains of being a tax unit to a beast that uses individuals as serfs.
@@travelnurseadventures3225 I actually agree with Benjamin Franklin on this one; taxes are the dues of a civilized society. Besides, the better I’m doing the more I’m benefiting from that society. Why would I want to cut the funding of the machine that gives me these opportunities?
Jaspreet, you are the REAL BEST!! I ADMIRE AND APPRECIATE YOUR VIDEOS. They are very eclectic. I wish I could work with you. I speak Portuguese, Spanish, and English and could be a good asset to your business. By the way, I tried to register and couldn't!!!!!!
Wow, thank you so much for this educational video you are helping so many people.
"What if we gave monthly subsidies for having children?" Oh gee - i can't see how that could be abused.
You must not have kids, or you'd know there is no profiting from having children on a $3600 credit.
Go figure - Rewarding behavior (having children) that impoverishes many people, but punishing investors. Again, Dems want a class of people dependent on government.
I don’t have kids but that $3,600 probably doesn’t even cover sales tax for buying food/clothes for kids for a year.
Especially when you ban abortion
@@avenger1212$3,600 is the profit. You’re supposed to pay for your own kids…
There's no way joe biden can think of this stuff himself. He can only decide what ice cream he wants.
yeah sweeping changes raise taxes but what are the loopholes all corporations are going to us. but me on game for that.
Are you going to record your live virtual workshop on May 21st? 8pm EST time is like 11am my time and I get up around 4am to start the market so I really don't want to stay up all night and not be fresh for the market Wednesday morning. Hopefully you will record it and we can at least watch it the afterwards. Thanks.
No taxation without representation
Standard deduction was also doubled under Trump. Haven't heard anything about that.
Yes but personal exemptions went away.
Because what trump did actually benefited America. Unlike what you're buddy former vp Joe Biden is doing
@@todddunn945no they didnt
Thank you
Well explained Jaspreet. How you keep calm explaining this is amazing.
If any of thrr capital gains taxes become a reality, which i pray they don't, it will be tko for the US stock market.
Argentina or bust. We are on a great track for it.
Increasing taxes on corporations will increase prices for everyone. Therefore it will be a tax increase for everyone. Just like a Democrat to raise taxes...
Remember that time a Republican lowered taxes and things still got more expensive?
@@DeathsInverse when and who?
@@cherub0nyx Trump 2017 when he cut taxes for the wealthy only and they spent the additional revenue on stock buybacks them still price gouged at the first opportunity.
Yeah, just let them pay nothing and all will be swell. DFI
Median Sale price for houses
Q2 2019: $322,600
Q4 2024: $423,200
Not to mention gas, groceries, cars, etc…
We pay a lot more than that in taxes. The taxes in this country have gotten ridiculous we pay insane amounts on our income that we work hard for, we pay 10% when we spend it, we pay luxury taxes on our homes and cars every year pretty sure overall that would equate to about 50% of all of our income. Where is all the money going?
Move to Europe. Then you’ll see ridiculous taxes
Out the door to foreign spending. That's where the taxes go
It goes to pay civil servants. Most people who work for cities,states and government do not produce anything. They are sucking off the public teat.
Nearly one in four employed people work as civil servants and the rest of the workers fund them.
@@YouPube_X Just because some other country pays more in taxes doesn't mean we don't pay an insane amount of taxes. The Ivory coast has the highest overall taxes at 60%. Just because some other country has a higher tax burden than US citizens is not a excuse for not questioning where our tax money is going.
You really should have covered “unearned income” more. This is new and most people don’t understand it.
I hover around 120-230k net a year with my business I feel like America is slowly pushing business to go look else where. I already had to outsource my drafters out side of United States. Seeing a decline in sales last few years but costs keep going up shipping has close to doubled for us in cost yet what we shipped out has declined.
I own a small business and I was taxed too much last year. I need tax relief however I did pay all owed tax money. If they tax me more I fear I will go under.
I mean, they tax profits. Any salaries you pay would be tax deducted. If you went under, I don’t think it’s because the tax rate on your profits changed a couple percentage points.
@@jirehguySo make less profit? Gotcha! Silly goose trying to grow his business.
@@jirehguy For small businesses sometimes the issue is paying estimated quarterly tax after you had a great year then the next year can be brutal if you don’t have the cash flow.
@@jirehguyjust the biden can voters can pay the tax
I wish poor people would start paying their fair share or at the very least stop taking so much from everyone else.
This but unironically. I think everyone should pay *something* to reduce class warfare.
@@funtechu I wasn’t being ironic.
Thanks for the clear cut info. Could you please make one for the other party running. It would be nice to see a comparison. Not on any particular side but I’d like to know who’s benefiting me more financially most of these changes will not affect me negatively directly but…would be nice to know 😂
This!
Great video! Thanks!
Everyone should pay a flat rate tax, but get rid of all the tax loop holes so everyone pays a certain percentage evenly. The loopholes is what screws everything up.
Looks like Biden is voting for Trump in 2024. 😂
Or he is going to skin him alive as an investor!😅
They should focus on spending , not, taxation
Great and clear video...
Everyone’s commenting like they make over 400k lolz
Yes because what is the incentive of trying to make more money if you know the government is just going to take it.
@@jean1797 if you’re making 400k then congratulations, you’ve basically won the game of life. Your incentive to make more money is just….. the want to make more money. You don’t need to make more, but if you want to, then go for it. Nothing is stopping you. Heh I doubt anyone would get to 400k and say, ehhh taxes get too high from here on out, I’m gonna stop.
Doesn't matter what you make. Increasing taxes on the wealthy and corporations just means higher prices for the masses.
@@jean1797that’s a fallacy. Do you honestly think rich people will stop trying to to earn more money 😂? That’s like think a cat will stop chasing a laser.
@@oldscratch3535 sadly, you’re right about that
Great info!
Does anyone know when the Build back better starts? ANYONE!
So ukraine , taiwan and israel are there going to get a Copy of this
How about the government learn how to balance a budget. You can only tax people so much before they get fed up.
So why is that there is a focus/ clarity on the method of taxation but no clarity on where our money goes… wild.
Serious question. Besides selling drugs does anyone know of any lucrative under the table kinda jobs?
That’s implemented MMT. Drive up inflation then tax the crap out of people. The result is excessive taxation on small corporations and middle class. Those with least fluid capital while incentivizing extreme dependency of lower class. It’s to rebuild that wealth gap while eliminating a middle class. And what do you have? Serfdom!!
Step Up Basis is what Donald Trump described as the extremely wealthy as doing and then he also described the work around the wealthy use. The elimination of Step Up Basis can be bypassed by wealthy by selling the property for $1 to their kids and then renting that property from their kids until they die. The taxation is by the sale price. The loophole will remain and only high paid accountants will know.
The Democrats are the party of the rich and corporations.
Yep. Lots of people are saying this hurts the rich.
No, this will mostly affect the middle class and the small businesses. The big corporations and rich rich will be just fine.
The new IRS agents, are for the middle and poor people who cant lawyers…