How Joe Biden's tax plan could impact economic growth and markets

Garrett Watson, The Tax Foundation Senior Policy Analyst, joins The First Trade with Alexis Christoforous and Brian Sozzi to discuss how presidential candidate Joe Biden's tax plans could impact the markets and much more.
#JoeBiden #Bidentaxplan #2020election


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[paigerodriguez]

when these rich folks are fed up with paying these ridiculous taxes, they’re gonna pick and leave to another state. The tax still has to be paid. Who do you think this tax will now fall upon? The middle class and the lower class. In all, we’re doomed

[reich]

Imagine wanted to significantly increase taxes when we're in a recession.

[yanmamabear]

I don’t hear people talking more about him ending step up basis. Example: your boomer parents bought their house 50 years ago for $100K, now it’s worth $400K. When they die, instead of step up inheriting based on $400K current market value, you get taxed based on the property’s original purchase price of $100K. Your capital gains tax will be based on $300K gain, plus it will be taxed as regular income, not current 15% federal rate. How many boomers have majority of their wealth in their home? Think about it.

[rustyshackleford]

I think you meant to say how it would cripple economic growth and markets there bud

[jaypay]

I don’t agree with the corporate tax hike, I’m indifferent to the income tax increase because it’s so small (from 37 percent to 39.6 percent)

However the increase on capital gains and expanding the payroll tax ceiling are good ideas.

[tjames]

Get out of this "economic crisis" vote Trump 2020

[stvsanders]

“You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it.”
― Adrian Rogers

[NHseacoast]

Great for the IRS ! not great for my meager taxable stock account or my real estate investments

[kenrickbenjamin]

It's a plan, to address the deficit, it has to go through the Senate and Congress, which means this synopsis plan may not look like anything we have now, because of the Senate and Congress input.

[donjuansito]

Middle class get less breaks under trump economy was good for the billionaires . Apple, Elon musk, etc. and to alleviate the economic strain trump wants to cut payroll taxes. That money has to be paid back. Trump supporters and the top 1% alone should pay it back

[lukewilliams]

The best thing to do would be to lower income taxes for earned income to encourage people to spend, and then raise revenues through unearned incomes and sales tax.

[Picasso_]

Gallup, Inc. is an American analytics and advisory company based in Washington, D.C. Founded by George Gallup in 1935, the company became known for its public opinion polls conducted worldwide.

Most Say They Are Better Off Now Than Four Years Ago (October 7, 2020 Gallup Poll)


During his presidential campaign in 1980, Ronald Reagan asked Americans, "Are you better off today than you were four years ago?" Since then, this question has served as a key standard that sitting presidents running for reelection have been held to. Gallup was one of only three polls that accurately predicted Trumps win over Clinton in 2016.


Gallup's most recent survey found a clear majority of registered voters (56%) saying they are better off now than they were four years ago, while 32% said they are worse off.

Gallup Election 2020 Coverage

[mr-hovr]

The issue with the policy of taxing the rich is just people are dumb because the one thing all rich people have in common is greed and the need to give away as little money as possible (which although is unethical I can understand as why would u want to pay more than someone that only works 3 days a week and only pays a little amount because they earn a little as they didn’t work at school and/ or just didn’t bother getting a job or coming up with an original concept) but someone that is in this high income bracket if taxed enough by the government they are likely to move abroad to somewhere with less tax and less costs as we have seen with the development of places like Dubai and parts of Asia. Which is why actually trumps Strategy is smarter because although people may feel it’s unfair (which it is) having a lower tax on businesses and rich people actually make a country more wealthy. Because 10% of 1million is a hell of a lot more than 10% of 50k and would take 20 people on 50k salary’s to pay the same amount of tax as the one person who earns 1mil

[Musicmotivated]

most of government bailouts go to large corps anyways so why not raise taxes on them. that way bailouts will be justified

[s.d.b.]

Rich will find some way, ultimately poor is going to suffer.

[tnnsboy]

Awe, the rich are worried they have to do the American thing and PAY TAXES GTFO Tax them MF's

[james]

It sure “could”....it would simply KILL both! 💯🤮👎🏽

[solsol]

BIDEN ganancia abrumadora absoluta total

[Kelly-gwcf]

BUY Stamps
Save Post Office
Buy them sell them online advertising saving post office

[LoneStarSpartan]

Raising taxes on higher earners? You mean putting the tax rate at what it use to be before Trump gave himself a tax break. The orange guys tax cuts are killing us middle class.