My Thoughts on Paying Higher Taxes [Biden Tax Plan 2025]

I share various data and factors I think we should consider when it comes to raising taxes. I discuss Biden's 2025 tax proposal and projected impact on our economy. Then, I share my thoughts.

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-- Outline

00:00 Intro
00:57 Current Tax, Spending, and Debt Levels
03:18 Who is paying the taxes and how they are being spent?
07:49 Purpose of taxes and what is fair
09:23 Overview of Biden’s tax proposal
14:27 Government Waste
19:38 Different factors I think we should consider
23:50 My Opinion

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Disclaimer: I am not a financial advisor. My videos are for educational purposes and are my opinions. You should seek advice from a professional advisor or perform your own research. There is no guarantee you will be successful following my opinions.

[nickdoyle-achievefinancial]

Thanks for watching, here are some follow-up videos:

[jl_andreu]

Excellent video Nick! Thank you! I think that the American health care system is too expensive, ineffective and bureaucratic, there should be a better way. A more efficient system would definitely help with the deficit.

[williamwall]

Excellent! Excellent! Excellent! Thank you Nick!

[languno]

This is a hot potato which can lead to some subscriber loss, but it is the true data that everyone should see and think about. Great research and very well executed presentation. Thanks for showing data that not everyone likes to see. Not only in the US the gov spending went through the roof unfortunately.

[mashiniwami]

If the PRICE of a good or service (healthcare, internet, education) is perceived to be too high, a politician's response will be to take taxpayer money and subsidise the cost, often leading to yet higher prices. What the politicians will not do, is take any actions to reduce the COST of the good or service, for example by reducing barriers to entry for competition, lowering taxes or reducing the burden of regulations.

So healthcare subsidies are widespread, but "Certificates of Need", pharmaceutical protectionism and doctors' unions (AMA) are all-powerful. Don't ask what is being done about the price, instead ask what is being done about the cost.

[franklinsmith]

Really wealthy people live on long term capital gains. First $90k (married) is not taxed at all. 90k - $550k is at 15% and 20% for anything higher. It would be nice and fair to have the same deal for working people. I want to be taxed like Buffet.

[AliPez]

Property tax, gasoline tax, school tax, capital gains tax, inheritance tax, sales tax, service tax, state tax, federal tax, income tax. My point is, there is too much tax! The government, Biden, Trump, Democrats, Republicans, need to get their house in order. They need to manage their budget and spending. We pay enough. No more taxes!!

[Shootsmith]

I liked the content and would like to see more. FJB

[kevinlease]

I think you kept your presentation of the information and your opinions apolitical, was very thoughtful and overall well done, but thinking about the subject probably pushes peoples’ emotional buttons, personally I would prefer to see Biden reelected, but I don’t care for his proposed tax policies as I also would be paying significantly higher taxes and more importantly I think it would be harmful for the US economy, Presumably, there will be a lot of compromise if Republicans control at least part of Congress so these changes will get water down, also it’s possible that the US GDP could increase significantly if the AI hype bears fruit as the productivity of the nation could go up significantly, and that could generate more revenue without having to levy higher taxes

[daveschmarder-]

I expect that wasteful spending are goodies for the people who approve the spending (Congress) paid to their political friends. Those grants are political favors.

[pensacola]

You talk about all of the things that should not be, but make absolutely no suggestions about what should be.

[craigbowden]

More taxes are never the answer when flagrant spending is the behavior in Washington

[yippie]

My thoughts on the Biden Tax Plan 2025 are... Let's Go Brandon!

[aj]

No more content like this, please. I subscribe to you for “personal” finance content. And don’t cite Rand Paul as a credible source.

[NoLegalPlunder]

I'd give up my favorite government program if it meant never paying taxes again.

[pacaguy]

Love your financial advice- can go to Fox News for politics and propaganda. disappointed you waded into this. Unsubscribed.