CPA Compares Tax Plans: TRUMP VS BIDEN TAX POLICY ANALYSIS💰

Learn the differences between Donald Trump's tax policy vs Joe Biden's tax policy.
#Trump #Biden #Taxes

These are a few resources I used to produce this video:

⌚ Time Stamps so you can jump to any point in the video
►1:12 Tax Rates
►2:19 Capital Gain Rates
►4:05 Net Investment Income tax
►4:38 Itemized deductions and Standard Deduction
►7:29 Tax Credits
►8:36 Education related deductions and other credits
►10:25 Payroll taxes Joe Biden
►11:10 Inherited assets BIG CHANGES PROPOSED
►14:00 Tax changes for businesses.

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[d]

We also need to take into consideration the policies they support and biden and Harris are supporting policies that will require tax increases for all Americans. Match that fact with their history in politics lying through their teeth and we can assume we are screwed if biden and Harris get in.

[MoneyandLifeTV]

Happy Sunday everyone! Hope you all enjoy this special tax policy comparison video. This is what we know so far. Thank you for the continued support, and for liking/subbing/commenting on these videos.


These are a few resources I used to produce this video:

[MtuckerGoBlue]

It doesn't even have to hit those making over $400k to ruin our economy. The role back of tax credits to the middle class alone will hurt like hell.

[MoneyandLifeTV]

⌚ Time Stamps so you can jump to any point in the video

►1:12 Tax Rates
►2:19 Capital Gain Rates
►4:05 Net Investment Income tax
►4:38 Itemized deductions and Standard Deduction
►7:29 Tax Credits
►8:36 Education related deductions and other credits
►10:25 Payroll taxes Joe Biden
►11:10 Inherited assets BIG CHANGES PROPOSED
►14:00 Tax changes for businesses.

[momoftwins]

I've never understood inheritance tax. Taxes were already paid on that property.

[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.”

[lindat]

Hi Mike The CPA - I really enjoy the work you do on your channel...very helpful to people like me who finds this stuff very overwhelming...

[DragonstormCrafts]

Awesome job keeping this video moving and not rambling on each topic. Paced very well. Kept it interesting and simple :)

[jarc]

I prefer the Trump plan. One, I don't agree with taxing people more because they are fincancially successful. I am in the 12% tax bracket and don't care how much rich people pay in taxes. Two, if elected I would propose 0% tax iF earning $15, 000 or less, 5% for $15, 001 - $35, 000, 10% $35, 001 - $100, 000, 12% $100, 001 to infinity. Corporate tax rates would be reduced to 15%.

I would phase out social security over 50 years. Those receiving SS have no loss and continue as is. Those who have been paying SS for 20 to 50 years employment have the option to receive SS or get the funds back as a credit and there would be NO more payments to the Government for SS nor receive benefits from the government. The returned credited funds would not be taxed. Those starting employment at a set date would no longer have SS taken from their pay. Those in employment for the past 20 years would have the option to stop SS payments through payroll deduction. They can then elect to have the amount they paid in credited back to them or elect to receive it as a benefit when they retire. They can also elect to roll the funds into a retirement plan. There would be a cost for this as employers would need to keep records for starting dates. So if an aged person switches jobs frequently this could cause an issue. 


I would continue to fund SS until the last SS recipient passes. Afterwards the government won't be obligated to pay.

Third, for those not paying into SS I would ensure that employers provide a retirement plan and the employee can increase their retirement plan contributions to a greater degree on an annual basis.


NEXT: My plan on ceasing subsidies to farmers over 20 years by converting their land to higher margin organic produce 1/4 at a time.

[susiekelly]

It’s obvious which tax plan is better thanks for sharing!

[MrRobe]

Hey Mike! Love your work man. Really real & useful content.

I wanted to ask, what is the best business set up for an Option Day Trader??

[BeefT-Sq]

" The patronizing attitude which regards the people as ' the masses ' ---as helpless, whining, begging masses that plead for handouts from a benevolent ruler and wait for his permission to drag the rich to the guillotine---is so dated that it would not work even in modern Europe. "
-Ayn Rand-

[DansBlues]

Biden has a tax plan??? I sure didn't hear it during the convention, or on the campaign trial...in fact, I don't know any of his plans are to run the country if he becomes President. Biden does have a 47 year record...and what could he possibly say to say what he wants to do for the country that he didn't do in the 8 years in the White House or 47 in public service....

[phillipborbon]

This year is gonna be a unique year for many. As a college student myself I wonder if there's extra deductions since I had to study at home online, and as well as working full time.

[kenlynch]

It is still confusing. At one point I thought I would be hit with a 4% Tax increase under Biden; then later on it looked like Trump was reducing then Standard Deduction from $12, 400 to $6, 800 !!!

[KefirTView]

Anything on doing away with 1031 Exchanges under Biden plan?

[nthperson]

Years ago Milton Friedman made a very important comment about taxation that no one paid any attention to. He stated that the most logical source for public revenue was the value of land, as proposed by many of 18th and 19th century political economists and was most vigorously campaigned for by the American Henry George. What Friedman understood is that income generated by leasing out land to others is unearned because nothing is produced. This income (called ground rent) is derived from advantage, the advantage of location. Some advantages are attached directly to nature. Other advantages are attached to the quality of public goods and services available to a location. Rents are also generated when government issues competition-limiting licenses to some parties that generate a resale value for the license, a value that is appropriately collected by society via taxation. Some years ago, Mason Gaffney, a professor of economics at the University of California, identified an even longer list of sources of unearned rents that rightfully should be taxed.

It was Henry George who argued that rents and only rents should be collected to pay for public goods and services. Do so, he reasoned, and all other taxes could be eliminated. The end result would be a full employment society, one no longer subject to the speculation-driven and credit-fueled cycles of boom and bust. Mason Gaffney and at least some other economists have made the same case as was made by Henry George.

None of the economists advising either Donald Trump or Joe Biden seem to have any appreciation for the above analysis or its advantages over the plans they have either put into place or want to put into place. The Trump tax measures represent a massive gift to speculators and rent-seekers. The Biden plan requires the wealthy to pay more but does not distinguish between earned and unearned income, although it is fair to say that those with annual incomes above a few hundred thousand dollars are certainly deriving a substantial portion of income from speculation and passive investment.

[MoneyandLifeTV]

**Which tax policy do you think you prefer and why?** Let me know in the comments.

📼 Checkout some of our most popular INVESTING and TAX related videos

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► Investing in the stock market: shorturl.at/iuyEQ

[fatheadfathead]

I will use the old rates in comparison to my current income since the TCJA. Thanks for your insight Mike keep up the good work.

[onemorething]

I was more concerned with The Radical Left, which will be in control, Than Trumps Childish social Media posts.