The 2020 Election Tax Comparison: Trump v. Biden

Let's talk about how Joe Biden’s proposed tax plan compares against Donald Trump’s current tax plan when comparing the highest tax rates. In this video, we take a closer look at what Biden proposes for changes to:

- Corporate Tax
- Income & Payroll Tax (Note that in this comparison we're looking at how a high-earning business owner making more than $400,000/year would be paying a total of 52% when combining these two taxes.)
- Small Business Tax
- Capital Gains and Dividend Taxes

What are your thoughts? Do you think taxes will be an increasingly critical part of the election conversation?

#BidenTaxes #TrumpTaxes #2020Election




Please note, this information is provided to you as a resource for informational purposes only and should not be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved. There will be periods of performance fluctuations, including periods of negative returns. Past performance is not indicative of future results when considering any investment vehicle. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.

[BMWfanFoCo]

Lots of comments focusing on the politics or politicians. While politics are the catalyst for this video, the content is the same regardless of that. I simply like the commentary explaining the pro/con of any of these rising, and the (non political) perspective and dialog should any of these change. Nicely done Wes. Thanks.

[CR-hquz]

This is laughably biased. You were on The Apprentice with Trump and donor records show you donated to the NRCC.

[charlesbates]

I agree with most of the commenters here. This video is misleading. If you want to be genuine, show the changes in effective rates by income. Otherwise you are just spreading fear.

[robertjohnson]

Companies will not pay the increased payroll tax. The tax is transferred to the workers in reduced raises and increased costs of benefits and increasing the cost of their products. Increased taxes always hit the middle class the hardest.

[mouamommy]

My taxes went up with Trump bc home interest changes under Trump and am a high wage earner. I paid less under Obama. I assume due to Trump tax cuts for businesses and for the 1%, I "ll be paying for increase deficit for the rest of my life since I'm in the top 20% in a blue state. Your tax conversation should be honest ie effective rate.

[chrisryan]

Wes, I am a long time listener of your Money Matters radio program here in Atlanta. Prior to you hosting, I listened to Mike Cavanaugh. I'm a small business owner (26 years), a SWAN investor, and like most Americans, I want to pay as little in taxes as I have to. I have never left a comment on a Youtube video until today. However, this is the most misleading and irresponsible presentation I have ever heard from you. You sound hyperbolic and hyper partisan.
Nobody, in California or anywhere else in the US is ever going to pay 62% in taxes, NEVER. Not many of your viewers or listeners are making $400K a year, know your audience. As you mentioned, all of the proposed tax increases you are citing have to be passed through Congress. The likelihood of the majority of the numbers you present in contrast with "Trump's tax plan" ever materializing are slim and none, and Slim just left town.
Referencing Trump making payroll tax cuts "permanent" in his "next term" is simply laughable. First, the current payroll tax cut implemented is not a cut, it's simply a deferral. Secondly, I think plenty of people are still waiting on him to fulfill quite a few promises he made for his first term.
Unemployment is the highest it has ever been. The disconnect between (Wall Street) markets and Main Street finances are increasingly vast. Many of the jobs and businesses lost by Covid are permanent losses/ gone forever. And this isn't over. These are facts, irrespective of what party or President is in power.
The amount of wealth and health destruction by the time this ends is going to make your hyperbolic 3.2 trillion dollar increase over 10 years appear as a mere pittance.
The economic foundation and overall health of this country is in dire need of attention. There is extremely hard work ahead for all of us. It is going to take time, sacrifice and perseverance from every American... and a great deal of money. And Mexico is NOT going to be paying for it.
Wes, please do me and all of your fans and listeners that depend on you a solid; continue to help us navigate our personal finances as they evolve. But stay in your lane. Don't try to influence how we vote. Taxes are only one of many, many issues on the ballot this November. Certainly Money Matters but nothing is more valuable than integrity.

[annamyers]

Could you please do a video on the tax amount categories? You say in this video twice that images are worth a thousand words. That makes this video confusing and misleading. my family income is less then $100k so these rates would never apply to me or anyone I know. Or anyone I’ve ever met for that matter. I’ve always liked your videos because they seemed like they could apply to people like me. But your graph only applies to the super rich. I must admit, I find this video very disappointing.

[seanmcguire]

It would be interesting to see a video about effective tax rates vs. the maximum possible rates you mentioned in this video. I seem to remember Warren Buffett talking about how his secretary had a higher effective tax rate than he did because of all the deductions and other loopholes that get used especially by those who can afford CPAs to find them all. Another possible video topic might be to explore periods of economic growth in GDP or declines and their relationship to tax rates. Many tax opponents talk a good game about how higher taxes stifle growth but I would love to see some actual numbers to back up those assertions.

[CJCR]

PLEASE KEEP IN MIND THAT THIS IS FOR PEOPLE EARNING 400k or MORE, and that is like only 5-8% of our population.

[squidsack]

I would love to watch joe biden explain the basics of his tax plan without a teleprompter

[brianwray]

I heard the same BS in 1992 when Bill Clinton proposed higher taxes. The sky was falling! Best economy in my lifetime. Cost of living raises, plenty of overtime, Budget surplus in 1997.

[argyle]

FYI: You have a typo at 4:34 where the subhead reads "TAX RATES OVER 60% IN SOME STAES" The word STAES should read STATES

[michaeladrian]

You didnt mention that Soc Sec tax is very much dilluted to 0.8 to .08 % for top rich...whereas most of us pay FULL 7 or so soc sec tax...why should we pay ten times more than very rich

[tedsterrett]

Excellent video Mr. Moss you give us a logical view concerning the financial implications that the upcoming election could potentially have on many Americans. If you spell that word "TAXES" backwords you'll understand why we have to pay them because without a part of "taXES" none of of would be here... ha!

[geoengr]

Mr Moss, the presentation you make is very disingenuous and amounts to fear mongering. You fail to mention, for example, that the capital gains rate you show only applies to annual earnings over roughly $500, 000, meaning a very small percentage of people would even pay this rate on a portion of their income.

[MrYessir]

TLDW; if you aren't rich, your taxes won't go up.

Don't share that chart, it's misleading to the point where it's basically false. Read the find lines underneath: it's for the absolute highest tax brackets.

[MrYessir]

A quarter of a million views and over 6000 shared for the chart and this dude's proud of it? You realize that most people look at that chart and think that their taxes are going to fly up 40%? Proudly spreading misinformation, bravo

[JorgeHernandez-irpp]

I don't care who you back - If you don't like higher taxes, then maybe we should learn to exercise so fiscal responsibility. We are living beyond our means, passing the buck to our children and grandchildren. And too much of the lion's share of the tax beaks go to those that need them least - yes, myself included.

[TheAtuesuel]

So the the 5% of the 1% will be paying this not the 99%

[tylerhogan]

*Chart reflects highest tax rates in each category.

Man, some of you need to learn to read the charts. Most of these charts probably don't even affect 99% of you.