Here are my thoughts on the new proposed tax plan, what new changes could go into effect, and how much of an impact this might make - Enjoy! Add me on Instagram: GPStephan | If you want the full analysis, go here: https://taxfoundation.org/joe-biden-tax-plan-2020/
Minority Mindset Tax Plan Video: https://youtu.be/arCWc340Ltc
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The Biggest Changes:
1. Raising the maximum tax bracket from 37% back to 39.6%
2. Applying Payroll Tax to incomes above $400,000 per year
3. Increasing the Capital Gains Tax on incomes over $1 Million Per Year
This would tax long term capital gains as ordinary income, plus a 3.8% surtax, for people earning over $1 million per year. As it is now, on incomes over about $440,000 per year…you pay a flat 20% capital gains tax, PLUS a 3.8% investment surtax…so, 23.8% total, no matter how much you make above that amount.
4. Increasing Corporate Tax Rate from 21% to 28%
4.5 Imposing a 15% minimum tax on corporations with $100 million + in annual income.
5. Allow for a $15,000 Refundable Tax Credit for First Tim Home Buyers
5.5. Allow a $3000 refundable tax credit, and the potential for a $600 bonus
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Minority Mindset Tax Plan Video: https://youtu.be/arCWc340Ltc
LIMITED TIME: Get 3 FREE STOCKS ON WEBULL when you deposit $100 (Valued up to $1600): https://act.webull.com/k/Vowbik9Tm5he/main
JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
The Biggest Changes:
1. Raising the maximum tax bracket from 37% back to 39.6%
2. Applying Payroll Tax to incomes above $400,000 per year
3. Increasing the Capital Gains Tax on incomes over $1 Million Per Year
This would tax long term capital gains as ordinary income, plus a 3.8% surtax, for people earning over $1 million per year. As it is now, on incomes over about $440,000 per year…you pay a flat 20% capital gains tax, PLUS a 3.8% investment surtax…so, 23.8% total, no matter how much you make above that amount.
4. Increasing Corporate Tax Rate from 21% to 28%
4.5 Imposing a 15% minimum tax on corporations with $100 million + in annual income.
5. Allow for a $15,000 Refundable Tax Credit for First Tim Home Buyers
5.5. Allow a $3000 refundable tax credit, and the potential for a $600 bonus
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
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People pay income tax!! I don’t think there is anything wrong with paying an equivalent when It comes to other income sources!
The comments on this video show how deeply misinformed and brainwashed most Americans are to hate the government and vote against their own interests. The next time you want to take a swipe at how awful the government is, maybe consider the fact that half the government (the GOP) actively works to undermine all public policy that would help the country. Imagine a corporation where half the management is working against the company! How well do you think such a corporation will fare?
Keep in mind that the government isn't some extrinsic entity; it is formed from the society in which it governs. Want a better government? Elect better people. Not every country has the privilege being able to vote for your representatives.
Also, ask yourself what you've done to research the platforms of all your candidates and elect ethical politicians that work in the interest of the people and the country.
This is really helpful, thank you! You should speak at congress! Lol
Heres my take. If I work 40 hours a week. Literally giving up time of my life to earn money then I shouldnt be paying more taxes on my earnings than a portfolio paying me a dividend.
I never understood why a portfolio just sitting there gets taxed less than me giving up time to an employer.
Praying for a Republican administration to replace the Democrat one and restore the previous tax breaks!
They should tax fake gurus more and anyone who associates with them…
Now that it is perfectly clear that taxes are NOT going up except for the very rich you should take down this video as it feeds negative views of the current President of the United States? I wonder how many of your listeners make 400,000 or more. A poll of your viewers might help.
Fun Fact: between 1936 and 1980, that top marginal tax rate in the US never fell below 70%. Now scary "socialist" Biden is raising it to a whopping 39%, up from 37%. Pay your fair share, bud.
tax money being "spent responsibility" just means – spent the way I want it spent.
The governments out of control with its spending. When are the people going to wake up. . .
Graham, you didn't mention the corporate tax rate in China which is 25%. One of the reasons the corporate rate was lowered to 21% is to get the corps to repatriate $ back to the US from china. As soon as it goes above 25%, money will start accumulating in China instead of in the US for multinationals. Of course this is simplified but it is a large factor.
Damn, they're even tagging your videos now Graham. YouTube hates the truth
Few years ago the government in Ghana 🇬🇭 tried to increase the tax on the rich but they had to reverse after a year or so when the rich now became motivated to evade taxes and the tax collected from the rich began to fall
Gov: "taxes are the price you pay to live in a civilized society"
Mafia: "protection money is the price you pay to live in a civilized neighborhood."
If you cut government spending first, they will have no choice but to use what they're able to spend more efficiently
Are you insane..audit the Government to see the benefits of the taxes.. this is the GOVERNMENT they don’t even know where the money is going unless it is a pet project…. that would make way too much sense to ever happen
I stayed to listen to your information and it was clear as mud. I've never even come close to earning more than $50,000 but have always paid taxes. Maybe your information was only for business owners. I've never understood why it's always been barely making it ànd not having sufficient funds to pay taxes. As a regular worker many deductions were taken away. Here I was thinking that after a certain age (70) I wouldn't have to pay any more taxes. Think again.
This shows you that Joe Biden and his whole administration are morons and evil.
I think a VAT tax (value added tax aka consumption tax) is better because there is no way to sneak out of it. If we do keep the income tax, it should go up continuously with income, following a smooth function instead of with brackets
If Joe Biden watched this I’m sure he liked the video don’t be alarmed.
Who's going to audit the gov't? Self-audit, lol. Gov't and many leaders in gov't are way to powerful to give up their addiction to money.
England has lower taxes than most of the us AND they have free healthcare, riddle me that AamMEerRIicCAa
Graham for President! Thank you for calling out reckless government spending. Why should anyone be happy about paying more taxes when they are paying that money to people who waste it?
Anyone else wake up in the morning and watch videos about taxes too??
"As long as that money is properly used and PROPERLY ACCOUNTED FOR" Are you kidding me Graham, we're talking about the Federal Gov where "properly accounted for" does not exist, ever!
About 14 min in here starts making too much sense. No benefit to bureaucracy in that model, bud.
believe it or not i actually did wake up this morning by wanting to learn about taxes lmao
I feel like there’s going to be Boston Tea Part P.2 soon. I know a lot of people are saying “poor baby not wanting to pay taxes” but the ideal economic situation isn’t having higher taxes and high costs of living but instead having lower taxes and lower costs of living. And it’s completely doable, it’s just people aren’t taught to be financially literate, and many don’t take the time to learn about money. For anyone interested I suggest reading “rich dad, poor dad” it’s a amazing book and can help slot of you guys out.
Dude. That "facts"-fax gag got me. I'm not proud of that, but please keep the stupid simple humor in here for the morons in your audience 😀
The government doesn't care about optimizing the efficiency of the economy. They care mostly about getting themselves re-elected and as rich as possible.