Let's talk about Joe Biden's proposed tax plan. Let's ignore the drama mongering mainstream media journalists, hold on, let’s be rational and logical and understand this new proposed economic plan by Biden and the Democrats, before everyone gets angry. Sorry, but this will not be a political video, its a money video. I don't care which candidate you voted for, the new tax plan by Biden will apply to you in the same manner. I’m a tax LLM and I did multinational tax planing for over 10 years for high net worth individuals and multinational corporations, so I know this area quite well, and I'd like to simplify everything about this new proposed Biden tax plan for you without the hype and agenda you hear in the media.
We will review the plan, understand it, see what impact it will have on the U.S. economy and fact check some of Biden’s claims:
1. What Biden wants to achieve
2. If approved, what will be the REAL impact on the U.S. economy
3. Will this plan achieve the policy goals Biden wants?
Biden’s proposed tax reform has 4 main elements:
• Individual tax rate increase
• Corporate tax increase
• MINIMUM TAX for corporations
• Payroll tax increase
• Capital gains and dividend tax increase
Biden’s main claim is that this plan would:
1. Increase the tax burden of rich taxpayers and corporations
2. raise tax revenue by $3.3 trillion over the next decade
3. Increase overall wealth
4. Reduce tax evasion and avoidance
Let's breakdown this tax plan and see.
This is strictly my opinion, so do your own research and make up your own mind.
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We will review the plan, understand it, see what impact it will have on the U.S. economy and fact check some of Biden’s claims:
1. What Biden wants to achieve
2. If approved, what will be the REAL impact on the U.S. economy
3. Will this plan achieve the policy goals Biden wants?
Biden’s proposed tax reform has 4 main elements:
• Individual tax rate increase
• Corporate tax increase
• MINIMUM TAX for corporations
• Payroll tax increase
• Capital gains and dividend tax increase
Biden’s main claim is that this plan would:
1. Increase the tax burden of rich taxpayers and corporations
2. raise tax revenue by $3.3 trillion over the next decade
3. Increase overall wealth
4. Reduce tax evasion and avoidance
Let's breakdown this tax plan and see.
This is strictly my opinion, so do your own research and make up your own mind.
Become a channel member to get access to members only feed and videos: https://www.youtube.com/channel/UCJwKCyEIFHwUOPQQ-4kC1Zw/join
👏👏👏 Big shout out to our growing list of Patreons: Mark Dixon, Daniel Johnson, Stephen Barnes, Sheri Morgan, SC, Survive R, Joel Peterson, Daniel, Rob Goddard, Andrew Wilson, Danny Goff, Chris Houston, Dayyan, Daniel Gordon, Ravi, Francis, Physics Helper, Mathias Eklof, Matthew Agostinho, Error Comb, Dan Marshall, Carl Seghers, Benjamin Allen, Jan Hakkebo, Stanislav Brand, Hanno Offen, AJ Klein, Joe Smith, Paul Wernke, Mitchell Rowton, David Peet, Walter Jackson, Mikhail Korob, Todd Stone, Jon Su, Peter Dong, Jonathan Endersby, Whitlock, Andrew Pergiel, Muk Usmanov, Rogelio Figueroa, Duane Browning, Brad Houghton, C. Nile, Jeff Chandley, Joseph Fratric, Eduardo Neto, Johnny Huang, Carl Cochrane, Christian Bergman, Pit Hostettler, Christopher Moulton, Mgtow96, Santhosh, Kenneth Moore, Darin Mainquist, Jordan Hitch, Victor Vazquez, Favio Rodriguez, Steven Brown, Jose Montilla, Bradley Welch, Ian M Sharp, Jarrett Siler, Jordan Prince, Michael Shtarkman, Christine Hoffmann, Dominic Fagundes, Sarisari Biz, JD, Chris, Ari Shrager, Erik Forbes Johnson, Christopher Walton, Chen Chen, Homero Lara, Samuel Fernandez, Erik Forbes Johnson, Sun Wu, Justin Stephan, Ethan Chua, Sasha M, Who Why, Xavier Castro, Ali Sabet, End. Z Fed, Joors, Soroosh Armandi, Rogelio, Shawn Shahin, Pedro Teixeira, Gabo Furlong, R06U3, Mark Teo, Yahya Almaliki, Jake Volin, Gerald W Steele, S. Gill and Hugh Waller for making this video possible!
For those of you want (and can) support our channel, here is how you can help: https://www.patreon.com/user?u=13016082
If you would like to support the channel by buying merch, you can do that here: https://teespring.com/stores/tom-nash-merch
I miss Trump already 🙁
ramblings of a madman? follow this one up in a while, please.
Great video Tom. Go blue!
Help me to understand this, wasn't Facebook in all these big money investment entities backing the Democrats?
Not as click baity, but its the end of the us economy lol
I really like Tom hes so smart…
when will people learn that giving government more power equals less freedom
tom cits ronald radan for the growth of a nation rofl. these people think the stock market is the economy lol
Go Blue!!!
This will crush pensions and peoples retirements and we haven't even got to the mass migration of manufacturing yet . welcome to the great reset
whats up with Dan bro?
The worlds changing jack.. Expect a big shake up around how global capital can move
Idk…AOC said I can save that tax money and use it to create opportunities for people.
In Switzerland the capital gains are tax free 👌✌️✌️
Hey Tom you crossed 90k !!
IMO and as a fact I can not imagine that the Democrats are not doing the homework first, in order to maximize tax income. I am sure they take all your mentioned points in consideration. This is nothing new and well known issue(s). I think a government always tries to find the balance, which is right for them. Trump had surely other priorities than Biden has. IMO make your own research.
About the Ronald Reagan analogy: He only made two movies per year. But that doesn’t mean the studio did. They simply hired other actors for the roles he passed up. The studio’s output didn’t diminish, and Reagan sitting it out (because he was already successful enough) actually created work for more people.
Regardless of that reason, such an increase is terrible because it will reduce available capital in companies for investments. Increase by two percent, companies can adjust easily. Such an increase will disrupt all companies' operations
Tom Nash for President 🇺🇸 (or at least as a presidential economic advisor!)
1) Cyprus loophole:
– corporate taxes were 35% just 2 years ago, now they would go from 21% to 28%. Wouldn't companies already have the structure you propose? I mean what would change from going from 21 to 28 anyways? Just because you don't think 7% is enough to justify, that doesn't apply to others…then again as indicated most of those companies should already have the structures you indicated as only 2 years ago the tax rate was even higher than biden proposed.
– Your services charged have to be reasonable, when most of your earnings are in the US you will have to make up a LOT of inflated expenses and get your accountants to sign off on it.
– If you manage to make this work, your money will be trapped overseas with limited avenues on how to spend it.
2) Tax foundation GDP projections:
– Indeed higher taxes will negatively impact GDP growth. However as far as I can tell they only focused on the impact of the tax changes and not what they would do with the increased 2.8T in additional revenue, which would cause positive GDP growth no?
– Tell me what is the GDP impact of deficit spending? 1T a year in deficit spending is unsustainable, created in large part by the very corporate tax cut pushed by Republicans in 2018. So in essence the tax foundation is working off projections on something that is artificially high since it's the status quo.
I like your videos but I think this one missed the mark for me. Omitted some fairly obvious stuff and basically stuck too much to "trust me, I'm a tax guy" or "I wouldn't do it for 7%, so why should others".
This aged well
64% its the Tax rate of Germany and the reason why it is almost impossible to become Rich…
You dont wont to have Sozialisem because the gouvermant waist your money for bad investments like S21 or BER (16 Billion gone for not well working solutions).
Thats one of the reason why good working people like to immigrate to the US – possible to get Rich.
Well, I have plenty of ammo. Come get my money Biden.