💰Biden plans to raise corporate tax from 21% to 28% and impose a 25% minimum tax on the super rich
💡Trump wants to make the 2017 tax cuts permanent and further reduce taxes for individuals and businesses
📉Extending tax cuts would cost the government up to $4 trillion over the next decade
💸Biden aims to cover the $4 trillion for tax cuts and raise taxes by over $2 trillion to fund new programs
🗳️The outcome of the election will heavily impact the implementation and success of tax plans
What are the main differences between Biden's and Trump's tax plans?
—Biden plans to raise taxes on corporations and high-income individuals, while Trump wants to extend and further cut taxes for individuals and businesses.
How much would it cost to extend tax cuts?
—Extending tax cuts would cost the government up to $4 trillion over the next decade.
What revenue sources has Biden proposed?
—Biden has proposed raising the corporate tax from 21% to 28%, increasing taxes on high-income individuals, and imposing a 25% minimum tax on the super rich.
Will tax cuts for people making under $400,000 be extended?
—Both parties want to extend tax cuts for people making under $400,000, but it depends on the overall tax reform package that will be negotiated.
How will the election outcome impact tax plans?
—The outcome of the election will heavily influence the implementation and success of tax plans proposed by both candidates.
00:00President Biden and Donald Trump have opposing tax plans with a $6 trillion difference.
00:10Biden plans to raise taxes on corporations and high-income individuals.
00:29Trump wants to make the 2017 tax cuts permanent and further reduce taxes.
01:05Extending tax cuts would cost the government up to $4 trillion.
02:03Biden aims to cover the $4 trillion for tax cuts and raise taxes by over $2 trillion.
02:32The outcome of the election will heavily impact the implementation and success of tax plans.
