The Biden Effect on Taxes

The video discusses proposed tax changes by Joe Biden, including raising the top tax rate for individuals earning over $400,000 to just under 40%, with the top 1% shouldering most of the burden. Capital gains taxes would also increase to 39.6% for those earning over $1,000,000. Biden plans to raise the corporate tax rate to 28% and impose a 15% minimum tax on profits reported to shareholders. The video contrasts these plans with President Trump's consideration of cutting tax rates, emphasizing the potential impact on the middle class and the market.

What is the proposed top tax rate on individual income for those earning over $400,000 under Biden's plan?

• 39.6%

• 35%

• 45%

• 40%

How much of the tax burden is expected to be borne by the top 1% of households under Biden's plan?

• Three-quarters

• All

• One-third

• Half

What is the proposed capital gains tax rate for those earning over $1,000,000 according to Biden's plan?

• 39.6%

• 42%

• 35%

• 28%

What is President Trump's stance on the capital gains tax rate?

• Increase it

• Keep it the same

• Eliminate it

• Cut it

What corporate tax rate does Biden propose?

• 30%

• 28%

• 25%

• 21%