The Economic Policies of the 2020 Election - Trump v. Biden: Biden's Big Plans For Change

The video discusses the contrast between Trump's 2017 tax cuts and Biden's proposed tax increases targeting high-income earners and corporations. Biden aims to address income inequality and fund government spending on social programs. However, the timing of these tax increases is questioned due to economic uncertainty from the coronavirus pandemic. The video also explores the potential impact on wealthy households and their increased mobility, as well as the political implications if Democrats gain control in upcoming elections.

What is one of the main goals of Biden's proposed tax changes?

• To increase income inequality

• To reduce government spending

• To fund social programs and infrastructure

• To decrease corporate tax rates

Why might the timing of the proposed tax increases be considered problematic?

• Because they are expansionary fiscal policies

• Due to the economic prosperity at the time

• Because businesses are recovering from the coronavirus impact

• Because they will decrease government revenue

What is a potential risk associated with increasing taxes on high-income earners?

• Increased investment in local businesses

• Capital flight due to global mobility

• Higher employment rates

• Decreased government spending

What political condition is necessary for the Democrats to implement their tax changes?

• Winning the midterm elections

• Gaining control of the Senate, House, and Presidency

• Increasing the federal deficit

• Reducing the corporate tax rate

Besides taxation, what other aspect of the budget is important to consider?

• The rate of inflation

• The number of taxpayers

• Where the tax revenue will be allocated

• The level of national debt