2024 Election Insights | Whose Plan Wins? Trump vs. Harris on Taxes

[@710hiopyschonaut9]

God forbid the federal government gets less of a spending budget 😫

[@timothykittle3165]

Right shes being completely ingenuous using Biden spending budget with Trump's tax policy, not including his spending policy

[@Ryan-yw5fp]

@@timothykittle3165 trump's spending policy? You mean cutting social security and medicare only to spend that savings and more on defense? Trump's spending will not be lower than Biden's.

[@marcjohnston7237]

⁠trump ran a massive deficit in office?

[@rmroberts94]

Interesting. When you all talk about "costs" and "revenue", I don't think most people realize you're referring to these FROM the perspective of the federal government. So when you say "increased costs", you mean reduced income for the fed govt. And when you say "increased revenue", you mean more money for the fed govt to use.

[@NopeKickEm]

I was scratching my head why they would often the word "costs" insinuating it being bad for the country by reducing taxes abroad most fields....as of the government gaining every penny of taxes would be well spent if they are sent into funding wars and outside influence that isn't to the Americans benefit...mind you the point of taxes was so the federal government to help ease our lives in social security, roads, schools etc... If Erica doesn't like Trump just because just say so but let's be honest corporations and business is what drives the economy not the federal government

[@rmroberts94]

@@NopeKickEm yes, they tried really hard to sound nonpartisan, but their bias definitely was slipping through just a tad. Nowhere is it discussed that we might actually be happy about the govt reducing our tax amount and spending less. Their baseline is that the govt will be expected to spend its current budget or more (never less!).

[@gips_123]

Yeah this was obvious the moment she said how although Kamala’s tax policies will bring in more revenue, she plans on expanding programs that will lead us right back to deficit spending, making those tax policies worthless. I thought she was biased against Kamala, but whenever trumpers hear a slight bit of criticism against their daddy, they get so defensive.

[@kirstenbrogan5958]

If you dont have a job you wont buy a home. If you start a new small business you dont see tax relief until the end of the year. If you have kids 1k more in a deduction that doesnt put more money in your pocket. We need job growth, lower taxes and less spending.

[@CaesarMonzaro123]

Great analytical analysis for all the nerds out there like myself. Excellent content, and commentary!

[@robbymedina11]

All good stuff fr9m the two of you. First time watching. Thank u

[@mrmateojones8368]

i also find it mind boggling that the only time we seem to worry about the deficits when it comes to cutting taxes when we are already over spending by billions.

[@801Pursuit]

These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?

[@ejrz6553]

Thanks for putting out this video.

[@vancescavone4937]

This video was great and informative! When she said "Net negative in economic output but increases the revenue", how is that possible exactly? Especially with giving first time home buyers 25k? I would think that would drastically increase the deficit.

[@BerzerkerD.Savage468]

Simply put the government gets less money for things like jets and the other means more money for the people.

[@robbymedina11]

A cost for the government is fine. Cut government pay and bs spending

[@jasoncaddick4535]

Do either of the candidates include details on how they will reduce government spend? If so, which candidates tax proposal will work best if they follow through with cutting proposed government spend?

[@ExtraordinaryLiving]

Well, have you heard ... Trump is trying to get Elon Musk on board to create a committee or commission to trim the fat in the federal government.

[@christophermcdermott2300]

Less taxes gives less money for govt. That's a start

[@TrampMachine]

​@@christophermcdermott2300So the deficit goes up and we go deeper in debt. Brilliant Les taxes doesn't equal less spending.

[@710hiopyschonaut9]

​@@TrampMachinea debt that we are in from massive government spending

[@christophermcdermott2300]

@@TrampMachine trump ends wars, less spending on military

[@stacysaunders7708]

The overtime focus is bad policy. Tax policies should incentivize businesses productive behavior. We don’t want more people working over time. We want them working reasonable hours and hiring more employees if the workload allows/requires.

[@davidjiannotti1537]

@@stacysaunders7708 It's about stoking investment and giving the working man a break. It's always about socialist policies while I struggle to keep my fridge full and pay for everything. I can write a book on examples I have seen over amd over again.

[@wayne989]

Aka, keep being a lazy ass.

[@LowkeyXxx]

It's not up to the worker to work over time. Any profitable business would limit overtime, so it doesn't change much

[@daveh893]

Thank you both for explaining the impact each plan will have. It's refreshing to get an unbiased opinion!

[@davidjiannotti1537]

As long as the lawyers on capital hill keep getting rich off our backs i guess everything is ok.

[@Jazna1]

Excellent video, thank you. I feel like the voters are being forced to choose between two scary options. So instead of the best choice, it's the least dangerous choice. I am not a gambler by nature so this election is causing me some anxiety.

[@alandowney6961]

Good video, but Erica's camera is focused on her background, and Kyle's mic cable is frustratingly pulled out of the mic.

[@fmly7]

I'd be interested in your take on Kamala's unrealized gains tax idea.

[@LowkeyXxx]

Obviously she completely omitted that and somehow made it a neutral outcome for her tax plan. Oh wait, I know how she made it sound positive. Heavy tax on rich guys=government gets even richer=lesser deficit =great thing!!! I really can't stand to hear that deficit bullst!

[@kira-1111]

It says income over one million dollars

[@TaxFoundation]

Hi we covered that in a prior episode kzbin.info/www/bejne/e3bJnIGFZdNlpJo

[@robbymedina11]

And was foreign retaliation a think 5 years ago?

[@methinking2394]

Can someone actually explain how the 2017 tax cuts benefited the rich the most? What section specifically? Genuinely asking.

[@stacysaunders7708]

@@methinking2394 search by this title to start “ The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises”

[@kennynava7441]

It’s less so the writing of the law, so there’s no ‘specific section’ per say that will benefit the rich, but according to the center on budget and policy priorities, ‘ Was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC).[1] As a share of after-tax income, tax cuts at the top - for both households in the top 1 percent and the top 5 percent - are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.’ Emphasis on the last part, the richest % got significantly higher cuts than the average American.

[@CamdenVanderlaan]

Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

[@AlexanderNeilson]

I get the impression that Americans want the best country in the world without having to contribute to it becoming and being so! Nobody seems to be interested or bothered about INFRASTRUCTURE! As if it automatically takes care of itself!

[@trayloningram529]

Can you guys give us an example of a good tax plan?

[@stacysaunders7708]

@@trayloningram529 deeply progressive tax rates of last century fueled our business boom as envy of the world. Need more progressive tax rates. Tax policy left labor behind in the eighties and caused great inequity we have today.

[@TaxFoundation]

Here ya go: taxfoundation.org/research/all/federal/growth-opportunity-us-tax-reform-plan/

[@uncleboomer-v2x]

Trump's plan sounds like a "Reverse Robin Hood" plan.

[@mrmateojones8368]

i mean we all are gonna game the tax code as best we can no matter what it looks like.

[@wayne989]

We r also hiring Elon to be Government Efficiency Officer! Imagine that!

[@AstrologyBae]

He seems incredibly inefficient. His business have required so much welfare

[@wayne989]

@@AstrologyBae so a welfare billionaire. What a dumb idea

[@robbymedina11]

Gaming by who, Employers that wouldn't give OT?

[@jonathancraig870]

I'm voting trump now just for that. I work 20-30 hrs/wk overtime

[@TrampMachine]

Lol, except the people who make policy for him want to recategorize how Overtime is counted so that employers can choose the window OT is calculated which would dramatically reduce OT paid out for the vast majority of people.

[@davidjiannotti1537]

Lower corporate taxes, strip the red tape and lower energey prices and watch America boom. Keep taxing every thing you can and create socialist programs that benefit the few and its game over.

[@stacysaunders7708]

Incorrect. Need higher tax rate on corporations so they have incentive to reinvest in their company and employees rather than stock buy backs for executives. Learn more about past history on corporate rates. Our tax policy is upside down. Incents the wrong behaviors.

[@davidjiannotti1537]

@@stacysaunders7708 What do u think buying stocks does? Feeds industry and investments. Rich people don't pay taxes they just pass it on down. I am 50, put my two daughters through college as a single parent and raising 3 more. I am well versed on how the economy and this system works. Taking money from the people who employ this country to have 90% dissappear it not how you create growth.

[@dirkdiggler9379]

@@stacysaunders7708 higher tax rates just drives offshoring

[@stacysaunders7708]

@@dirkdiggler9379 not entirely. We are at lowest Corp tax rate now and yet corps are moving back in with more manufacturing thanks to recent democratic bills. Plus US does tax income for offshoring income in lower tax rate countries. Not a clear win for companies to offshore when balanced through policy.

[@Joe-es3jg]

benefit the few??? what are you smoking bro? wealth inequality is the worst its ever been and is only getting worse. we need some basic safety nets

[@anthonyfowler2623]

Harris wins

[@Ryan-yw5fp]

The one huge difference is the tariffs. Both plans would have to go through congress who can be a check and balance for the budget. However, trump can ruin the economy all by himself with raising tariffs which WILL create a trade war which the US will lose. If you didn't like inflation lately, we haven't seen nothing yet if tariffs go through.

[@robbymedina11]

Would trumps plan at least out money in my pocket ?

[@LowkeyXxx]

Of course it would, but it's a really "bad thing" because the government will get poorer

[@kimsmith5442]

My question. Is a flat tax an option? Please advise accordingly. In 1984 a dear friend (a math genius), produced a very simple model: Every working individual, all businesses and corporation would pay a flat 6% tax. Earn less pay less, earn more pay more.

[@fredkohler9036]

No

[@stacysaunders7708]

Flat tax is a regressive tax. Horrible.

[@kimsmith5442]

Thank you!

[@rmroberts94]

I believe it has far more pros than cons. Pros: simplicity, reduce admin costs, less stress for individuals and families, remove numerous loopholes, reduce evasion, encourages and allows for small business ventures, economic growth, reduce special interest influence, reduce govt spending; Cons: regressive (meaning lower income folks are paying the same percentage as higher earners, which may be a strain on their limited finances). But no one ever talks about the fact that, even with a flat tax rate, you could create progressive policy such as removing the tax burden altogether below certain income levels where cost of living is difficult. And tax credits could certainly still be implemented for certain circumstances or encouraging certain behaviors. The idea that we should just "tax the rich more" basically means they seek out every loophole available (and there are many) to avoid paying that much.

[@markjou9799]

Donald Trump is keeping you on your toes? Hes announcing stuff on Fridays? Towards the end you mention the 2017 tax cuts, which allowed everyone to save on taxes. Almost sounds like a hard working individual who wants everyone to save money on taxes. Im sorry but I know who im voting for.

[@jeffbarron5500]

You have about zero clue. The above tax cut you mentioned was for the very rich only, should of paid more attention in civics class a few years ago. You'll laugh someday about that bonehead choice, we will just laugh now LOL

[@markjou9799]

@@jeffbarron5500 No it wasn’t, the 2017 tax cut changed the tax brackets. Everyone was able to benefit.

[@kimsmith5442]

It’s a rather simple decision regarding how you vote: either you feel that American becoming a socialist country is what you would like to see or you would like to see our country as a capitalist country. One note to consider: Socialism has caused an enormous amount of human suffering

[@LowkeyXxx]

​@@kimsmith5442I been hearing a lot of sugarcoating for communism, just like this video

[@Yourtimeisalmostup-repent]

10:49 you need to re-listen to that part again about the 2017 TCJA, said would make tax cuts unfair, meaning middle and lower class. And pay attention to the very end about the expiration of the 2017 TCJA and what would happen if it does.