The $6T Gap Between Trump’s and Biden’s Tax Plans | WSJ

[@gund89123]

Tax cuts for corporations are permanent, tax cuts to individual will expire in 2026 ? Why ? Because corporations spent more money lobbying?

[@TTOS69]

That is exactly why sir!

[@jaju123456]

The Trump tax cuts go mostly to the top 1% anyway, you are not benefitting

[@papasquat355]

@@jaju123456 I'm in the bottom 2/3 of working people. I benefitted. Did you know that tax revenues have soared since the 2017 tax relief? I know what I'm voting for in 24.

[@24killsequalMOAB]

@@jaju123456 Tax cuts will lower mortage rates and prices on everything.

[@jaju123456]

@@24killsequalMOAB no. That is literally the opposite of how it works. The current inflation is due to both limited supply of goods and high demand. If you increase the money supply that people have by cutting taxes you increase demand further. That's inflationary and causes the federal reserve to raise rates, making mortgages more expensive. You don't know what you are talking about.

[@Theone0611]

lol they expected corporations to raise wages? Well did they raise wages?

[@Atrail_Mckinley4786]

Nope

[@Atrail_Mckinley4786]

No it didn't. Those promises by Trump was a scam

[@The_North0]

Who’s “ they” you are referring to? I assume you are talking about Biden?

[@ulizez89]

@@The_North0 Trump

[@Noe-gj9mw]

Yes

[@RusnakAutoDesign]

Last time Trump did a tax cut my company gave me a 2k+ dollar bonus directly because of it. Would be nice if more corps weren't evil.

[@jmm6593]

That is great to hear. The 21% tax rate makes the US competitive with European and several Asian corporate tax rates (albeit labor costs are still likely lower in some Asian countries). A 28% rate would likely keep/ drive corporation production overseas. Large corporations have consultants and in-house departments that literally look at tax rate of production (as well as labor charges) and recommend moving factories/corporate headquarters etc. to where they have an advantage.

[@Wo9i7sj5l2a]

If they gave you 2k+, upper management made 20k+ each. Corpos are never your friend.

[@BBGOnYT]

@@Wo9i7sj5l2a or the uppers could have gotten 50k each and jmm could have gotten nothing

[@EricVaughn-mp3ms]

@@Wo9i7sj5l2a they also run the company it dosn't change the fact that tax cuts helps everyone

[@winzyl9546]

They gave you crumbs instead of a raise.

[@skywolf7717]

Yes its simple. Cut spending, cut taxes. The money is going to waste. Clearly.

[@currentcommerce4774]

its money well spent to maintain the quality of life in israel

[@Digger-Nick]

​@@currentcommerce4774 You misspelled illegal aliens

[@SO-ud6ro]

Our Ukrainian investment ain't paying off

[@ctwise12]

@@SO-ud6ro No, our investment in Ukraine has proven to be quite successful considering how foolish they’ve made the Russian strategists out to be.

[@wasdwasdedsf]

@@ctwise12 lol what

[@TeBeezY]

Decrease taxes, decrease government spending. Problem solved. Aka stop funding wars

[@darryllspalding9680]

youre onto it!

[@zeldamage001]

incl the one in Ukraine?

[@hector4837]

@@zeldamage001yes that’s not the United States business just the radical left wants to fund wars to put more money In there own pockets.

[@qwertymehta8342]

What problem would that solve, exactly?

[@sly_perkins]

Decreasing taxes IS government spending.

[@geoffreyevans3031]

Wow, a discussion on POLICY, how very rare.

[@connacht0076]

Six trillion OVER how many years? That's something to put in a title, not a graph stuck in the middle of the video. One thing is for sure... if you give the government more money, they will find a way to waste more money.

[@youtubeviolatedme7123]

I wouldn't call it a "waste" but I generally agree with you. There's only so much that can be invested in government programs and agencies before hitting diminishing marginal returns.

[@philipthecow]

One thing for sure, the extra revenue will not be going towards bringing down the deficit! I think it's over 4 years.

[@snippyboons]

I don't understand, so the money should just sit in a rich person's wealth? That's your proposal?

[@Raspberries9372]

@@snippyboons the government is also corrupt

[@emerealm3779]

​@@snippyboonsdo economic research before making uninformed comments please

[@strongocho]

the government does not "lose money" with lower taxes. and lower taxes do not increase the deficit. Reckless spending and unnecessary foreign aid is what the problem is.

[@MasseurDavis]

Unnecessary Foreign Aid sounds about right, why give an excessive amount of Fund to other countries, it's insane and ridiculous. Those extra funds could us , legal citizens.

[@WatevaMelon]

Yea? Then why has the deficit historically gone up whenever Republicans are in control and cut taxes to the wealthy and corporations?

[@Tratios]

Define unnecessary vs investment in US interests that would otherwise cost more later

[@SageBlueMusic]

@Tratios what are you talking about?? That money being sent to Ukraine is a money laundering scheme, and Biden and Obama are on the receiving end of it. It's simple, send a bunch of money over to Ukraine as a aid (that's what they want you to think), then Ukraine turns the money into Bitcoin or another untrackable method and they send it back into the pockets of these corrupt already rich men who run our government right now.

[@glennlaurents9439]

I guess you suffer from COVID brain fog. Cut spending, reduce deficit, GSA is the largest employer in the USA, world?. Take a look at USA CIVIL service, millions of workers, millions in military service. Wake up.

[@gideonnelson5787]

This felt like a very bipartisan, informational video. Fantastic. Clearly laying out both sides without fluffing up one or slandering the other. Very refreshing. I'll subscribe as long as that is the norm.

[@BuckCadigan]

Cut spending Cut taxes Simple as

[@LuKiSCraft]

Cut Spending Raise Taxes You're getting close ...

[@BuckCadigan]

@@LuKiSCraft I do not want to pay more taxes. Cut taxes. Cut taxes. Cut taxes.

[@LuKiSCraft]

@@BuckCadigan neither candidate wants to raise taxes on anyone making under $400K. Do you make over $400K annually? If so, congrats. If not, your point is moot.

[@BuckCadigan]

@@LuKiSCraftI said cut taxes.

[@LuKiSCraft]

@@BuckCadigan if they wanted to cut taxes for sub-$100K income but raise it for over $400K income, would you support?

[@youngalexander3166]

It doesn't matter how much they tax, because they will spend the same amount regardless.

[@r1_anon]

they will not spend it as smart as you do. You are responsible to your own money, but they don't.

[@youngalexander3166]

@@r1_anon Yes I completely agree!

[@Dlab-x7x]

@allan339 Even locally in the cities, counties and state, it's "spend it or lose it" for that "free" money available. But it's all our hard earned tax money.

[@kylerowley8248]

The government doesn't need more tax money, it needs to start spending the stupid amount that it already gets in a practical manner.

[@solarwolf1336]

Yup

[@WillDraco]

The problem is how we get to a broad consensus on what a "practical manner" is. When you figure that out, please let us know.

[@lordblazer]

@@WillDraco while we debate something that's been extremely well researched by policy experts/ status quo of rich people getting monies from uncle sam shall continue.. I love that "we must get consensus on a well researched topic." "we must do means testing on a well researched topic that has been put into practice by many municipal and state gov'ts." gotta love it.

[@At0ThEb]

thats why I'm still glazing T for using the military budget on the wall project. There is more than enough money, just in the wrong fonds.

[@incubus_the_man]

And the things that Republicans think are hurting the budget really aren't Food stamps and education make up a very small fraction of what we spend. Defence, healthcare and Social Security are our main expendatures.@@At0ThEb

[@zachdavis3169]

People need to realize that increased revenue for the government is only a good thing if you believe the government is spending the money correctly. I kind of got the feeling that the increase in revenue was being portrayed as a positive aspect, which again, can be viewed as a good investment based on government stewardship or a negative cost to American corporations

[@Sgt.Hartman]

It's important to remember that corporations don't have to pay the full tax rate if they reinvest the money they make into the company instead of paying CEOs and shareholders. That means companies hiring more, paying employees more, putting money into making better products or higher quality service etc... aka, better for everybody except for the ultra wealthy who are the CEOs and who own all the stocks.

[@V2RocketScientist]

Investing more today means paying more in the future...unless you lose money... that just makes you a loser like Trump.

[@Abe-qu9tl]

I’d even say, many factors excluded, that the stocks of companies that reinvest in the company are more stable. B/c they have a stronger work force retention, better maintenance of assets, and more RD.

[@LuKiSCraft]

I partially agree with your comment, however you fail to consider that the US is already running a huge deficit to the tune of $1T per year. We simply cannot keep this going forever. Carrying a national debt is fine, but the debt needs to grow SLOWER than the underlying economy (GDP). This is why economists prefer to look at the Debt/GDP ratio, instead of simply looking at the nominal debt (dollar amount). We are over 100% debt-to-gdp ratio and climbing. Something will have to give, or else what happened to the UK under Liz Truss will happen here in the US too.

[@Sgt.Hartman]

@@Abe-qu9tl Yes the economy does WAY better when the corporate tax rate is high.

[@331SVTCobra]

1:40 "if congress does nothing" .... .... funny at so many levels.

[@youtubeviolatedme7123]

We should be speaking in terms of "if Congress does something"

[@Pan_Z]

@@youtubeviolatedme7123 The ultimate threat to the average American's life.

[@carnakthemagnificent336]

According to the CBO.gov, revenues to the Treasury increased $1.63 trillion from 2016 to 2022, meaning that AFTER the tax cuts, the amount of taxes collected increased by almost 50%. Such Federal revenue increases also happened after the JFK, Reagan, & Bush reductions in tax rates. The chart presented assumes behaviors will not change, which history demonstrates is false. If you really want to increase revenues, let people and companies do what they do best instead of trying to pit citizens against each other. The US doesn't have a revenue problem. We have a spending problem.

[@matt5721]

Linking the home page isn't a source but it is cute you thought that means anything, liar.

[@carnakthemagnificent336]

@@matt5721 That's just the name of the site, ma'am, Congressional Budget Office. And if you look at the February 2024 Historical Budget Data spreadsheet, do the math on tab 1. Rev, Outlays, Surplus, Debt for the cited years.

[@carnakthemagnificent336]

@matt5721 That's the Congressional Budget Office website that contains the February 2024 spreadsheet Historical Budget Data. On tab 1. Rev, Outlays, Surplus, Debt, you can do the math for the cited years.

[@HarveyDangerLurker]

​@matt5721 sir, you have not refuted his point only attacked him.

[@tonethymcbuttox5830]

Not only that, Trump's deficits (pre covid spending) were ~700 billion, ~800 billion, and ~1 trillion. Biden's (post-covid) deficits were ~1.36 trillion, ~1.7 trillion, and ~1.6 trillion (projected in 2024).

[@djayjp]

New idea: members of Congress get paid the median (not average) per capita income. Then they'll have an incentive to increase the standards of living for most people. Consider: the $400k household tax breaks limit they came up with is coincidental? 😂

[@cxvzf]

can we make it the median income for their state? Because if their state is doing horrible from their lack of action maybe we have motivator

[@chevyjd2007]

A few issues with this: 1. Politicans wont be able to afford residency in both their district and in DC. So their livelihood would have to be funded by tax payer. 2. Congress is in charge of setting the pay for congressmen. No way they are doing this

[@EnkiduShamesh]

@@chevyjd2007There is also the problem that if they are financially struggling, they are more vulnerable to bribes (I know, they already take massive amounts of bribes, even if it's technically legal).

[@kimcelowy6428]

That would work well if they weren't, in large part, already wealthy before they ran for office.

[@djayjp]

@@chevyjd2007 Oh no they can afford it. They can live in condos or modest suburban homes like the rest of us.

[@sajdwajha]

Thank you for the clear cut and informative video. Surprisingly unbiased too which is rare currently. Thank you!

[@shmadden7454]

Who in their right mind is a proponent of MORE taxes?? Especially when the government is adding $1 TRILLION of debt every 100 days... The problem is not tax collections, the undeniable problem is the ridiculous and abhorrent government spending of taxpayers' dollars.

[@bobbyhill4118]

Especially for dumb wars. They actually dish that money out to super big companies like blackrock for the creation of more weapons of war, such as bombs, missiles, and guns, which they will then ship out to Ukraine and whatnot.

[@HamsterPower26]

Leftists are a proponent of more taxes. But like you implied, they are not in the right mind.

[@aadarshbalireddy2939]

Republicans: cut taxes US government: goes in debt Republicans: How could the democrats do this? Like seriously. The national debt has UP significantly under every Republican president starting from Reagan, while it was even going down under Clinton.

[@EtPhonehome-w8d]

That is wrong.

[@SummerValentineCo]

@allan339the “corporate overlords” wouldn’t be a problem if our government properly handled them… perhaps if they made lobbying illegal…

[@DrBeauHightower]

Or stop spending!!!

[@TriggaTrey361]

That's impossible

[@Ziegfried82]

@@TriggaTrey361 oh it's very possible, but the US gov is so corrupt and has such bad leadership it will never happen.

[@stevep927]

Corporations don't pay taxes. You pay them in increased prices

[@__username1]

This is how competition works

[@brandonjablasone7544]

Minimum price cap on product and increase taxes

[@stevep927]

@@brandonjablasone7544 They will just stop selling non profitable items Einstein

[@ImHereForIt124]

2018: Trump tax law slashed corporate taxes. Did what you pay as a consumer in 2018 go down? No. The corporations simply made more profit. 2024: Trump tax law still in effect for slashed corporate taxes. Still no lower prices and major corporations have been reporting record profits year-over-year. Have they lower what you pay as a consumer still? No.

[@ImHereForIt124]

Corporations are going to increase prices (negated some by competition) whether you increase taxes, lower taxes or keep the tax rate the same. They are greedy entities ran by and benefited by greedy people on backs of the middle and poor classes.

[@brmolnar]

I hate when people call money the government takes "Revenue" or "Income". If it is taken by threat of jail, it is the same as extortion.

[@winzyl9546]

No one is forcing you to be a citizen and enjoy the privileges that come with it. If you dont want to pay taxes, then revoke your citizenship and live off grid. Dont call government services if something happens to you.

[@patrickxu9645]

@@winzyl9546 Mafia logic, who needs the low quality government services? Ah, the voters who don't pay tax.

[@Obi-WanKannabis]

@@winzyl9546 Google ruby ridge mate to see what actually happens.

[@blackmancer]

@@winzyl9546 If you'd like to pay more taxes than you have to, because you believe in the system, please do........ but you won't.

[@rere-x6g]

Its literally apart of the social contract the government takes away some rights and money and you get to live in the most successful nation in history with the best living conditions and security.

[@chasewillis3694]

How did we go from a county that 250 years ago revolted over a 3 cent tax on a breakfast drink to talking about over half of people's income being stolen for taxes????? This is insane!

[@gen-X-trader]

They are weathly. Not actual people

[@MoneyMathai]

Pay your fair share. Say that to your son Hunter

[@michaeldpa1333]

Or the 350 Million Trump owes the State of New York? Or the 4 Million plus SCOTUS Thomas had left UNDECLARED in gifts from Billionaire donors? You mean like that?

[@scottreagan4062]

You tax the top 1% more , consumers ( we ) pay for it, also it eliminates raises , insurance supplement by employers , vacation pay and other benefits., it takes money out of consumers hands and puts it in the federal government hands which stops retail / economic growth.

[@Alejandro-qc1lv]

So did things get cheaper when trump lowered taxes?

[@scottreagan4062]

@@Alejandro-qc1lv yes

[@Alejandro-qc1lv]

@@scottreagan4062 Then why did we have massive inflation even before biden raised taxes?

[@bweiler]

It might cost the government 4 trillion but not if we are treating the country like a business and producing a product we can sell. The key here is we have to produce something to sell.

[@ledzeppelin1212]

Truth. I'd be ok paying more taxes if I actually got something useful out of it!

[@bradfleck9458]

The issue AIN'T taxes. The issue is out of control SPENDING.....

[@dutchdna]

Trump spend the most of all presidents.

[@rere-x6g]

​@@dutchdna Look you foreigner. The president doesn't have the authority to spend money. The pandemic relief was supported by republicans only ONE time. The other two times were fully passed under a democrat controlled congress. Biden however, has acted like a dictator and like no President ever before tried to use an executive order to pass student debt relief. The President does not have the power of the purse especially with an amount that big. Kamala has bragged about the trillion dollar infrastructure bill which they passed during the highest inflationary quarter in the Biden administration.

[@NotMe-st8qc]

Correct sir. It always has been. We are on the overspend, sell bonds to other countries, increase national debt and print more money to devalue the dollar plan

[@FredFrogg]

​@@dutchdna Debt added during Trump's 4 years was $8.2 Trillion. BUT $3.6 Trillion was COVID. Taking out COVID spending means that added debt per year under Trump was about $1.25 Trillion per year. Debt added under Biden has been about $2.3 Trillion per year.

[@tektiteexpert5558]

@@FredFrogg "If you pretend Trump didnt screw everything up then he actually did really good!!!" You people are actual clowns.

[@MrMex44]

Big corporations that get hit with more taxes don’t pay them. They find new cuts or offload that cost into their customers. Thus the reason we are seeing this much inflation. Big corporations are not going to let the government affect their pockets.

[@zanemoore1808]

If the corporations care more about making even more billions than paying fair wages and selling fair priced products shouldn’t we seize those companies?

[@macplus3339]

Lets take the BS politics out of Income Taxing and make it 10% across the board period. Everyday Joe will say yes and the Corporations and the politicians they have bought will say no.

[@phiksit]

Flat tax is a huge advantage for the rich... not so much for the rest of us.

[@hanshansen3885]

10% is pretty low. With everything combined then it should be more like 30-35%.

[@JeremyLynnes]

None of this matters if we send all our taxes to foreign countries. 😂😂

[@Ziegfried82]

Yep. Ukraine and Israel are a higher priority than the American people according to our "representatives". Personally I don't consider the bozos running the USA a representation of me in any way shape or form.

[@austinsaltsman-gl6zv]

Something to keep in mind: I run a small business (4 employees on payroll) my weekly payroll taxes are $1,000. Straight to to gov. Plus businesses and corporations generate employees and wages which generate tax money for the gov, from experience if tax deductions weren’t a thing my business would probably have folded. And common folk are aloud to deduct items as well. Majority of people let aunt pearl do their taxes instead of doing it the smart way and maximizing deductions.

[@Patriot-Eaglehead]

If your business can't make a profit and the people aren't interested in your services, mabye the government shouldn't have to be your sugar daddy and foot the bill? Pull yourself up by the bootstraps and provide a better service.

[@austinsaltsman-gl6zv]

My business can and does, that was a time during start up. Your comment makes no sense, I haven’t received any grants from the government or freebies. Simply abiding by the designed tax code. And I’m now running a profitable debt free business by “pulling myself up by the bootstraps”. My point was business that are barely scraping by would not be able to operate without the legal tax deductions.

[@globalfamily8172]

You have to admit there's a lot more deductions for you than w2 earners. I know because I file as both w2 and independent contractor.

[@winzyl9546]

​@@austinsaltsman-gl6zventrepreuners and small businesses should have deductions, massive conglomerates should pay their FAIR share.

[@Myers70]

I'm a Democrat now 1,000% voting for TRUMP 2024....TRUMP TRUMP

[@SheetsM_Str]

It’s amazing how you could tax more and create more deficit at the same time. I lose money, you lose money, we all lose money.

[@deleted-something]

Worst part if that those taxes that were supposed to increase wages probably ended up closing factories with even more buybacks…

[@TommyChardonneret]

Not to mention corporations purchasing WAY MORE automation and therefore eliminating 10's of 1,000's of more once decent working class and lower middle class jobs - but this time further fueled by much more sophisticated Artificial Intelligence dominated managerial jobs! And these MAGA Mutated Remnant Republicans persist in falsely blaming "those immigrants" for America's exponentially DECREASING decent paying jobs! Am disappointed to say that this and lately all too many other WSJ articles are further and further shedding even the once thin pretense of "balancing" their slanted journalistic proclamations. And that's been totally apart from their longtime "right of right" opinion pieces! Tsk tsk, WSJ...

[@crazychase98]

Thats the points tax everyone more. The govorment federalzes everything

[@youtubeviolatedme7123]

If workers invest in the company they work for, they'll stand to gain from buybacks. It's a crooked system, but at least anyone can play the game.

[@Patriot-Eaglehead]

​@@youtubeviolatedme7123Or...don't allow corporations to get buybacks? It's supposed to be a free market economy, not a free vaccuum.

[@youtubeviolatedme7123]

@@Patriot-Eaglehead But what if you have invested shares in a dying industry? Buybacks at least help you cut your losses.

[@Lerxst]

3000 years ago you were considered a slave if 20% of your income was taxed. Think about it.

[@Ziegfried82]

The founding fathers of the United States of America rebelled over a far smaller tax. But when you realize the average American does not actually pay income tax it all makes sense.

[@travisminneapolis]

Calling tax cuts a COST to the government reveals this videos bias.

[@edwiedge]

honestly, if the government wants its people feels major savings are not thru tax. they should help lower insurances such as house insurance, car insurance, Health insurance and etc. They all skyrocketed in the past few years. that's a big chunk in our monthly expense if lower it's instant relief to us.

[@tommyeschung]

Did the govt ever have any luck with lowering tuition

[@visittavee7773]

You are good never thought of that .

[@rlife7853]

Why not just stop US involvement in international wars

[@enolopanr9820]

@@rlife7853 we tried that in the 1920s and 30s and look what happened

[@winzyl9546]

Or just bypass the insurance middlemen and actually provide healthcare and a proper social security system.

[@fuzzy3440]

love all your content!

[@Explorersea]

Trump the tax bill you are so very proud of raised my Federal Taxes to the highest level they ever have been, giving Corporations and the Rich huge tax reductions added to the deficit and did nothing to help me, you should be embarrassed

[@jstncheney]

Low tax rates are important right now because we are getting absolutely nothing out of the increased tax rates. When we actually get something out of increased tax rates, then increase it. Period.

[@rehmsmeyer]

We, the citizens, might not be getting anything out of the taxes, but the migrants seeking asylum are.

[@sly_perkins]

You missed one thing from 2017. Yes the standard deduction doubled from 6K to 12K, but they took away the personal exemption which was worth about 6K. So it was a wash. But it wasn't really even that; the higher standard deduction makes it harder to claim charitable deductions and other credits.

[@rfbos]

And with Biden again, you'll see the standard deductions cut by 1/2 starting January 2025 and you still won't have any personal deductions.

[@danielblair6952]

The majority of Americans dont donate 6-12k a year.

[@JS-ce1vd]

@@danielblair6952 It was charitable donations and other reductions that were eliminated. Not just charities.

[@rfbos]

@@danielblair6952 He wasn't talking about donations. DEDUCTIONS

[@V2RocketScientist]

People paying more than 6k in state taxes and interest on a home are wealthy. The tax break was for the poor AND to make it easier to file. Itemizing deductions is a waste of time.

[@Gen23-v5s]

PRESIDENT JOE BIDEN 💙 🇺🇲

[@brendanboyle1711]

The TDS is real. I own a small business that feeds my family. Not a huge corporation. And under trump i did better than ever. Under biden, worse than ever. I am no unicorn, this helped millions of people.

[@mista414]

The tax laws didn't really change under Biden though? Individual taxes have gotten progressively higher since 2018 as that's how the TCJA was written. My anecdote is that my parent's tax bill increased after the changes to the standard deduction as well. But I'm genuinely curious about what Biden did that affected your business?

[@Ziegfried82]

@@mista414 then your parents are in the 30% that itemize deductions, meaning they are quite well to do...good for them. They are in my club. Now consider the rest of the USA who do not itemize deductions...the change helped them immensely.

[@btcsys]

Moral of the story... VOTE BLUE THROUGH AND THROUGH

[@eliw6607]

Abolish the personal income tax. Consumption tax is the way to go.

[@philipthecow]

That's a terrible idea because it won't come anywhere close to raising enough money.

[@eliw6607]

@@philipthecow That's a selling point. The government would have to do what we do when our resources are limited. Adhere to a budget.

[@derbywinner5423]

2017trump tax middle class be ready to pay more taxes. Just ask your tax advisor. People don’t like when you say it

[@speedy5622]

How about we don't give the government more money.

[@howtheheckru8102]

They would put tolls on all the roads and infrastructure and if you had a fire at your house you'd have to pay to put it out, want a policeman put a down payment on him. Yep makes perfect sense to me Duh.

[@youtubeviolatedme7123]

The government has landed itself in trillions of dollars in debt, and now it's asking for MORE?

[@mehnameehjeff6325]

I’m down, everyone else here thinks the government is the holy oracle that needs to purge ant progress and tax everyone down to the same level.

[@jack_embry]

They will always spend more when they raise tax anyways. Will never work

[@DubsCat_]

I think what we should think about is where is money going in our society in a structural sense. Not a moral question of whether someone is entitled to every single dollar they've ever touched, or if taxation is "good or evil", but where does money tend to naturally allocate and what is it used for in our modern economy? Lots of people would argue it's ending up in the hands of too few and - government involvement or not - it would be better used elsewhere.

[@robertm8869]

I’m still waiting for the trickle down economy that was promised…

[@Milton_Friedmanite]

Is painstakingly disappointing how WSJ completely ignores the reality of the Laffer curve, the fact that the rich don’t pay for corporate taxes, and the fact that lowering corporate tax in the TCJA increases revenue.

[@enolopanr9820]

Then regulate them so they have to pay. Congress can do this

[@Milton_Friedmanite]

@@enolopanr9820 because it’s awful economics and would be an awful policy. We also already sort of do in a more effective way, progressive taxation.

[@babynugget706]

The difference is it isn't even Biden's policies. The guy is long gone, he is merely a figure head at this point. The policy was most likely written by an advisor with Biden's signature on it since he can't even properly find the way off the stage most of the time. So I'd pick someone with his mental faculties intact over a figure head any day of the week.

[@shawnahathaway4762]

Obama was Biden's puppet master. Now we have a socialist running 😮

[@Sarah-yn3os]

Despite the fact that I invest, I am saddened by my inability to evaluate each company's performance and determine whether or not this is the ideal time to purchase stocks. My monetary stockpile is being depleted by inflation. At this stage, I need accurate market trajectory data, but I'm not sure what to do.

[@Vajsbsbssjssmsnsk]

I just sold a property in Portland and I'm thinking to put the cash in st0cks, I know everyone is saying its ripe enough, but Is this a good time to buy st0cks? How long until a full re-covery? How are other people in the same market raking in over $200k gains with months, I'm really just con-fused at this point.

[@Gsnwebeenjejmss]

Many people are still getting fantastic returns on their investments during this time. Simply maintain a strong sense of reality or ask for professional assistance.

[@Qiana-ng9jv]

That does make a lot of sense, good for you though, unlike me, you seem to have the Market figured out. Who is this consultant?

[@RimaFawver]

I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to under perform. I have made over $576k figures working with an investment coach for more than two years.

[@CamiDatamphay]

I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.

[@CandyCaneOBS]

Trump 2024 baby!!!! FJB

[@Wo9i7sj5l2a]

“Let’s keep treating corporations as gods and our workers as slaves.”

[@Anti-Taxxer]

You must have the critical thinking skills of a vegetable.

[@nickdevault5717]

The government losing tax "revenue" it's a "loss". It means more money in American citizen pockets, whether the wealthy or the poor. The question I would pose with ANY tax plan is why does the government need so much money? Why not encourage Americans to support Americans through increased support for non-profits, higher tax write-offs for valid charitable donations, and lower tax rates on small business owners?

[@eliasshamoon]

I would like to say I appreciate this video for being pretty unbiased!

[@patrickpet7905]

You can abolish all income, corporate and payroll taxes completely, replace it with a 20% VAT tax, and you would get MORE revenue, and it would be more FAIR!

[@T33K3SS3LCH3N]

VAT is an extremely unfair tax. Rich people pay very little VAT as part of their income, while low income groups pay VAT on an extremely high part of it. It greatly worsens existing social and economic issues.

[@ivoivic2448]

VAT is the most counter productive tax.

[@patrickpet7905]

@@T33K3SS3LCH3N if you take prices down to 2021 levels, a VAT would not make any difference in prices compared to today. That's how bad the inflation is, the most immoral and deceitful tax of them all... the government can steal value without ever directly collecting any money at all.. as for rich people, they not only buy more things, but their companies are the ones being taxed at the production stage, not the consumer stage. That is the difference between VAT and Sales Tax. Europe is funded using mostly VATs.

[@Ziegfried82]

I'd sooner have a VAT than what we have now. A pity the USA is on it's way down and out instead..people should study Wiemar Germany and Zimbabwe for a lesson on what happens next.

[@samgen4394]

Why didnt trump make the tax cuts permanent in the first place?

[@pearcake]

it massively increased national debt to pay for it

[@tobinkern5389]

@@pearcake ... No. SPENDING increased the national debt. Cut spending.

[@isJay]

@@tobinkern5389 Don't talk about things you don't understand. Age adjusted spending means the natural budget spend for the federal government is going to be nearer to 20% of GDP until the generational die offs hit. The Trump and Bush administrations taxed closer to 15% of GDP their entire tenures. The historic mean for taxation is 18% of GDP. You want a balanced budget you need to tax 20% of GDP. It's not a spending issue, it is 100% of taxation issue. Same thing with Social Security, medicare.

[@ecnalms851]

@@tobinkern5389 Tax revenue and spending affects the deficit and so affects the national debt. What Trump did was give out a trillion dollar tax cut that increased the deficit which was paid for by borrowing money which increased the national debt. So, his tax cut was deficit funded and increased the national debt. The tax cut still hasn't paid for itself via tax revenue. So, his tax cut did increase national debt.

[@ulizez89]

Trump made some tax cuts permanent, wanna guess which one?

[@satisfactiongamer7385]

Taxing the rich is super low move, these people provide jobs to citizens and grow the economy, these people should get a healthy tax break.

[@sam512]

You so funny😂

[@Ziegfried82]

Yep it's the easiest group to target, the "evil rich". But the masses don't understand money or taxation. They don't understand that any taxes corporations pay get passed down to the consumer.

[@treymc83]

Where is the part talking about us spending 75 trillion over the next 10 years when we could spend 65 and better off no?

[@MusicallyQ]

*Yes just leave Kennedy out of this.* *2024 RFK.*

[@patmalone4559]

Please stop talking like Biden is making any decisions!

[@midlifecars]

Why do we need more taxes and federal income…they literally just spend even more. We could have a 100% tax and they would still spend it. Raising corporate tax is a tax on everyone as the corporations will just raise prices to cover it…why is this hard to understand?

[@cristianrusu2529]

You have a simplistic view, my friend. You can't just increase prices to retain the same profitability. Demand has varying levels of elasticity, but always decreases with price hikes.

[@thatcrazyguy1208]

"Would cost the government 4 trillion dollars" That is an interesting way to say we keep more of our money.

[@icemike1]

Nothing going to the poor single working man with no dependents

[@sickbox.sickbox]

One for rasing taxes and other to lower taxes. Simplified for you. I'd much preferred lowering taxes given how well they(gov) spent our money. Giving it away while footing the bill to us.

[@ivoivic2448]

sadly, people like you vote.

[@cliffthatcher4574]

Tax cut do NOT cost the government a dime! Lower tax rates equal more revenue whereas higher tasks rates amount to lower revenues.

[@NoelDoherty-qv8vm]

Then the federal government needs to stop throwing money overseas

[@maxrice6990]

I hate it when they say the top earners need to pay their fair share as if they don’t already foot the solid majority of the bill for everyone else.

[@Ziegfried82]

Good luck explaining this to the masses. I pay more in taxes in a quarter than most people do in a year. But they still have the nerve to say I'm not paying enough. My only consolation (and it's cold at that) is that the average voter is getting absolutely destroyed by inflation, the most regressive form of taxation ever conceived. They are trying to destroy me, but I think they are going to go down first.

[@globalfamily8172]

@@Ziegfried82 We have hit that a few times. It's not consistent so when it does happen, I'd like to keep some to pay for the lean times.

[@maxrice6990]

@@Ziegfried82Yikes! I hate inflation. It punishes responsible savers and in my opinion, many of the people who rag on the rich are people who spend all their money and go into debt which is incentivized in our current society at the expense of the middle class. I'd rather pay more income tax than have inflation because at least with income tax, you know you're getting screwed. Too many people think these government spending programs are free...

[@schwabdizzle]

Fasten the seat belts everyone. It's going to be a rough next 4 years either way.

[@HWCWTD]

No, not either way. Their tax plans are not equivalent

[@philipthecow]

@@HWCWTD They're both going to be bad in their own way.

[@tedgarcia8922]

My daughter's Rich motocross Sponsor says the only way to get rich is to find ways not to pay taxes , while praising Trump.

[@JB-zf8ov]

I don't care how corporations are taxed. Just leave me and my money the F alone!

[@ledzeppelin1212]

Whenever corporations are taxed, their employees, shareholders, and customers all take a hit, too!

[@LuKiSCraft]

You'll care when your $ loses half it's value and the markets crash 50% because the federal government defaults right before you were about to retire.

[@howtheheckru8102]

The customers only get hurt if the owners and share holders want more money for themselves. You pay taxes off the profit you make. If you overcharge your customers you won't make more for very long.@@ledzeppelin1212

[@Ziegfried82]

@@LuKiSCraft the USA has crossed the tipping point of no return in that regard. There is no viable solution at this stage to turn the ship around...debt is too big, revenue cannot be raised enough to counteract it.

[@LuKiSCraft]

@@Ziegfried82 The debt is becoming quite the burden, yes. But it's not too late quite yet. Annual interest payments are now $870B, while the federal revenue is about $4T (~5X the interest payments). Imagine spending 20% of your take-home pay on interest... ouch! That's the situation Uncle Sam is in right now but it is technically manageable if we simply STOP the debt from growing faster than GDP. It shouldn't be that hard, but ever since 1980 we've struggled. If we keep on this path eventually investors will stop buying US treasury bonds and yields will go so high that the US will be compelled to close the deficit or else face default. This is what happened to the UK under Truss. They raised taxes instead of defaulting. Good move.

[@milliebean6687]

Hey you forgot to mention that the big corporations were able to buy back some of their stock and make even more money 💰💰💰 And at the same time those corporations started to down size their workers.

[@Hambone3773]

Tax rate cuts generate increased tax revenues over the long term. You can't just look at 2 or 3 years.

[@damonkatos4271]

Let’s end all taxes right? Let’s just print money for eternity

[@jerrycombs4077]

We continue to overspend, more taxes only means more overspending

[@jtstacey83]

If everything is being filibustered then controlling the house and Senate means nothing if you don't have the votes to break a filibuster.

[@Thegamercat420]

The middle class pays the Marjory of the taxes in America. It's the middle class who needs the tax breaks.

[@TheBaldr]

You mean Majority, 46 percent of Americans are lower class status, of course you can't get money from people have no money. 2 percent of Americans are higher class status. The top 1% of taxpayers - those who earn $561,351 or more - paid 42.3% of the total tax revenue collected in 2020, according to the latest figures from the IRS. That leaves 52% of Americans in the Middle Class, the majority, of course they should be paying the majority of taxes.

[@FissureSoFrequent]

That’s false. The top 1% of earners earned 22% of all income and paid 42% of all of federal income tax. That’s more than the bottom 90% combined. This narrative that the rich don’t pay their fair share but is a lie for political snowball fights.

[@babylips00]

Eggs are $5+ for a carton….Kamala will ensure eggs will be $10 a carton

[@ramoddjob]

Time to cut government spending.

[@TheOutsider-vc1hy]

It's a very simple premise; Republicans believe that reducing taxes for everyone will encourage people to take more risks and spend more, which gets taxed by the Government. Democrats believe that increasing the taxes for the highest (personal) earning brackets will accomplish the same goal. Both have inherent weaknesses. Both have obvious strengths. The problem for Democrats, however, is that inflation AND tax hikes are a colossal negative for everyone, and by increasing taxes, you discourage people from investing back into the economy during a time where the value of the dollar is shrinking.

[@NotMe-st8qc]

Do you not understand what a tariff is? Trumps tariffs bankrupted thousands of soybean and wheat farmers across the US as China refused to buy our exports. It was necessary to spend 28 billion dollars to bail out the ones did that didn’t lose their farms. How do you think more government interdiction will help? Can you not learn from what the previous insanity did to us?

[@A.I.WarFare1947]

America is gone.. far gone..

[@wilinstonthompson1352]

Fun fact , people making under 400k werent even mentioned in Trumps tax bill until it was pointed out the Republicans and the rich were being to obvious 😂. THEN CBO pointed out that adding a middle class tax break would balloon the deficit so a work around was for the middle class to het a tax break with a sunset date and the rich ... Well the rich got a permanent tax cut .😂😂😂 Trump and Republicans screwed their base , AGAIN 😂😂🤦🏾

[@zacharydavis4398]

Thanks for spending the time to create and share this content perspective

[@garrystokes1432]

The rich will and have always benifited the most why do they not want to pay?????

[@gabedarrett1301]

The editors need a raise; that chasm animation was smooth!

[@Sacre97]

talking from a tech industry standpoint here: for those saying that the tax cuts did not improve salaries, actually salaries were skyrocketing before 2020. it is super clear in tech that something went wrong after 2020, where the big guys had to fire loads of skilled professionals. yeah, there was over hiring during covid and all that, but policy had a big impact too. im not sure how visible this is in other industries, but in this field, the tax configuration under biden made it about 30% more expensive to hire talent. i’m not sure if it’s a good thing or not, but salaries were definitely impacted over here.

[@InOrlando]

I would increase corporate taxes. All they did with the money was share buy backs and layoffs.

[@jakoblarson4597]

then have fun when they raise their prices on all their products, you really think these big corps aren't gonna retaliate

[@dougpatterson7494]

Very good journalism. You laid out the facts but were neutral about it this should or shouldn’t be done.

[@penguin902]

The problem with tax cuts for rich and poor is that the rich dont always reinvest in the RD or the workers. Sometimes they do. But the gamble is pointless. Just add strings the tax cut. It's simple. Doesn't have to be a right/left argument.

[@brookrichardson1373]

The problem with lowering corporate taxes is that it encourages them to make profits rather than using that money to reinvest in their business or spend money on salaries to avoid the tax.

[@MichaelAllRekt]

With all due respect to WSJ, tax cuts do not cost the government any money. It’s your money that they take.

[@mrmeeseeeks7850]

Cost the Government? I think something smells 🐠 here

[@Silencedogood1777]

You forgot to mention ANWR in Trump’s tax plan. Selling oil to other countries with a tariff to pay down the national debt, eventually overtaking the debt and replacing income taxes completely.

[@zwebsterz]

What are the consequences of raising corporate taxes? Is it possible that we’ll see higher prices on goods and services? What’s stopping the corporations from passing the cost of taxes to the consumers?

[@halholland1637]

Every time a Democrat taxes the rich. Poor people lose their jobs and the rich get loopholes.

[@tammyhanlon3057]

Well, i have never been a big earner, it just doesn't matter that much to me. But, isnt 8 percent of a million much more than 18 pecent of 11 grand. The rich people will just move to socialist countries and take their money with them.

[@lenkak8206]

The problem is we CANNOT afford ANY cuts in tax.

[@meeraj-4774]

But can clearly cut down on spending.

[@Macken-n9l]

Let me say this. As a person who has taken several business classes. I know enough to under that when businesses do better, the economy (generally) booms. Let me explain. When businesses are doing well, they drive a lot of demand for products. And since they seek to make more money, they will decide to start selling not only domestically, but internationally as well. Thus they increase the Gross Domestic Output and earn money for the country. And a country wants their output to be far larger than their input. Because otherwise they’d be taking on debt.

[@ClintStone-t9m]

Your comment really goes to show they were *american* buisness classes. Btw, despite the obvious falsehoods and ignorance of factual reality in your comment, think about smt. else for a second: In your country there are people are literally dying because they can't afford medication even if they work all day, which some of these sick people can't. Universities are about 20 times more expensive in your country than in mine, even though ( not considering ivy league) the universities in mine are better ranked( at least for STEM). Companies engage in ridiculous price fixing and monopolies, and you don't allow your goverment today anything about it, because that would be "communism", mmmhhh. Even if this very very naive idea of the tricke down effect would DOUBLE the taxes collected, there is no way to save your utterly disfunctional society from becoming more like a dystopia everyday, without fundamentally changing how your country handles the poor, the middle class, the rich, the super rich, education and healthcare.

[@Macken-n9l]

@@ClintStone-t9m YES! Believe me I know! Yes, these are not laws or rules that a person has to follow regarding Gross Domestic Output. These are optional. But in past, these tactics have worked. And let me be the first to say, it’s what many other countries have followed. Also the idea that the government should have to pay for people’s medication is extremely flawed. Because that means everyone has to pay those tax dollars to do that. But the Democratic Party has exploited this system, got rich off it, then blamed the Republican Party. The only way a person should get aid is either by a non-profit organization that makes money by donations, or if a person has sacrificed dearly say Military. Our country is terrible lob sided on the idea that a person should only have to work till they’re sixty and then live off Social Security. But no one is willing to work enough to do that in my generation. And the very idea that people should get something for free in this day and age is just a scam used by the left to build propaganda and blind side their own supporters. Biden has utterly screwed this country on taxes, inflation, and made insane promises which he could not fulfill. Trump however, actually followed through on majority of his promises. There is a list of every positive thing Trump did for the United States and it’s astonishing. It’s astonishing because of how much the media hates the man for making our country better and how they praise Biden is his mess ups. When people think the West is a place where the rich get richer and the poor get poorer. That’s because it is under the Biden administration. He promises to raise the taxes for Businesses, without realizing they have the power to just raise their prices wearing the economy. He promises college funds to people in debt even though, debt is not a good thing and the government has no way to pay it without printing more money, and making more debt. Biden’s idea of how this all works is horribly constructed. The United States is worse, because of Biden and more so his administration.

[@stevep927]

Federal revenue has climbed steadily for the last decade. More spending is the issue. Not more taxes

[@aviationphd]

Pro tip…there is not a shortage of tax revenue…there is a spending problem by the federal government

[@jtlmf0031]

For those of you who don't understand business and can't do basic math, raising taxes on businesses is a tax increase on the people. Businesses don't pay taxes they pass those costs on to you the consumer in the form of higher prices. That's inflationary! Hellllloooooo? Tax cuts on businesses are price stabilizing. Get it? ...... sadly probably not.

[@DayCee9675]

Exactly. 👏