After a year of unprecedented government spending amid the coronavirus pandemic, how revenue will be collected to pursue future aid and to keep running the United States is under scrutiny. Republican incumbent Donald Trump and Democratic challenger Joe Biden have significantly disparate views on tax collection in their platforms for the presidency.
Top Earners
Largely, the president would like to keep in place his 2017 income tax cuts (set to expire in 2025) that provided a reduction on the top marginal rate from 40 to 37 percent for the wealthiest earners.
Biden plans to return the rate back to near 40 percent and eliminate the $10,000 cap on state and local deductions that had the effect of raising taxes on households in high-tax states such as New York and California.
Middle-Income Earners
Both candidates say they want to cut taxes on households in the middle brackets. President Trump made a proposal prior to COVID-19 that would have lowered the 22 percent tax bracket down to 15 percent.
Meanwhile, Biden offers more incentivized tax breaks to encourage retirement savings, child care spending, and first-time home buying.
Corporate Taxes
Trump is sticking to the reduction made by his 2017 tax law that lowered corporate taxes to 21 percent from 35 percent.
Challenger Joe Biden would like that rate to be bumped up to 28 percent.
Both men offer plans to create tax incentives for domestic manufacturing.
Capital Gains
The 2020 presidential candidates differ particularly in taxing profits on stocks. President Trump would like to drop the top current rate from 20 percent to 15 percent and has even considered a temporary capital gains tax holiday.
Former Vice President Biden, however, plans to change existing rules in order to tax profits as ordinary income, which could potentially lead to a 40 percent tax on top earners on profits of more than $1 million.
The average city in California has a 38% higher cost of living than the average American city, according to a cost of living index. For many, the general minimum wage of $15/hour just doesn't cut it. Anti-poverty activist Joe Sanberg wants to get the minimum wage changed to $18/hour. He joins Cheddar News to discuss the Living Wage Act of 2022.
Liana Guzmán, CEO of FOLX Health, joins Cheddar News to discuss the company launching billboards across the country in response to anti-LGBTQ+ legislation.
President Biden has announced an additional $800 million in military assistance to Ukraine, including artillery, armored personnel carriers, and helicopters. It comes as Russian forces appear to be preparing for a new, aggressive offensive in the eastern part of Ukraine. Paul McLeary, defense reporter for Politico, joined Cheddar to discuss this new round of aid and what it means for the U.S. commitment to arming the embattled country.
Catching you up on what you need to know on April 18, 2022, with Russian missile attacks on the Ukrainian city of Lviv killing seven, mass shootings in South Carolina and Pittsburgh, Lucky Charms cereal under official investigation by the FDA, and more.
Activism is growing around the country in response to school boards banning books from shelves that focus on sexuality, gender, identity, or race. Jen Cousins, co-founder of The Florida Freedom to Read Project, joins Cheddar News to discuss.
As the Russian invasion of Ukraine intensifies, President Biden has announced a ban on importing Russian oil, gas, and energy. To discuss how this ban will impact the war and Americans, Amir Handjani, non-resident fellow at Quincy Institute, joins Cheddar News.
Thousands of protesters around the world are expressing their solidarity with Ukraine against Russia's invasion.
Jason Beardsley, national executive director of the Association of the U.S. Navy and national security expert, joins Cheddar News to discuss.
As gas prices surge amid the Russian invasion of Ukraine, other nations could potentially transition faster to using clean energy than previously expected. Philip K. Verleger, a senior fellow at the Niskanen Center, joined Cheddar News to explain how this could be a possibility in the near future. "Part of the reason I think we have this invasion and the tantrum that's being thrown by Russia, terrible tantrum, is because the Russians were trying to slow down the transition," he said. "Ironically they speeded it up."
