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.
Following the invasion of Ukraine, a multitude of Western companies have paused doing business with Russia. PepsiCo, Coca-Cola, McDonald's, and Starbucks are the most recent companies to temporarily cease operations in Russia. Dean of Miami Herbert Business School at the University of Miami, John Quelch, joined Cheddar News to discuss what message this sends to Russia and the Russian consumer. “I would not underestimate the collective strength of all of these multinational companies, essentially coming together to make their collective statement in support of the political statements that have come out of Washington," he said.
The war in Ukraine continues to reveal heartbreaking gut-wrenching stories. The war in itself is not only devastating but also expensive. Experts estimate that Russia is draining nearly $20 million dollars each day to continue occupying and invading Ukraine. All this could force the country to turn to cryptocurrencies. It's a major turn for the country that briefly considered outlined digital assets entirely, but it could also have serious implications for cryptos. Managing Director at Quantum Fintech Group, Harry Yeh, joined Cheddar to discuss more.
President Biden announced a ban on Russian oil and natural gas imports to the U.S. in response to its invasion of Ukraine, a move he warned could lead to an even greater surge in gas prices. The ban is prompting a conversation about the current oil production levels in the U.S. and whether or not the industry can ramp up production to soften the blow to American families at the gas pump. Clark Williams-Derry, Energy Finance Analyst with the Institute for Energy Economics and Financial Analysis, breaks down the state of the U.S. oil industry and how the ban might impact production levels here at home.
PepsiCo, Coca-Cola, McDonald’s, and Starbucks are the latest American food brands to have halted business operations in Russia after having faced scrutiny and criticism for originally failing to do so amid the country's invasion of Ukraine.
As Russia intensifies its war on Ukraine, President Biden announced a ban on oil imported from the aggressor nation. Critics of Russia have said this would be the best way to force Putin to pull back, but curbs on Russian oil exports are expected to send already skyrocketing oil and gas prices even higher, further impacting consumers, businesses, financial markets, and the global economy. Leslie Beyer, CEO of the Energy Workforce and Technology Council, joined Cheddar News' Closing Bell to discuss. "It's certainly going to increase pricing, but it is the right thing to do," she said. "The industry itself has already pulled out of the significant portion of its operations in Russia."
Sports Betting in the U.S. is booming. According to industry experts, we could see another boom this year as more states move towards statewide legalization of sports wagering. While this comes as huge news for fans, there are some very real concerns as to whether or not sports betting potentially poses a threat to public health. Senior Clinician at the Caron Treatment Centers, Eric Webber, joined Cheddar to discuss more.
The Biden administration has made gender policy a core part of how it governs. The president established the first Gender Policy Council. It's on the same level as the National Security Council, Domestic Policy Council and National Economic Council, putting the interests of women and other underserved groups at the table for the most important policy discussions.
Cheddar News sat down with Jennifer Klein, executive director and co-chair of the White House Gender Policy Council, to discuss the council's work and its significance during Women's History Month.
State Representative Jessica González, Vice Chair of the Texas House LGBTQ Caucus, joins Cheddar News to discuss the latest Texas anti-transgender directive.
The United States Secretary of Agriculture, Tom Vilsack joins None of the Above to discuss the newly emerging conflict in Europe, what it means for agriculture in the states, dairy and meat consumption, and how the department is planning to promote climate-smart agriculture.
