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.
President Biden's first year did not come to the close that he had hoped after last night's Senate vote blocked the voting rights bill, a priority that Biden has promoted since his inauguration. Joining us to discuss the voting rights bill, and many others passing through congress is congresswoman Lori Trahan, representing Massachusett's 3rd district.
Members of Congress have voted to advance a bill meant to address antitrust concerns related to tech giants including Amazon, Apple, Google, and Meta. The 'American Innovation and Choice Online Act' is largely seen as one of the best chances for the government to reign in Big Tech's dominance
Seth Schachner, Managing Director StratAmericas; Digital Business Executive joined Cheddar's Opening Bell to discuss.
American semiconductor company, Intel officially announcing plans to build a new $20 billion chip manufacturing complex outside Columbus, Ohio. This comes as the global chip shortage continues to hamper production of everything from smart phones, to cars. Jennifer Smith - Logistics and Supply Chain Reporter, WSJ joined Cheddar's Opening Bell to discuss.
The U.S. has put more than 8,000 American troops on high alert for possible deployment to Eastern Europe as the West prepares for a potential Russian invasion of Ukraine. With Russia building up more than 100,000 troops near the Ukrainian border, concerns over the country's behavior are mounting. Joel Rubin, Former Deputy Assistant Secretary of State and President of the Washington Strategy Group, joined Cheddar to discuss what this means for U.S.-Russia relations, and where the conflict might be heading next.
As the midterm election looms, things aren't looking too promising for President Joe Biden. One year into his term as president, Biden is facing one of the lowest approval ratings of any modern-day president, threatening his party's control of the House in 2022. Brian Bennett, Senior White House Correspondent for TIME, joined Cheddar's Opening Bell to discuss.
A full one year into his term as President of The United States, President Biden addressed the nation on Wednesday, facing questions on everything from inflation to chip shortages and covid-19. As Biden enters his second year in office, he is facing one of the lowest approval ratings of any modern-day president. Kate Davidson, Reporter, POLITICO joined Cheddar's Opening Bell to discuss.
"Barbara Lee: Speaking Truth to Power" is the story of how the longtime House Democrat became, as she Is known to some, as "the Conscience of Congress." The film also
shows Representative Lee from her days working to fight community poverty to famously becoming the only member of Congress to vote "no" against the war in Afghanistan days after 9/11. The film is nominated for an NAACP Image Award, and Premieres on Starz on February 1. Film director Abby Ginzberg and Rep. Barbara Lee (D-Calif. 13th District), joined Cheddar to discuss more.
San Diego has just implemented a new law that could set the stage for how the country deals with food waste. This new law hopes to make a dent in that. Businesses and groceries stores out in San Diego will need to put a plan in place to *donate edible food rather than toss it straight to the trash. Food Rescue Manager at Feeding San Diego, Kate Garret
Earlier this month, New York City experienced one of the deadliest fires it has seen in decades. 17 people lost their lives in the Fordham section of the Bronx. This was due to a faulty space heater which reportedly began on the lower floor of the 120 unit building. Thanks to the F. D. N. Y. And heroic neighbors, many were able to get out in time. Unfortunately, the toxic smoke surged upwards through a safety door. Now, many advocates say negligence by policymakers and landlords has led to the deaths in black and brown communities from fires that honestly could have been preventable. Legislative Director of Citizen Action of New York, Rebecca Garrard, and the Chair of Journalism and New Media Studies at St. Joseph's College Theodore Hamm, joined Cheddar to discuss more.
