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.
Four women who attended the U.S. Coast Guard Academy, including a current cadet, are expected to testify at a Senate committee hearing about sexual assault and harassment.
The Air Force has taken disciplinary action against 15 personnel after classified documents were allegedly leaked by 21-year-old airman Jack Teixeira earlier this year.
Attorneys for Gov. Ron DeSantis are asking a federal judge on Tuesday to dismiss a free speech lawsuit filed by Disney after the Florida governor took over Walt Disney World's governing district in retaliation for the company opposing a state law that banned classroom lessons on sexual orientation and gender identity in early grades.
Federal investigators have gained access to former president Donald Trump's phone records which could be used as evidence in his 2020 election interference trial.
The Texas Supreme Court has ruled against a woman seeking an abortion while in Arizona, the state Supreme Court will begin hearing oral arguments in an abortion rights case.
Attorneys for a pregnant Texas woman who sought court permission for an abortion in an unprecedented challenge to one of the most restrictive bans in the U.S. say she has left the state to obtain the procedure.
A New Hampshire man has been accused of sending text messages threatening to kill a presidential candidate ahead of a scheduled campaign event Monday, federal prosecutors said.
Special counsel Jack Smith on Monday asked the Supreme Court to take up and rule quickly on whether former President Donald Trump can be prosecuted on charges he plotted to overturn the 2020 election results.
Wildlife officials plan to release gray wolves in Colorado in coming weeks, at the behest of urban voters and to the dismay of rural residents who don't want the predators but have waning influence in the Democratic-led state.
