My Thoughts On Paying Higher Taxes | Joe Biden Response

Graham Stephan

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    Here are my thoughts on the new proposed tax plan, what new changes could go into effect, and how much of an impact this might make - Enjoy! Add me on Instagram: GPStephan | If you want the full analysis, go here: taxfoundation.org/joe-biden-tax-plan-2020/
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    The Biggest Changes:
    1. Raising the maximum tax bracket from 37% back to 39.6%
    2. Applying Payroll Tax to incomes above $400,000 per year
    3. Increasing the Capital Gains Tax on incomes over $1 Million Per Year
    This would tax long term capital gains as ordinary income, plus a 3.8% surtax, for people earning over $1 million per year. As it is now, on incomes over about $440,000 per year…you pay a flat 20% capital gains tax, PLUS a 3.8% investment surtax…so, 23.8% total, no matter how much you make above that amount.
    4. Increasing Corporate Tax Rate from 21% to 28%
    4.5 Imposing a 15% minimum tax on corporations with $100 million + in annual income.
    5. Allow for a $15,000 Refundable Tax Credit for First Tim Home Buyers
    5.5. Allow a $3000 refundable tax credit, and the potential for a $600 bonus
    For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
    *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.

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    Жорумдар

    1. Trevor Cannon

      Audit the government, LOL, I wish XD

    2. Cranjis McBasketball

      Who else just watches his videos but doesn’t understand a second of them

    3. Moo-oo

      Gonna be interesting to see how all this gets passed back on to the consumer in the form of higher prices because government can't stop it's wreckless spending habits and wants to cram down ineffective policy on businesses in the name of appearing "woke" and "socially conscious" all for votes to retain their 6 figure salaries and book deals that teach people nothing.

    4. John Kilpatrick

      People in California who make money at a regular job likely saw a tax increase. I know I did. The SALT cap hurt.

    5. Gmail User

      Anyone at ANY level who supports increased taxation - just a MONTH after the COVID relief Bill sent BILLIONS to foreign governments - needs to stick their heads back up their asses. Abysmal stupidity!

    6. Caitlyn Carstens

      What happened to what you work for is what you get???

    7. The ReflexBoxer 2ndLT

      If you make 400,000 max your Roth so you stay in the 35% tax bracket at 394,000

    8. Deano Lupi

      Joe biden and the Democrats are evil.

    9. Simon Talbot

      tax often go to crappy use (bureaucracy, politicians etc.), however you want a way (tax or some other way) to reduce economic inequality in order to promote movement across levels of society. If you do not there is evidence average gdp per capita will reduce for everyone

    10. Jay

      The same people complaining of reducing the tax rates and making the government more efficient i bet are the same people hoping our military gets a 10% bump in spending every year. The first step in making the government spend less: REDUCE Military spending. More than half of current discretionary budget goes to the running of the military. Reduce that first, then we can talk about reducing spending everywhere else.

    11. Playa from the Himalayas

      Stop taxing income. It's penalizing people for being successful. I'm not sure exactly how to fairly get taxes, but possibly add a federal sales tax on anything not deemed necessity.

    12. Wavee

      First world problems cry me a river

    13. Brett Dyer

      anyone who makes 400K+ won't be paying a dime extra. when the feds finally figure this out (a 12 year old can understand this) they'll only make sure the people below those 400K+ earners are paying up more to make sure they can "fix the budget" . People who make that kind of yearly money, can pay individuals to find them loopholes. also, raised taxes never did any society any good, especially when the spenders are unchecked which it seems every single one of our representatives refuses to do. Do taxes work? sure but they haven't worked in this society for decades at this point.

    14. Chad Graf

      Decreasing corporate taxes didn't raise salaries, but resulted in stock buybacks. But increasing corporate taxes will result in suppressed salaries? Gotta love capitalism

    15. Nathan Harris

      If you make 1million dollars a year it shouldn't matter go move to Texas

    16. Joel Likes Cars

      From what I'm seeing, it's terrible

    17. Zack Lynch

      Why did you not cover that fact the he said he would Repeal trumps tax plan which would make everyone's taxes go up by 5% and you framed this very strange the blue collar people can not pay more taxes you make 400,000 a year of course you.dont care about taxes i wouldn't either

    18. Ryder21

      Politicians should be paid by the hour, it would save us a lot of money since they work for like 5 hours and take a 3 week vacation

    19. MN Drummer

      Remember, businesses DO NOT pay taxes......... people pay taxes. You can tax a business whatever you want, but ultimately it is people that pay the tax....... through actual higher taxes, lower wages, lower stock prices, fewer benefits, etc. People pay taxes, period, no exceptions. Businesses don't exist without people. People create businesses, work for businesses, run businesses, invest in businesses, etc. Businesses are not beasts roaming the countryside that can be rounded up and punished. Remember, people pay taxes.

    20. MN Drummer

      We should implement a 10% flat tax with an exception for war and codify this into the U.S. Constitution, along with a cap on spending and term limits for Congress. Of course, no current politician will support this because it will limit their power and ability to use the tax code to punish some and reward others for the purpose of getting votes.

    21. 6Rvses

      graham got be so scared for the future but the knowledge i learned from him is amazing

    22. jessica Melu

      Yes fully audit the government! They blow money!

    23. nate

      the social security tax on people over 400k is the most rational change. the change to capital gains tax is fucking retarded though.

    24. ThatWTFGuy

      Algorithm comment.

    25. MegaZeeds

      Surprisingly, I agree with all these changes. 1031 is complete BS, you basically dont pay any taxes forever. Of course, youre ok with 39.6% tax bracket. If you're rich enough to be in the bracket, you're smart enough not to pay 39.6%. Social security is not really a tax since you it is your money when you retire, so im not sure how that change is supposed help the budget. Capital gains is another BS, why does it exist? Money earned is money earned regsrdless of the method. This is how billionaires have lower maringal tax rate than their secretairies. Finally, id like to think that higher coporate tax rate would result in lowering of record breaking corporate profits, but youre probably right on tjat one. For now, id settle for amazon paying something.

    26. Fannie Flosser

      They want to spend money on the ATF to try to take away guns

    27. Ken

      It is a part of long-term debt cycle and inevitable outcome of socio-economic shift. When govt runs out of monetary tools (interest rate, QE, asset purchase), all it can do is to use fiscal tools (raise tax) to inflate away U.S denominated debts and increase tax revenue. Corporate tax and individual income tax used to be way higher back in pre-WWII. History just keeps repeating itself because politicians that favor austerity or natural market correction tend to risk outright revolution or tend not to last very long in the office.

    28. Fricc 2174

      Make no mistake business always pass the buck when they can. I am sure most people would.

    29. Larry

      Cant wait to read all the comments of people making 80-100k defending multi-million/billionaires 😌

    30. T S

      In the Netherlands it’s 50% in tax..

    31. Freal Solidus Auxil

      Welp time to keep income below 999999 then reinvest the rest into growth stocks.

    32. Spencer J

      People love to blame taxes for increases in the price of goods/services, but corporations are the ones making the decision to increase prices to keep their profits from taking a hit. I’ll feel bad for corporations when they actually pay their employees a living wage and stop trying to use their astronomical profits to influence public policy.

    33. Kidsinamerica

      When the Wealthy (like Trump) can use current tax law to only show enough income to generate a tax bill of $750/year, the entire game is RIGGED. I don't care how you feel about "Government Spending", or Biden, or whatnot. You're NOT contributing - at-all. The Wealthy don't admit to causing many of the problems in society that the Government is called-upon to 'fix' through Social Programs that get funded through taxes.....the entire game is RIGGED.

    34. SrJackquito

      “...raising corporate tax from 21 to 28% some of that cost would be passed to the consumer...” Uhm no... in order for that to be true means when the tax fell from 30+ to 21, then we should have seen a significant reduction in costs for some goods as a consumer. I did not see any. Also, looking at products in general they have all gone up in costs not down since the Trump tax plan has been in effect. This is just a scare tactic.

    35. russttu

      Great video! Only thing is, government is never held to account. There is zero chance that they will audit themselves and have their recklessness on full display. Tax watchdogs publish the materials they find, but when there is a political incentive to increase taxes for punitive purposes, good luck on ever forcing change. Just found this channel, new subscriber now!

    36. TheDantor62

      Why isnt our money spent wisely thought Donald trump drained the swamp. Oh he golfing again like always

      1. Northwest Gardener

        There is a dual form of government in America 1 side funds companys and the other side funds the citizens of "idocrasey" they both fund bigger less effective government and delivering a lower quality of life. It is a very successful system. We are now entering a new idiot cycle.

    37. R Marca

      I always tell people corporations pay no taxes. Corporations get their money from the consumer. So any corporate tax increase will just get passed on to the consumer in the form of higher prices for goods and services.

    38. Robert Szabo

      Audit on government? You are very naive

    39. C Robinson

      The thing about higher taxes for individuals and corporations is that at the end of the day those of us who are wealthy will still be wealthy and billion dollar corporations will still be billion dollar corporations despite paying more in taxes. It’s far easier to generate wealth the more money you have and in many cases the amount you pay in taxes for that year can easily be made in time at all through sales, investments, and capital gains.

    40. Cody V

      Get the heck out of Cali.. That's my advice

    41. R J

      Its coming. Now that the dems control congress. I am sure they will continue to borrow 3-4-5 trillion a year even with those higher taxes. That is the government for ya.

    42. Lawerence Krauss

      What do you think would be a fair way on taxes?

    43. LADDERLAD Music

      Yeah the problem is that there aren't enough regulations because the terrible American government loves the free market even though it obviously doesn't work. The big CEO's aren't going to take a pay cut so that their employees can actually make a comfortable income. The rich hoard their money and spend it amongst themselves while the free market they want to protect crumbles beneath them. When regular people don't have money to spend, regular businesses don't make money, and when businesses don't make money, they lay off employees or shut down. The problems are poor rights for workers, things like raising the minimum wage would help, but to counteract the effects of people being laid off becayse big companies can't "afford it", there should a cap on how much more the people at the top can make than the people at the bottom. The government poorly allocates and spends tax money so certain programs like education are poorly funded, and with higher taxes, maybe you would be able to put together a universal healthcare plan. And you need to get money out of politics. Bribing politicians to benefit you and your company is disgusting and should be extremely illegal, but it's 100% normal to "donate" to your preferred party. Once we stop celebrating those who are keeping us poor, then we can move towards a better world. Instead of being like "wow Jeff Bezos is so rich and so cool, what a groovy guy" maybe think about WHY he is so rich. It's not because he pays his employees well and pays his taxes.

    44. David Brown

      Hey Graham, Can you explain the 39.6% and where tax write-off's come into play? Like i heard some people can write off a lot of what they were "Supposed" to pay? thanks in advance!

    45. Daniel Devine

      We can’t spend a few trillion bucks in wars and financial relief without raising taxes it’s pretty simple

    46. Jack Ophelott

      Purely SELF-interested opinion here. You don't have a college degree and you're definitely not qualified to be an economist. Stick to flipping houses bro.

    47. Drew .Watkins

      Basically, your advice would be for our government to run like a true corporation. Not going to happen bud. There is nothing motivating these people to run our government efficiently, and most of them have no idea how the economy, or a business work. AOC is a bartender turned district representative, for example.... Best thing to do is defund the federal government. haha

    48. JIMJONES yourself

      Most people are ignorant and think a 62% tax on the wealthy is ok. They can't see the bigger trickle down effect it would cause. The same with bidens $15 hr minimum wage. Greed and quick gratification without regard for the consequences affects the rich as much as the poor.

    49. J Fava

      ...if they can print whatever money they want... why do individuals have to pay personal income tax from what they earn? ...🤔 what is the actual purpose?

    50. NinjaJLego

      do one about the minimum wage

    51. Chamallow

      To all the people complaining here : Don’t worry, as long as you don’t live in France you are fine

    52. Xniaz

      I love the higher tax brackets. Unfortunately unless the IRS gains more budgeting they won't audit megacorps and the rich. So this taxation will only hit the bottom earners

    53. Jhon Shmit

      Just look the happiest, healthy, wealthy country's (Scandinavia) in the world and they all pay crazy high taxes.

    54. LytalLife Littletown

      I pick the side of more cash for my family. Meaning I did not vote for joe. That’s like voting more money for China.

    55. Here Iam

      California keep raising taxes but poor people are suffering more than ever, the state government is extremely corrupt. Once I know democrat will be taking control of the senate I immediately rebalance more of my stocks to emerging markets. Hearing biden talk about national wage hike that will also kill rural economies and hinting at tax hike, this guy ain't got a clue on handling the economy.

    56. GhilliedUpNinja

      Biden's tax plan is nuts.

    57. Chris Sorreda

      I love how people comment as if they know how to run and fund a country, let alone one as big and complicated as America. Don’t get me wrong, i’m not pro high/increase taxes nor am I on the other side.

    58. Mike Anderson

      I do not want higher taxes!!! I want people to get off their butts and work just like the people who pay taxes! Biden will destroy US economy.

    59. Chance Slaughter32

      Low key graham would be a great president

    60. Noahpastorpips

      better spending of your taxes will never happen

    61. Valeen 78

      The problem is not how much you tax this guy or that gal. The question is, what are you going to spend it on and what are we going to get from that expenditure.

    62. J Bone

      You know they will spend it wisely.

    63. Damian Montoya

      Damn. As a 20 year old guy trying to save money to start my own business this is so discouraging. All these taxes only serve to hurt small-businesses and prevent new businesses from forming. This will only widen the wealth-gap. The rich will get richer (since they will lose most of their competition and they're too big to fail) and the poor will get poorer (inflation due to all these free hand-outs while penalizing low/mid income people who try to build businesses and invest in real-estate).

    64. MõØhąmæđ ccr7

      I make 150k no worries on me

    65. Andi Dwyer

      The close captioning is way wrong!! OMG!!!

    66. Tanku 666

      one can not audit government expenses, alphabet institutions and the company itself.

    67. matthew willman

      Trickle down economics doesnt work. I think we should be taxing like we did in the 50s.

    68. Tyler Seppala

      14:33 Graham for pres!!

    69. Hi C

      Somebody has to pay for all the " free " stuff Biden promises.

    70. Ron Jarosch

      If you're self employed, you pay 14.13% for self employment tax, not 15.3%. Look at form SE, you pay 15.3% on 92.35% of your income. (.153x.9235)=.1413

    71. David Taylor

      When will the taxes be 100%? lmk

    72. gsxr2fst498

      Where does the money go? Pakistan? Egypt? Americans are the enemy of the American government

    73. Mika Cruz

      Nice ideas

    74. madrascal

      700k people left California last year .

    75. M P

      Gee, I wonder why capital gains tax is of interest just as BTC is increasing and the they are becoming increasingly liquid 😂

    76. Froman Abe

      I think the best way is to tax all income away from those who earn it and return an equal amount to each and every person. What could be fairer?

    77. Average Joe

      Rich people: OH NO! What is the government gonna do with our money?!?! Poor people: ...sucks right?

      1. rula018

        @STL 1234 😂😂

      2. STL 1234

        Poor people: "I exist, therefore other people owe me money."

    78. Ron Jarosch

      You say multiple times that the 2017 law lowered all brackets. It didn't. The 10% bracket stayed the same. Someone in that bracket asked me why and I told them I believe it's because those in that bracket historically don't vote.

    79. YumixNightmare

      We need FDR style president and Keynesian economics back.

    80. Ever Velasquez

      Keep making these videos

    81. Christian Fontaine

      The government is notoriety ineffeciant at spending money

    82. G F

      Love this take. Thank you

    83. ProxZChains

      Does a 16minute video really need 5 ads ran? Don't think so 👍.

    84. Shae Reub

      It sounded weird to me how you called him Minority Mindset instead of his actual name that he mentions in his videoes.

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      3. Alexander Sebastian

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    86. ryan

      I want to be taxed more & want people "below" me to be taxed less. Taxes go up this year thanks to trump

    87. SocialMoth

      I'm cool with tax increases if it's actually used to pay off our federal debt and is used for our citizens' benefits, not going to some other country. But we all know the government's spending habits will only get worse.

    88. fumetsu Akumetsu

      Lmao fully audit government yeah that's a pipe dream

    89. Dubble Step Records

      Very interesting listening from outside of the US - politics is soo different there.

    90. Brad M

      So you're telling me, higher taxes causes people to earn less? That sounds awfully capitalistic. I've been told rich people are evil. So taxes good because only rich politicians are good. Not filthy capitalists who work for their money.

    91. Tauno Kekkonen

      The issue with raising taxes is that it's easy to do and will stay in the toolbox forever. Believe me, coming from a high tax country (Finland). We do have transparency on where the money goes, but it becomes the only tool that democrats and communists have competence for.

    92. Youboreme

      So many people bitching about taxes in the comments when based on their understanding of taxes they probably barely make enough for the first 2 brackets if even that.

    93. Seth Bender

      This sucks for everyone. Him bumping the minimum wage in my town to 15 an hour means my family is gonna have to either cut jobs or raise the price of everything we sell because we can’t afford to pay the labor. Terrible.

    94. superbott

      Rewind a minute, yes a two or three percent interest rate is less than taxes would be, but you also have to pay back the principle. You're not actually increasing your spending power beyond the present.

    95. NiceGuyRides

      government Audit... lol. You are dreaming Graham.. Maybe you should be in Congress...

    96. Vision YT

      Trump 2020

    97. MeGawOOt99

      I am going to have a feeling that 'federal employees' like Biden, Congress, and the House is going to have their own separate tax brackets.

      1. chukman102

        That wouldn't make much sense since they could just increase their salary far more easily than fitting themselves into the code.

    98. Marc Forest

      If you do t make over 400k this video provides no insight to your personal life.

    99. Trenton Thurber

      I'm sure the government will be responsible with our money. They have an excellent track record right?

    100. The Motodude

      Oh god, the sky is falling, people making 400k a year or more are going to see a little tax bump and people making a million or more will have to pay capitol gains tax! How will they ever survive???