Joe Biden's 2025 Tax Proposal EXPLAINED
Published: 2024-05-06
Status:
Available
|
Analyzed
Published: 2024-05-06
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
President Biden proposes raising the top individual income tax rate from 37% to 39%.
"he wants to raise the top tax rate from 37% to 39%"
Pending
President Biden proposes increasing Medicare taxes.
"he wants to raise Medicare taxes"
Pending
President Biden proposes increasing the child care tax credit.
"he wants to increase a child care tax credit"
Pending
President Biden proposes increasing the earned income tax credit.
"he wants to increase the earned income tax credit"
Pending
President Biden proposes eliminating subsidies for cryptocurrency.
"he wants to get rid of crypto subsidies"
Pending
President Biden proposes eliminating the like-kind 1031 exchange for real estate investors.
"for Real Estate Investors he wants to eliminate the like kind 1031 exchange"
Pending
President Biden proposes increasing capital gains tax rates for wealthy individuals.
"he wants to increase the capital gains tax rate that you pay if you're wealthy"
Pending
President Biden proposes removing the stepped-up basis provision.
"he wants to remove the whole idea of stepped up basis"
Pending
President Biden proposes raising the corporate tax rate from 21% to 28%.
"he wants to raise the corporate tax RP from 21% to 28%"
Pending
President Biden proposes denying deductions for employee compensation over $1 million in corporations.
"he wants to deny deductions of all employees in corporations making over a million"
Pending
President Biden proposes quadrupling the tax on stock buybacks from 1% to 4%.
"he wants to quadruple 4X the tax on stock BuyBacks"
Pending
President Biden proposes eliminating subsidies for oil and gas companies.
"he want to eliminate the subsidies for oil and gas"
Pending
President Biden proposes eliminating tax deductions for corporate jets.
"he wants to eliminate the corporate jet deductions"
Pending
President Biden plans to enhance IRS enforcement against wealthy individuals who haven't paid taxes.
"President Biden wants the IRS to go after people especially wealthy people who have not paid their taxes"
Pending
President Biden proposes increasing the top income tax rate from 37% to 39.6%.
"he wants to raise the top income tax rate from 37% to 39.6%"
Pending
President Biden proposes lowering the income threshold for the top tax bracket to $400,000 for single filers and $450,000 for married couples.
"what he wants to do is change that from $ 69,3 to $400,000 to be in the top tax bracket as a single person $400 $50,000 as a married couple to now be in the top tax bracket"
Pending
President Biden's proposal increases Medicare taxes from 3.8% to 5% on earned and unearned income for individuals earning over $400,000.
"raises Medicare taxes on earned income and unearned income from 3.8% to 5% for those with incomes over $400,000"
Pending
President Biden proposes increasing the child tax credit to $3,600 for children under six and $3,000 for children six and older.
"increase that amount to $3,600 if you have a kid that's under six and $3,000 if you have a kid that's 6 years old or over"
Pending
President Biden proposes distributing the increased child tax credit as monthly checks of $300 per child, instead of an annual lump sum.
"instead of just giving you this tax credit on your tax returns instead he's proposing doing this through kind of like a monthly check where now you can kind of spread out the money you get from this tax credit and then you can use this money to help fund whatever you need for your kid so instead of getting $3,600 a year you get $300 a month in a check"
Pending
President Biden proposes expanding the earned income tax credit to include childless individuals and the elderly.
"wants to expand this tax credit for people that don't have kids and he wants to expand this tax credit to Elder people as well"
Pending
President Biden proposes eliminating the ability to realize tax losses on cryptocurrency sales and immediately repurchase the same crypto, similar to wash sale rules in the stock market.
"eliminate what are known as wash sales when it comes to taxes it's already exist in the stock market and the way it works is... in the crypto Market you can at least until now and this is where President Biden is working now to eliminate this type of tax loss"
Pending
President Biden proposes eliminating the like-kind exchange (1031 exchange) provision in real estate.
"eliminate the like kind exchange also known as a 1031 exchange in the real estate market"
Pending
President Biden proposes that individuals earning over $1 million annually should pay ordinary income tax rates on capital gains, or a minimum of 25% for those with a net worth over $100 million.
"if you make over a million dollars a year you should not qualify for these capital gains tax rates instead you should be paying the same ordinary tax rates or if you have a net worth of over $100 million a year you should be paying a minimum of 25% on your capital gains rates"
Pending
President Biden intends to eliminate the stepped-up basis provision for inherited assets.
"President Biden wants to remove this whole concept of stepped up bases"
Pending
President Biden proposes increasing corporate tax rates from 21% to 28%.
"raise corporate tax rates from 21% to 28%"
Pending
President Biden proposes limiting corporate deductions for employee salaries to $1 million per year.
"wants to eliminate salary deductions on people making over a million dollars a year in these corporations"
Pending
President Biden's budget proposes quadrupling the tax on stock buybacks from 1% to 4%.
"proposes quadrupling the stock buyback tax from 1% to 4%"
Pending
President Biden proposes eliminating tax subsidies for oil and gas companies.
"he wants to eliminate tax subsidies for oil and gas companies"
Pending
President Biden proposes eliminating the tax benefit and deduction for corporate jet purchases.
"eliminate the corporate jet tax benefit tax deduction for businesses"
Pending
President Biden proposes increasing the fuel tax on corporate and private jet travel.
"increase the fuel tax on corporate and private jet travel"
Pending
Former US Treasury Secretary suggests considering the possibility of future interest rate hikes rather than cuts.
"you have to take seriously the possibility that the next interest rate move will be upwards rather than downwards"
Pending