The Joe Biden Wealth Tax (Explained)

Summary by Krater

The host breaks down the proposed tax changes under Joe Biden's tax plan, focusing on the potential impact on high earners, investors, and corporations.

From the video

Answers: How will Joe Biden's proposed tax plan affect your wallet and taxes?

• Tax Cuts and Jobs Act
• Income tax brackets
• Payroll tax
• Capital gains tax
• Corporate tax
• Tax credits

What it concludes

• The tax plan proposes raising the maximum federal income tax bracket from 37% to 39.6%.
• A new social security payroll tax is proposed for incomes above 400,000 dollars.
• Capital gains tax for those earning over 1 million dollars could increase to a maximum of 43.4% total.
• The corporate tax rate is proposed to increase from 21% to 28% alongside a 15% minimum tax on corporations.
• A 15,000 dollar home credit is proposed for first-time home buyers.
• The child tax credit is proposed to increase to 3,000 dollars for children 17 or younger with a 600 dollar bonus for children under 6.