Why Is This Happening? The Chris Hayes Podcast
The Stakes of Tax Policy with Kimberly Clausing
Apr 16, 2024
Kimberly Clausing, tax expert, discusses Trump vs. Biden tax policies, implications of tax cuts for wealthy elites, corporate tax rates and profit shifting challenges, IRS funding implications, and the impact of tax policies on different income groups. Clausing also highlights the evolution of tax policies under Presidents Biden and Trump, emphasizing changes in tax rates, poverty reduction efforts, and clean energy investments.
39:12
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Quick takeaways
- Trump focused on tax cuts benefiting corporations and the wealthy, while Biden aimed at increasing taxes for the rich and providing relief to working families.
- Biden's tax policies included expanding tax credits to reduce child poverty and addressing social issues, promoting fair tax burden distribution.
Deep dives
Comparison of Tax Policies Under Trump and Biden
Under the Trump administration, there was a focus on tax cuts that primarily benefited corporations and the wealthiest individuals. The Tax Cuts and Jobs Act reflected this approach, reducing corporate taxes significantly and providing individual tax cuts, including benefiting the top earners. In contrast, the Biden administration has emphasized increasing tax compliance and payments for the wealthiest earners and corporations while reducing tax burdens for working families and the lowest-income individuals.
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