One of the hot topics of this year’s election is the difference in economic plans from each candidate. As a strong capitalist, President Trump has to continue to incentive business and ownership while Joe Biden makes a push towards socialism encouraging people to remain in the general labor force and rely on the government for assistance. With economic plans on opposite ends of the spectrum, it is important that we choose wisely as we cast our votes. Afterall, this is your freedom at stake. So, here’s a breakdown of each candidate’s economic plan:
Trump’s Plan: During his term, President Trump has signed legislation to cut capital gains tax to 15 percent and increase the estate tax basic exemption amount from $5 million to $10 million. He plans on introducing new legislation that will propose a cut to payroll taxes and continues to cut regulations for businesses. While Trump’s plan heavily incentivizes business ownership, it also inherently increases the number of jobs created each year. With businesses allowed to grow and flourish, they will expand and more jobs will be created. Not to mention, more people will become wealthy and create businesses of their own and employ more people. In addition to creating new jobs, President Trump is also looking to bring back jobs to the American people by bringing manufacturing back to the United States and imposing tariffs on those that don’t. He also has plans to fund on-the-job training, apprenticeships. Lastly, he wants to make major investments in infrastructure. This followed by the success of having launched the “opportunity zones” programs in 8,766 distressed areas, which, so far, have attracted $75 billion in private capital.
Biden’s plan: On the other hand, Biden wants to increase the federal minimum wage to $15 per hour and strengthen worker organizing, collective bargaining, and unions. He also has claimed that he will make racial equity part of the mandate of the Federal Reserve and will insist on strong and enforceable standards for labor, human rights, and the environment in any future trade agreements. While Biden’s plan proposes to improve the workforce, there are no strategies on how he will grow the workforce and create new opportunities. Especially since his plans also discourages business ownership. He plans on increasing taxes by $4 trillion over 10 years, specifically through nearly doubling the current tax rates for those who earn $400,000+ per year and by greatly increasing capital gains tax to the same rate as income tax. He also has strong intent on banning anonymous shell companies, expanding anti-money-laundering requirements, disclosure of beneficial ownership, and greater oversight of cross-border transactions. Since businesses are being hit hardest, it will be more difficult for them to grow and expand. Thus, no new jobs will be created. This means that the burden will be placed on the government to either create jobs or provide financial assistance to keep families afloat.
It’s evident who has the best interest of the people at hand. President Trump has been trying to rewrite the American economy and help people take control of their income., and to give people the ability to create real wealth without having to worry about being penalised by the government. Biden’s economic plan has set out to discourage people from building wealth and forces people to remain in the minimum wage workforce with limited opportunities. Ultimately, his plan incentivizes poverty and forces people to rely on government assistance. At the end of the day, money is all about freedom. If you limit one’s access to wealth, you limit their freedom. So think about it, would you rather be set up to thrive and be free to enjoy the fruits of your labor or sit around waiting for the government to give you a handout that barely allows you to survive. Thrive or survive, the choice is yours.