Elections are coming up very soon! With so much biased news coverage, fake articles, campaign commercials, and differing opinions, it's hard to know what to actually believe. We've decided to write an article about both candidate's policies and plans, from a completely unbiased standpoint. The goal of this article is to educate you on how each plan will affect you and those around you, so that you can make the best decision.
Joe Biden's Policies:
Regulation: Joe Biden plans to raise the regulations on environmental standards for corporations and transportation.
Health Care: Joe Biden plans to expand the public health care system and Medicare. He also plans to reduce the overall cost of healthcare by capping the price of certain services and potential imports.
Government Spending: Joe Biden plans to shift government spending towards "going green" and clean energy. The 2 trillion dollar plan will add millions of new jobs with the goal of cutting carbon emissions to net zero by 2050. This will be done by restructuring energy sources to rely more heavily on environmentally friendly sources, and rebuilding roads, bridges, and buildings to be more structurally sound against weather conditions.
He also plans to put government spending by using the proposed infrastructure bill and to lower the rising federal debt.
Jobs: Joe Biden plans to raise the federal minimum wage for employees. He hopes to raise the minimum wage for employees to $15/hour. Though there hasn't been a timeline revealed yet as to when or how this would be achieved, Biden believes this will help lower class workers to recover after the effect of the pandemic. It has been argued that this would hurt small businesses and even bigger corporations, therefore hurting the economy and the workers themselves. Joe Biden plans to "bail out" businesses in need, according to his remarks during the first presidential debate.
Trade Policy: Both candidates say they plan to maintain pressure on China. Joe Biden is unlikely to roll back any of the current tariffs. He is hoping to get the US back into the World Trade Federation as well as the Trans-Pacific Partnership. Biden plans to expand international trading and work more with other countries.
Taxes: Joe Biden's tax plan mainly focuses on raising the taxes of large corporations and those making over $400,000 a year. He plans to repeal the major tax reductions passed in 2017. This would increase the top individual federal income rate from 37% back to the Obama administration rate of 39.6%. The carried interest "loophole", often claimed by hedge-fund and private equity managers would be eliminated and they would pay capital gains tax rates of 20%.
Corporations would see their tax rate increase from 21% to 28%. All corporations will be subject to a 15% alternative tax minimum, and all foreign income will be taxed at double the current rate (21%).
Potential Congress Situations:
Biden wins and there's a democratic sweep of the Senate: If this happens, we will see white house and congressional control. This would result in a lot of Biden's proposed policies being moved forward, specifically those relating to fiscal spending initiatives, regulation, and taxes.
Biden wins and Congress remains divided: Biden plans to repeal some of Trumps policies from the last 4 years, but a split congress would prevent a full overhaul. You can expect to still see policy shifts in these areas:
- An increase in minimum wage and tighter regulations on environmental situations.
- The expansion of the public healthcare system in coverage and the lowering of medical costs,
- Increased taxes for higher income individuals and companies.
Regulation: Trump plans to continue to ease financial and energy sector regulations.
Health Care: Trump supports private healthcare and plans to continue that support over expanding government benefits.
Government Spending: Trump plans to continue to put government spending into improving our military. He plans to make cuts in areas like commerce and environmental protection while increasing spending on Veterans affairs and programs, as well as putting more towards NASA and homeland security.
He also, like Biden, hopes to lower government spending by using the proposed infrastructure bill and to lower the rising federal debt.
Jobs: Trump hopes to continue to lower the unemployment rate by potentially lowering payroll taxes for corporations and companies. By lowering the taxation on corporations and providing certain tax credits, Trump was able to get the economic wheels rolling during his last term. With plans to reopen the country, Trump is promising 10 million jobs in 10 months.
Trade Policy: As stated before, both candidates say they plan to maintain pressure on China. Trump also says he is unlikely to impose new tariffs, but he plans to maintain a harder line on the US international trade negotiations and balances. Trump plans to continue to push and reward those who choose to keep trading within the US and North American borders.
Taxes: Trump plans to maintain the 21% corporate tax rate while continuing to cut income tax rates. Trump is looking to add a 10% middle class tax cut, but otherwise plans to extend the changes made in his previous term. Trump also plans to crack down on illegal immigrants who are claiming tax returns and requiring a valid social security number to claim certain tax credits.
Potential Congress Situations:
Trump wins and congress remains divided: If this happens, we will likely see a continuation of existing policies Due to the probability of congress remaining split, there will still be push-back on new policies. The policies that would more than likely be pushed for sooner would be:
- Lowering taxes for households and businesses
- The continuation of private healthcare system and the goal of lowering drug prices.
- Ongoing deregulation of financial and energy sectors.