Home / News / The big differences between Donald Trump, Joe Biden's tax plans

The big differences between Donald Trump, Joe Biden's tax plans

Libby Cantrill, head of U.S. public policy at PIMCO, joins “Squawk Box” to break down the major differences between Donald Trump’s and Joe Biden’s tax plans and how their policies could affect the economy. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

For business tax expert Tony Nitti, the significance of this year’s presidential election for Main Street entrepreneurs can’t be understated.

“With zero hesitation, I can say this is the hardest voting decision small business owners have ever faced,” said the partner focused on federal tax at the accounting firm RubinBrown.

A coronavirus pandemic that has rocked many small businesses and caused a previously humming economy to fall into recession, civil unrest that led to downtown closures across the U.S., a cultural divide that is bigger than ever before — and that’s before taking into account the differences between President Trump and Joe Biden on the core business, tax and trade issues that historically have guided many business owner voting decisions.

“I do think there are more variables this election than in recent elections,” said Kevin Kuhlman, vice president of federal government relations at the National Federation of Independent Businesses. “The policy differences are stark, and we have the pandemic creating uncertainty and need for additional financial assistance. There are many short-term and long-term issues that would factor in, and would make a decision difficult.”

Entrepreneurs do vote in large numbers — 95% of small-business owners vote regularly in national contests, according to the National Small Business Association — and the demographic does skew conservative. Forty percent of small-business owners identify as Republican, versus 29% identifying as Democrats, and another 25% who say they are independent. An increasing portion of business owners indicate that they are voting on a more polarized basis. Straight party ticket votes have increased from 18% in 2014 to 27% today, according to a forthcoming survey from the trade group. In 2016, 40% said that neither party best represents their small business, but today, that number is down to 26%.

“More and more are picking sides,” said Molly Day, NSBA spokeswoman.

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  1. The corruption of 1% finnaly get to the riducules level.They gave americans two canditates and only one argument . Who is a lesser Putin's puppet. It's very entertaining to watch this circus. 😄🐹🐹🐹😄

  2. Not crazy hyper partisan economic review…. Good job for once.

  3. what more would you expect for NBC and CNN.

  4. It's obvious that Biden has a detailed tax plan while his opponent is spewing BS and non-sense lol.

  5. Trump tax cut is for the top .01% , Affordable Care Act lawsuit heading to Supreme Court would slash taxes for TOP. 01%
    Vermont Governor canidate, higher income may have increase of 5% of state tax. Not placing the burden on the lower income.

  6. Come on Man!!! 😂😂😂

  7. Joe Biden 2020 Tax form:
    Line 1. How much money did you make last year?
    Line 2. Send it in.

  8. When Biden shunned his face, he suggested that the whole party "furnace" should go out and campaign for him! Where are Clinton, Hillary, Michelle, Nancy … what can only Obama do ???

  9. BLM – Biden’s Laptop Matters

  10. Trump’s EMPTY Promises

    1. Major tax cuts (the bulk of which went to the corporate rich who created very few new jobs, BUT declared THEMSELVES more dividends)
    2. Brand new improved health care plan STILL WAITING
    3. Brand new infrastructure rebuilding plan STILL WAITING
    4. New stronger military STILL WAITING
    5. New detente with Korean dictator Kim Jong Un STILL WAITING
    6. New better VA STILL WAITING
    7. Thousands of new coal jobs STILL WAITING
    8. New border wall paid for by Mexico NOT EVEN FUNNY

  11. Just trying to figure out who is the most corrupt person to run for president. Hillary or Biden?

  12. MOODYS said Biden will create 18.6 million US jobs over the next 4 years-its Biden time

  13. Go Biden and get broke if you are hard working person! I will stop working and collect handout if Biden win!

  14. I wonder how many people have already voted for Biden and wish they could retract that after last nights debates


  16. 400k+ Tax Cuts Debunked

    Okay…so Joe claims that only individuals who make over 400k a year will be receiving these large tax cuts that are up to 60%!! So. Individuals who make such a number are considered the wealthy. Now, the wealthy is wealthy because they know how to manage money, and they most likely have a large sum where they can use to spend outside of necessities.

    Let’s say you live in California, and you make 100k a year, and another man makes 1,000,000 a year. If there happens to be a tax cut of 60% in California, the man who makes $1,000,000 a year will easily pack his belongings and use a fraction of his earnings to buy a new home, somewhere in the US where tax isn’t ridiculously high, such as Texas. Now. This option is only available for upper class individuals, those WHO MAKE $400,000 a year or higher.

    So, everyone who makes that value, or higher, is packing their bags and leaving towards a state that doesn’t steal their citizens money like leaches. Why? Because they can afford to do it, that’s why they are the rich. And why are the rich, rich? Because they know how to manage their money. Why would anyone who knows how to work money WANT to live in a place where hundreds of thousands of their hard earned pennies are being taken from their pockets? Exactly. So, 90%, of the 400k+ income classified individuals move out of California which taxes them 60% a year and now live in Texas.

    Where is California going to get all this money they were initially going to get from the rich? EXACTLY!! The Rich are no longer here because they are rich enough to leave, while the poor and middle class don’t have that option. The next step in this case would be the taxes increasing for the Middle Class and the poor. THATS SIMPLY HOW IT WORKS!!

    You tax the rich. The rich have enough money to leave. There are no more rich individuals left to tax so you need to tax somebody. And finally the middle class and the lower class get drained of their hard earnings through unbearable tax numbers

    That’s exactly how it works. There are several individuals who have already purchased property outside of these Tax heavy states, JUST IN CASE. It’s not even confirmed and they already have property because the have the money to do so. And they should do so. If I had that money I would sure as hell spend a few million to pack my bags and leave, so I can make a few more millions another day.

    And there you go people. Joe’s tax idea Debunked…Pls Share!!

  17. The rich never really pay their share of taxes.

  18. Biden will be worse for our country than Trump. How so Many Americans continue to fall for "what's that on your shirt" and being flicked in the face is astounding.

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