The Mind Money Spectrum Podcast

#96. Here's why the Biden tax plan misses the mark.

October 12, 2021 Aaron Agte and Trishul Patel Season 2 Episode 44
The Mind Money Spectrum Podcast
#96. Here's why the Biden tax plan misses the mark.
Show Notes

Biden tax plan is getting updated, but will it even pass?

In this episode, Trishul and Aaron discuss updates to the Biden tax plan as it makes its way through Congress. Most of the changes target the top 1% of income earners. For example, there's talk of increases to income taxes, capital gains taxes, corporate taxes, and even estate taxes. But will any of this even make a dent in the pockets of billionaires? While Biden is trying to target income inequality, his plan does little to address wealth inequality. So Trishul outlines one radical idea that could change everything.

Episode References

MMS #67: Biden Tax Plan proposal
MMS #77: Mega Backdoor Roth 401k
MMS #86: True Tax Rate of wealthiest Americans
MMS #37: How the rich never pay a dollar in taxes
MMS #38: The US tax system is screwing you over
Kitces.com: Analyzing Biden's New "American Families Plan" Tax Proposal
ProPublica: Peter Thiel's $5B Roth IRA
ProPublica: How the Wealthy Avoid Taxes
America's Billionaire's Pay an Average Income Tax of 8.2%
WSJ: What Peter Thiel's Roth IRA Means for Yours
Biden Backs Tax on Billionaires Unrealized Gains
Thermal Runaway
Democrats Seeking $3.5T Deal
Tax Brackets
Head of Household

Podcast Description

Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.