Wall Street Votes: Trump, Biden's Tax Policies

The video discusses the concerns of C-Suite executives about corporate taxes over coronavirus, highlighting Trump's tax cuts that reduced the corporate tax rate from 35% to 21% and allowed immediate deductions for spending until 2023. It examines the impact of these cuts on nonresidential spending, which increased but dipped due to COVID-19. The video then explores Biden's tax proposals, which aim to reverse many of Trump's policies, potentially making the U.S. corporate tax rate the fourth highest globally. It discusses the potential negative impact on tech, communications, and healthcare sectors, while energy and materials might remain unaffected. Biden's plan includes increasing taxes on the wealthy, extending Social Security taxes, and raising capital gains taxes.

What impact might Biden's presidency have on tech companies according to the text?

What changes to Social Security payroll tax does the text mention under Biden?