Last Updated on October 7, 2020
A fiscal watchdog group in the nation’s capital reveals Democrat presidential nominee Joe Biden’s proposed fiscal policies would increase taxes by about $4.3 trillion over 10 years while the President’s would decrease federal tax revenue by about $1.7 trillion.
The Committee for a Responsible Federal Budget (CRFB) noted the $6 trillion difference while disclosing that Biden’s overall fiscal agenda would also increase the federal deficit more than President Trump’s.
At the high-end valuation of Biden’s fiscal plan there is the potential for the federal deficit to increase by $8.3 trillion over the next 10 years. That estimate is above what is projected under current law.
The most significant tax increase under Biden’s proposed plan would be an increase in the corporate tax to 28 percent from 21 percent.
Biden proposal would also increase taxes on individuals making more than $400,000 per year by raising the tax bracket from 37 percent to 39.6 percent. Additionally, he would boost capital gains taxes from 20 percent to 39.6 percent for individuals and couples making more than $1 million.
Those specific tax policies, along with several others, would see a tax hike of approximately $1.4 trillion on the low end. The CRFB high-end estimate on these taxes goes as high as $2.3 trillion.
— Just the News (@JustTheNews) October 7, 2020
Biden’s plan also:
- Increases the payroll tax minimum for Social Security (a $900 billion tax hike)
- Charges large banks a “financial risk fee” ($100 billion)
- And has the IRS crack down on tax evasion ($100 billion)
President Trump’s second term tax policy, by contrast, is all tax cuts. It does not include any tax hikes.