Details and Analysis of Former Vice President Biden’s Tax Proposals
By News
Published 4 years ago on
July 6, 2020
Share
[aggregation-styles]
Tax Foundation
Key Findings:
Former Vice President Joe Biden would enact a number of policies that would raise taxes, including individual income taxes and payroll taxes, on high-income individuals with income above $400,000.
Biden’s plan would raise tax revenue by $3.8 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $3.2 trillion over the next decade.
According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.51 percent over the long term.
On a conventional basis, the Biden tax plan would lead to 7.8 percent less after-tax income for the top 1 percent of taxpayers, 1.1 percent lower after-tax income for the top 5 percent, and around 0.6 percent less after-tax income for other income quintiles.
Read More →
Tax Foundation
Key Findings:
Former Vice President Joe Biden would enact a number of policies that would raise taxes, including individual income taxes and payroll taxes, on high-income individuals with income above $400,000.
Biden’s plan would raise tax revenue by $3.8 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $3.2 trillion over the next decade.
According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.51 percent over the long term.
On a conventional basis, the Biden tax plan would lead to 7.8 percent less after-tax income for the top 1 percent of taxpayers, 1.1 percent lower after-tax income for the top 5 percent, and around 0.6 percent less after-tax income for other income quintiles.
Read More →
By Huaqun Li, Garrett Watson, Taylor LaJoie | 29 April 2020
RELATED TOPICS:
Hamas Is Sending a Delegation to Egypt for Further Cease-Fire Talks in the Latest Sign of Progress
World /
13 hours ago
DEA’s Marijuana Reclassification Could Revive California’s Struggling Pot Industry
Cannabis /
14 hours ago
US Airstrike Targeting Al-Qaida Leader in Syria Killed a Farmer, American Military Says
World /
14 hours ago
Lagging Revenue Drives California Budget Deficit as Deadline Nears
Opinion /
15 hours ago
Police Investigating Possible Vandalism at Jewish Temple, Catholic Church
Fresno police are investigating an incident of flyers posted on the exterior windows of Temple Beth Israel, and also at St. Anthony of Padua...
Crime /
10 hours ago
Categories
Latest
Videos
World /
13 hours ago
Hamas Is Sending a Delegation to Egypt for Further Cease-Fire Talks in the Latest Sign of Progress
Cannabis /
14 hours ago
DEA’s Marijuana Reclassification Could Revive California’s Struggling Pot Industry
World /
14 hours ago