The Biden campaign said people who earn less than $400,000 per year won’t see their taxes go up at all under his plan and that the middle class will benefit from several new tax credits, such as an expansion of the child tax credit for the duration of the coronavirus pandemic.
Biden said at a CNN town hall Thursday evening.
The Biden campaign pointed to the 2017 GOP tax cuts, which lowered taxes for most Americans, to argue that the benefits were disproportionately skewed toward the wealthy.
Trump’s new push to cut capital gains taxes would flow to the top 1% of earners, according to the Biden analysis.
Chris Edwards, director of tax policy studies at the libertarian-leaning Cato Institute, took exception with the Biden campaign’s contention that Mr.
Biden’s major economic plans would increase spending by $5.4 trillion over the next decade, according to an analysis this week from the University of Pennsylvania’s Penn Wharton Budget Model.
Penn Wharton said households with an adjusted gross income of $400,000 per year or less wouldn’t see their taxes increase directly under Mr.
Biden wants to increase the top individual tax rate back up to 39.6%, from 37%, and increase the corporate tax rate from 21% to 28%
Edwards said the Penn Wharton model is too optimistic, particularly when it comes to how much Mr
“The health crisis has set incomes back this year, but the economy should come roaring back when COVID-19 is conquered as long politicians focus on restraining taxes, cutting spending and paring back regulations,” he said
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