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1 Huaqun Li, et al., Details and Analysis of Former Vice President Biden's Tax Proposals 1 (2020)

handle is hein.taxfoundation/tfdanfvp0001 and id is 1 raw text is: EXDetails and Analysis of Former Vice President Biden's Tax Proposals FI SCAL Huaqun U Garrett Watson Taylor LaJoie FACT Senior Economist Senior Policy Analyst Policy Analyst No. 707 Apr. 2020 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 in 2030. Summary of Former Vice President Biden's Tax Proposal Estimates Conventional Revenue, 2021-2030 (Billions of Dollars) $3,796 Dynamic Revenue, 2021-2030 (Billions of Dollars) $3,223 Gross Domestic Product (GDP) -1.51% Capital Stock -3.23% The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. @2020 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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