About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Garrett Watson, et al., Details and Analysis of Democratic Presidential Nominee Biden's Tax Proposals, October 2020 Update 1 (2020)

handle is hein.taxfoundation/tfdets0001 and id is 1 raw text is: Details and Analysis of Democratic Presidential Nominee Biden's Tax Proposals, October 2020 Update FISCAL FACT No. 730 Oct. 2020 Garrett Watson Senior Policy Analyst Huaqun Li Senior Economist Taylor LaJoie Policy Analyst Key Findings Democratic presidential nominee Joe Biden would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax. Biden's plan would raise tax revenue by $3.3 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.8 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign. According to the Tax Foundation's General Equilibrium Model, the Biden tax plan would reduce GDP by 1.62 percent over the long term. On a conventional basis, the Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average. Summary of Biden's Tax Proposal Estimates 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 Plan Highlights Repeal the TCJA components for high-income filers; Impose 12.4% Social Security payroll tax for wages above $400k; Increase the corporate income tax to 28%; Establish a corporate minimum tax on book income; Double the tax rate on GILTI and impose it country- by-country; Temporarily increase the generosity of the Child Tax Credit and Dependent Credit Conventional Revenue, 2021-2030 (Billions of Dollars) $3'334 Dynamic Revenue, 2021-2030 (Billions of Dollars) $2782 Gross Domestic Product (GDP) -1.62% Capital Stock -3.75% Full-time Equivalent Jobs -542,000 Source: Tax Foundation General Equilibrium Model, January 2020.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most