Biden plans would raise taxes by $3.4 trillion by 2030

by Laura Mize · Sep 15th, 2020 12:13 pm
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Last Updated Sep 16th, 2020 at 11:50 am

Democratic nominee Joe Biden's taxation plan would amount to an additional $3.4 trillion in taxes paid by 2030, shows a study by University of Pennsylvania's Wharton School.

Most of the money would come from corporations and wealthy Americans. The study also reports that Biden's platform would raise federal spending approximately $5.4 trillion in the same period of time. That is about 24% of the nation's gross domestic product and more than double the spending increase Democratic candidate for president Hillary Clinton proposed before the 2016 election.

Biden's tax increases, which he has pledged to institute on "day one" of his administration, if elected, would repeal changes to the tax code enacted in the 2017 Tax Cuts and Jobs Act. This would have the effect of increasing taxes in the top income bracket, from 37% to 39.6%. For households in the top tax bracket, Biden also wants to increase payroll taxes and investment taxes.

Currently, married individuals filing their taxes jointly must make more than $622,050 in taxable income per year to fall into the top tax bracket. For heads of households, or single adults, the number is $518,400.

President Trump said in an August Republican National Convention speech that Biden's plan "would totally collapse our rapidly improving economy, and, once again, record stock markets that we have right now will also collapse."

He also called Biden "the destroyer of America's jobs."

"For 47 years, Joe Biden took the donations of blue-collar workers, gave them hugs, and even kisses, and told them he felt their pain, and then he flew back to Washington and voted to ship our jobs to China and many other distant lands," Trump said.


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