October 14, 2020

Biden’s Tax Plan Does Exactly What Biden Says It Does

Joe Biden has promised that his tax plan won’t raise taxes for anyone making less than $400,000. The conservative American Enterprise Institute decided to take a look at that and see if it was true. It is:

In 2021, everyone under $400,000 pays lower taxes, while the top 1 percent pays about $100,000 more in taxes. By 2030, every income group pays slightly higher taxes (about $50 per year at the median) while the top 1 percent pays $134,000 more.

The effect of all this on economic growth is essentially zero. AEI estimates that Biden’s plan would produce a minuscule reduction in GDP over its first decade and a minuscule increase in GDP during its second decade.

In other words, Biden has told the truth about his tax plan. How refreshing and unusual in the Trump era.

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