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.
