WASHINGTON, D.C. (Texas Insider Report) — Under a Joe Biden presidency, Americans would pay significantly more in taxes, while in a second President Trump term middle class Americans would see their taxes cut according to the Committee for a Responsible Federal Budget (CRFB).
- Biden’s economic policies would increase taxes by an astounding $4.3 trillion, while
- Trump’s proposals call for tax cuts of approximatly $1.7 trillion.
- Under Biden’s plan, the largest tax hike would be an increase in Corporate Tax Rates – eventually passed on to American consumers – from 21% to 28%, the CRFB said.
- Biden supports a laundry list of spending items that would quickly eat through much of the revenue raised by his taxes,
- including an estimated $1.9 trillion for his health care "public option," and other health policies.
- Biden would also spend, on the low end, an estimated $3 trillion on the so-called "Green New Deal" environment-related projects.
CRFB estimated that President Trump’s spending increases on issues such as school choice would be largely marginal, while his health care proposals would actually save the government money – as would his proposals for reduced Middle East troop involvement.
The CRFB said Trumptax plans call for:
- Cutting the indivual Income Tax Rate for those in the Middle Class
- Indexing Capital Gains Taxes to inflation
- Cutting the Capital Gains Taxes to 15%, and
- Cutting Marginal Income Tax Rate for individuals 22%to 15%.
Economist Stephen Moore (right,) recently said,
"Biden's tax plans are further to the Socialist Left than anything even the liberal nominees of yesteryear dreamed. Its the most radical plan proposed by a major presidential nominee in any of our lifetimes – including those of Jimmy Carter, George McGovern, Barack Obama, or even Hillary Clinton.
President Trump's tax cut proposals would extend the cuts in his Tax Cuts & Jobs Act of 2017. With only the current provisioins passed in the Tax Cuts & Jobs Act, CRFB’s central and low-end estimates forecast those tax cuts would remain flat at $1.25 trillion. But with the president's additional proposals, Trump could potentially cut Individual Taxes by $2.45 trillion.
Biden's plan would:
- Increase the Payroll Tax Minimum for Social Security,
- Charge large banks a “Financial Risk Fee,” and
- Have the IRS crack down on tax evasion.
- According to the CRFB. Biden’s plan also includes a 15% Minimum Tax on “book” profits.
- Breaks for insourcing from China
- Expansion of Opportunity Zones, and
- 100% expensing for "essential industries."
"Is it any wonder that Socialist-Democrat Sen. Bernie Sanders and radical leftist Congresswoman Alexandria Ocasio-Cortez have enthusiastically embraced the Biden plan?" asked Moore.
"Some economists, myself included, worry that we could be looking at a second Great Depression with the Biden policies," he said.