Tuesday, August 18, 2020

Biden's tax plan eyes the 1% and corporations

Another paranoid fear debunked that he's a lackey of the rich. His tax plan has been evaluated by the likes of the American Enterprise Institute and the Brookings Institute which concluded:

"Biden’s plans would mean that the richest Americans would see their taxes go up by 13% to 18%. Americans of more moderate means would also see tax increases, but they have been called 'indirect' and amount to a smaller increase: around 0.2% to 0.6%. A President Biden would push for higher taxes on people making more than $400,000 a year for both payroll taxes and capital gains. [...] A Biden administration would also push to raise the corporate tax rate to 28%, back up toward the level it was during the Obama administration.[...] Biden also wants certain corporations to pay more. [...] Biden’s 'minimum book tax' would set a minimum rate of 15% on firms that have $100 million or more in income."

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