Things Biden will not do.

[GMDino]

(11-09-2020, 10:27 AM)PhilHos Wrote: So he's NOT going to end Trump's tax cuts even though he said he was?

https://www.cnbc.com/2020/10/20/heres-where-biden-and-trump-stand-on-your-taxes.html

Quote:Former vice president Biden is proposing raising the top individual income tax rate to 39.6% from its current level of 37%.




He is also calling to limit the value of itemized deductions – the write-offs households can take on expenses that include medical costs and charitable giving – to 28% for households with incomes exceeding $400,000, according to an analysis from the Tax Policy Center.

Though Biden hasn’t specifically proposed an increase in taxes on individuals making less than $400,000, policy analysts have said that middle-income households could see a decline in wages and investment income due to higher corporate income taxes.

Indeed, the former vice president has called for raising the corporate income tax to 28% from 21%. On average, after-tax income for all taxpayers could fall by 1.7% in 2030, according to an analysis by the Tax Foundation.
“The Biden campaign is proposing raising taxes on high-income individuals and corporations with some tax credits for low-income folks,” said Gordon Mermin, senior research associate at the Urban-Brookings Tax Policy Center.

Those credits include a temporary expansion of the child tax credit, boosting it to $3,000 for kids 17 and younger, plus a $600 bonus for children under 6.

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The Tax Policy Center is working on an analysis of Trump’s tax policies. It anticipates an extension of the Tax Cuts and Jobs Act.

“Extending those provisions basically means tax cuts across the income distribution, but primarily for high-income folks,” said Mermin.

https://www.newsweek.com/fact-check-did-joe-biden-say-he-would-repeal-trump-tax-cuts-1537294

Quote:Harris had said that Biden would "repeal" and "get rid of" Trump's tax bill during her debate with Pence, while insisting that the president's plan was based on "benefiting the top 1 percent and the biggest corporations of America" and had led to a $2 trillion deficit.


Biden also said he would repeal the law in his debate with the president last week. However, Biden's remarks were in the context of the New York Times report claiming that Trump had paid little to no income tax over the course of 15 years, which he said suggested would not be possible under his own proposal.


"That's why I'm going to eliminate the Trump tax cuts, I'm going to eliminate those tax cuts," Biden said as Trump responded, "That's OK."

"I'm going to eliminate a significant number of the taxes," Biden later said. "I'm going to make the corporate tax 28 percent. It shouldn't be 21 percent."


On the official campaign website, Biden has called Trump's tax policy a "giveaway primarily for large corporations and the wealthy." He insists that while he will end Trump's cuts, his own policy will not raise personal income taxes on anyone earning less than $400,000 per year. Biden's plan could instead raise $4 trillion over a decade by increasing taxes on corporations and wealthy individuals.


The top income tax bracket, applying to those making more than $400,000, would rise to 39.6 percent under Biden's plan, rather than the current 37 percent under Trump. In addition, a new 12.4 percent payroll tax, evenly split between employer and employee, would be levied on those earning over $400,000.


New and expanded tax credits proposed by Biden could also potentially lower the tax burden on some in lower income brackets.