President Biden's tax policy and its impact
President Biden, known for his promise to raise taxes on the wealthy and corporations, has actually implemented tax cuts overall during his presidency. Despite his intentions to increase taxes on the rich and big companies, his tax policy has resulted in a net cut of about $600 billion over four years.
Key Points
- Net tax cut of about $600 billion over four years
- Incentives for sustainable technologies to reduce fossil fuel emissions
- Struggles in passing ambitious tax-raising plans
Pros
- Tax cuts for individuals and corporations
- Incentives for companies to invest in sustainable technologies
- Tax breaks for semiconductor factories and certain businesses
Cons
- Struggles in passing ambitious tax-raising plans
- Failed attempts to increase taxes on high earners and corporations