Tax Cuts and Budget Proposals Under Trump and Biden
Former President Donald Trump misleadingly warns of tax hikes under President Joe Biden, but in reality, Biden's budget proposal supports extending tax cuts for those making less than $400,000. Biden's plan focuses on increasing taxes for high-income earners and corporations while expanding tax credits for lower-income households.
Key Points
- Trump warns of tax hikes under Biden, but Biden's plan involves increasing taxes for high-income earners and corporations while extending tax cuts for individuals making less than $400,000
- Biden's budget proposal focuses on redistributing income from high earners to low earners
- The Tax Foundation estimates that Biden's plan could reduce middle-income earners' after-tax income by about 2.1% in 10 years
Pros
- Biden's budget proposal supports extending tax cuts for individuals making less than $400,000
- Focuses on increasing taxes for high-income earners and corporations
- Expands tax credits for lower-income households
Cons
- Critics argue that Biden's plan could harm the economy in the long run
- Questions raised about how the proposal to extend tax cuts for those making under $400,000 will be funded