Details and Analysis of President Biden’s FY 2022 Budget Proposals
Explore President Biden budget proposals, including tax and spending in American Jobs Plan and American Families Plan. See Biden tax and spending proposals.
12 min read
Expert
Huaqun Li
Senior Economist
Dr. Huaqun Li is a Senior Economist at the Tax Foundation. She focuses on developing and maintaining the Foundation’s Taxes and Growth Model, which models the budgetary and economic effects of changes to federal tax policy.
Huaqun also uses the Taxes and Growth Model to model individual and corporate tax policy proposals and reform plans and helps with publishing the results. Before joining the Tax Foundation, she was a research economist at Regional Economics Models, Inc. at Amherst, MA, where she worked on model building, empirical analysis, and new product development on economic and demographic forecast models.
Dr. Huaqun Li received her PhD in Public Policy Analysis from George Mason University. Her primary research areas include regional economic development, regional inequality, entrepreneurship and new firms, as well as regional development in China.
Huaqun lives in Fairfax, Virginia. In her free time, she enjoys cooking, hiking, and doing yoga.
Latest Work
Details and Analysis of President Biden’s American Jobs Plan
Details and analysis of the American Jobs Plan tax proposals. Learn more about the major tax changes in the proposed Biden infrastructure plan.
9 min read
Financing Infrastructure Spending with Corporate Tax Increases Would Stunt Economic Growth
The Biden administration’s American Jobs Plan proposal to fund infrastructure spending relies on a bet that the benefits outweigh the costs of a higher corporate tax burden. Using the Tax Foundation model, we find that this trade-off is a bad one for the U.S. economy, resulting in reduced GDP, less capital investment, fewer jobs, and lower wages.
3 min read
Details and Analysis of Tax Proposals in President Biden’s American Families Plan
The Biden administration’s proposed American Families Plan includes several major tax changes. Explore the tax proposals in the American Families Plan.
10 min read
Making the Expanded Child Tax Credit Permanent Would Cost Nearly $1.6 Trillion
As the Biden administration and Congress consider making the expanded child tax credit permanent, a nearly $1.6 trillion expansion of tax code-administered benefits, they should consider financing it in a way that doesn’t create significant headwinds to economic recovery.
3 min read
House Ways and Means Committee Takes First Steps Toward Additional Coronavirus Relief Legislation
The House Ways and Means Committee measures would further extend the relief measures created by the CARES Act and the Consolidated Appropriations Act of 2021, and would go further by significantly expanding existing tax credits and making changes to the international tax system.
7 min read
Modeling Different Proposals for Round Three Direct Payments
President Biden is calling for a third round of economic impact payments to households as part of his $1.9 trillion American Rescue Plan. Under the plan, the payments would be $1,400 per person, topping off the recent round of $600 payments for a combined $2,000 per person. Senate Republicans have proposed payment amounts of $1,000 per individual and $500 per dependent, lower income thresholds, and faster phaseout rates.
5 min read
President Biden Outlines Plan for Additional Coronavirus-Related Relief and Stimulus
President Biden’s plan builds on previous relief packages and would include larger payments to individuals, expanded relief for households and small businesses, funding for vaccine distribution, and aid to state and local governments.
7 min read
Details and Analysis of President Joe Biden’s Campaign Tax Plan
What has President Joe Biden proposed in terms of tax policy changes? Our experts provide the details and analyze the potential economic, revenue, and distributional impacts.
23 min read
Coronavirus Assistance for American Families Act Would Provide More Generous Rebates for Dependents
On Thursday, U.S. Senators Marco Rubio (R-FL), Bill Cassidy (R-LA), Steve Daines (R-MT), and Mitt Romney (R-UT) released the Coronavirus Assistance for American Families Act (CAAF), which would provide payments of $1,000 to adults and children with Social Security numbers, subject to income limits used in the original round of rebates. Among other modifications, it would be more generous to households and families with children when compared to the original rebates distributed under the CARES Act.
5 min read
Economic Analysis of Financing Options for Infrastructure Spending Proposals
Our analysis shows that the economic benefits of federal investment in productivity-enhancing infrastructure may be undercut by the negative effects of the financing of those investments, such as when the corporate income tax is increased.
6 min read
Reviewing the Economic and Revenue Implications of Cost Recovery Options
Permanent full expensing for all types of investment is an effective policy change lawmakers can use to encourage additional investment and economic growth.
9 min read
A History and Analysis of Payroll Tax Holidays
As Congress and the White House consider ways to shore up the economy in the face of a public health crisis, President Trump has suggested suspending the entire payroll tax for the duration of the year. That would cost about $950 billion, according to our analysis.
6 min read
Congress Approves Economic Relief Plan for Individuals and Businesses
The CARES Act, now signed into law, is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, following the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act.
10 min read
Review and Analysis of House Democrats Coronavirus Response Bill
The proposed Take Responsibility for Workers and Families Act can be contrasted with the Senate Republican CARES Act, although they share some similarities by providing individual taxpayers with a rebate and modifying business tax provisions to provide liquidity for struggling firms.
5 min read
Analysis of Capital Gains Tax Proposals Among Democratic Presidential Candidates
Joe Biden and Bernie Sanders have both released proposals to tax capital gains at ordinary income rates for the wealthiest Americans. As part of a broader platform to address income inequality, Biden and Sanders suggest increasing current capital gains rates on taxpayers with income over $1 million and $250,000, respectively.
21 min read
Comparing the Growth and Income-Boosting Effects of Tax Reform Options
As policymakers evaluate changes to the tax code, such as proposals coming from presidential candidates and the White House, it will be important for them to evaluate the relative effects of various provisions. According to our analysis, making full expensing permanent would be one of the most efficient ways to increase after-tax incomes for the middle class.
3 min read
Analysis of Sen. Warren and Sen. Sanders’ Wealth Tax Plans
New modeling finds that the wealth taxes proposed by Sen. Warren and Sen. Sanders would raise significantly less revenue than promised, face serious administrative and compliance challenges, and would increase foreign ownership of U.S. capital.
38 min read