The Biden administration has announced a number of tax proposals to fund new government investments such as infrastructure, education and family programs as part of the Build Back Better (Building a Better America) agenda. From analyzing the Build Back Better Act and Inflation Reduction Act to the U.S. Treasury’s international tax proposals, Tax Foundation experts continue to serve as trusted thought leaders, providing research, modeling, analysis, and commentary on how the Biden tax plan would impact U.S. competitiveness, economic growth, government revenue, and everyday taxpayers. The posts below include our research and analysis on a variety of Biden tax proposals. You can also explore our economic modeling via Options for Reforming America’s Tax Code and our 10 Tax Reforms for Growth and Opportunity. See the latest proposals from 2024 presidential candidates, including former President Trump, with our 2024 tax tracker
Inflation Reduction Act CHIPS and Science Act Global Tax Deal
President Biden is proposing extraordinarily large tax hikes on businesses and the top 1 percent of earners that would put the US in a distinctly uncompetitive international position and threaten the health of the US economy.
19 min read
Tax policy has become a significant focus of the U.S. 2024 presidential election. Our new interactive tool helps keep track of the tax policies proposed by presidential candidates during their campaigns.
Congress should reconsider key elements of the IRA, including the book minimum tax and the green energy credits, with an eye towards simplification and fiscal responsibility.
46 min read
Instead of such a complex and inefficient system, policymakers should move to full expensing as part of the effort to build.
3 min read
The Inflation Reduction Act increases the IRS’s budget by roughly $80 billion over 10 years. The money is broken into four main categories—enforcement, operations support, business system modernization, and taxpayer services—as well as a few other small items such as an exploratory study on the potential of a free-file system.
6 min read
In dollar terms, the industries that would account for the largest book minimum tax liabilities are manufacturing, at $73.2 billion, followed by finance, insurance, and management at $46.9 billion.
6 min read
Economists have proposed taxing corporate income more uniformly through corporate integration, which can be done in a variety of ways. Biden’s plan goes in the opposite direction by making worse the double taxation of corporate income.
5 min read
Biden has not specified how he would approach the Trump tariffs, though his advisers have said he will at least review them.
5 min read
What do election results mean for the future of the federal tax code? What role will tax policy play in curbing the economic effects of the COVID-19 pandemic? How should policymakers address the federal deficit and could a carbon tax be part of that solution? How much of President-elect Joe Biden’s pre-election tax plan will actually come to pass?
President Biden and Congress should concentrate on areas of common ground, finding incremental places to improve the tax code. A bipartisan bill recently introduced to help retirement savings is a good model for what incremental reform may look like.
4 min read
Over the course of the 2020 presidential election campaign, Democratic nominee Joe Biden has proposed new tax credits for health insurance, child care, elderly care, and homeownership, in addition to expansions of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC).
3 min read
If we consider Biden’s tax plan over the entire budget window (2021 to 2030) as a percentage of GDP—1.30 percent—it would rank as the 6th largest tax increase since the 1940s and and one of the largest tax increases not associated with wartime funding.
6 min read
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
If we look at both the legal incidence of the Biden-Harris policy proposals and their economic incidence, we find both direct and indirect tax increases on many taxpayers who earn less than $400,000.
2 min read
President Joe Biden’s tax plan would yield combined top marginal state and local rates in excess of 60 percent in three states: California, Hawaii, and New Jersey (also New York City).
4 min read
While the Biden campaign is certainly focused on increasing taxes on U.S. businesses and high-income earners, it is important that policymakers also understand what that reversal might do to U.S. competitiveness, and the competitive global environment in which U.S. companies and U.S. workers operate.
3 min read
House Republicans recently introduced HR 11, the Commitment to American GROWTH Act, outlining an alternative to Democratic presidential nominee Joe Biden’s tax vision. The proposal would address upcoming expirations of the 2017 Tax Cuts and Jobs Act (TCJA) and create or expand other tax provisions designed to boost domestic investment.
5 min read
Depending on the outcome of the 2020 presidential election, we could be looking at a very different tax code in the years to come. What tax changes has former Vice President Joe Biden proposed and what would they mean for U.S. taxpayers, businesses, and the overall economy?
Joe Biden recently released a piece reviewing his tax proposals, contrasting them with President Donald Trump’s tax ideas. A major theme within this piece can be summarized in the title: “A Tale of Two Tax Policies: Trump Rewards Wealth, Biden Rewards Work.”
4 min read
If the goal of the Biden campaign is to bring new investment and jobs to the U.S., it is doubtful that these new tax rules will contribute to that goal.
4 min read
One of Biden’s tax proposals that has gotten little attention is a change that would shift the benefits of tax deferral in traditional retirement accounts toward lower- and middle-income earners. The plan would reduce the tax benefit for those earning above $80,250 but under $400,000, violating Biden’s tax pledge to not raise taxes on earners below the $400,000 threshold.
5 min read
Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with more generous provisions for specific activities and households.
4 min read
What tax policy ideas did Harris propose along the campaign trail, and how do they differ from Biden’s plan?
3 min read
As concern over American competitiveness and onshoring of innovative activity increases, presidential candidates and policymakers should keep in mind the tax increases scheduled to take effect in the coming years, including the amortization of R&D and phaseout of the broader expensing provisions.
3 min read
Joe Biden and Bernie Sanders have each proposed changes to the individual income tax, one of the largest sources of federal revenue. Our new analysis compares the economic, revenue, and distributional effects of the various proposals.
13 min read