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2020 Election

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Junk fees ban from the FTC Biden tax hike proposals live on Build Back Better Inflation Reduction Act Biden tax rates

Tax Hike Proposals Live on Despite Being Dropped in the Inflation Reduction Act

President Biden proposed a 7-point hike in the corporate tax rate to 28 percent, a new minimum book tax on corporate profits, and higher taxes on international activity. We estimated these proposals would reduce the size of the economy (GDP) by 1.6 percent over the long run and eliminate 542,000 jobs.

6 min read
Biden estate tax Biden tax wealth tax Biden capital gains tax Biden wealth tax unrealized capital gains at death American Families Plan tax proposals American Family Plan Details and Analysis Biden American Families Plan Senate American Rescue Plan direct payments stimulus checks federal covid relief American Rescue Plan tax american rescue plan stimulus payments Tracking the 2021 Biden Tax Plan

President Biden’s 61 Percent Tax on Wealth

As part of President Biden’s proposed budget for fiscal year 2023, the White House has once again endorsed a major tax increase on accumulated wealth, adding up to a 61 percent tax on wealth of high-earning taxpayers.

4 min read
U.S. Effective Corporate Tax Rate Is Right in Line With Its OECD Peers President Biden infrastructure plan Biden corporate tax proposals

U.S. Effective Corporate Tax Rate Is Right in Line With Its OECD Peers

Whether we use corporate tax collections as a portion of GDP, average effective tax rates, or marginal tax rates, each measure shows that the U.S. effective corporate tax burden is close to or above the average compared to its OECD peers. Raising corporate income taxes would put the U.S. at a competitive disadvantage, whether one looks at statutory tax rates or effective corporate tax rates.

3 min read
Federal tax policy after the 2020 election, upcoming federal tax increases, another round of economic relief

Prospects for Federal Tax Policy After the 2020 Election

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
GILTI by country not as simple

Biden’s Call for More Tax Credits Further Complicates the Tax Code

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
Biden’s tax plan would be the one of the largest tax increase since the 1940s and one of the largest tax increases not associated with wartime funding, Biden's tax plan in historical context

Placing Joe Biden’s Tax Increases in Historical Context

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
options for boosting economic growth

Biden-Harris Proposals Can Raise Taxes on the Middle Class

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

Top Rates in Each State Under Joe Biden’s Tax Plan

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
The Biden Tax Plan Would Rank the U.S. Below Where It Stood Prior to Tax Reform International Tax Competitiveness Index Ranks for 2020 with the U.S. ranks for 2017, 2020, and the Biden tax plan us competitiveness

How Would Biden’s Tax Plan Change the Competitiveness of the U.S. Tax Code?

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
Biden capital gains tax rate proposal historical context of capital gains tax proposal under Biden tax plan

Joe Biden’s Tax Plan Explained

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?

Biden reward work not wealth in America, Biden reward hard work not wealth

How Should Wealth and Work Be Treated in the Tax Code?

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