Michael Berry

Michael Berry

Michael Berry has drunk homemade moonshine from North Carolina with Robert Earl Keen, met two presidents with the same last name, been cussed at by...Full Bio

 

Biden Releases His Tax Plan: Includes $3.4 Billion In Tax Hikes

Biden is called the “moderate” in the 2020 field of Democrats, yet as the New York Times notes his proposed tax hikes are more than double what Hillary called for during the 2016 campaign.

The paper points out that “It remains possible that Mr. Biden could propose additional spending plans and other new taxes to help pay for them.”

Biden's plan includes massive federal spending on higher education, infrastructure, health care and carbon emissions reduction.

Fox Business notes that "so far, Biden -- who continues to lead most national and state polls -- has introduced a $1.7 trillion climate and infrastructure plan, a $750 billion health care plan and a $750 billion higher education plan, all totaling $3.2 trillion."

Reason.com’ s Peter Suderman writes that Biden’s plan:

“would increase tax rates on capital gains, increase the tax rate for households earning more than $510,000 annually, double the minimum tax rate for multinational corporations, impose a minimum tax on large companies whose tax filings don't show them paying a certain percentage of their earnings, and undo many of the tax cuts included in the 2017 tax law.
Biden's tax hikes would raise about $3.4 trillion over a decade, slightly less than half of the $7 trillion in total tax hikes proposed by Buttigieg. Warren, meanwhile, would raise taxes by at least $26 trillion. Some reports put the figure as high as $30 trillion. Sanders estimates his health care plan alone could cost as much as $40 trillion...
As a single metric to determine how far to the left a candidate is on economic policy, total proposed taxation is admittedly imperfect. It doesn't capture regulatory proposals, and it can muddy questions of fiscal responsibility and the desire to reduce deficits and pay for government spending. 
Yet it serves as a rough measure of a candidate's desire to expand the size of the federal government, to increase its reach into individual finances and its influence over the wider economy. That's especially true in a race that has been substantially if not wholly defined by a Warren-led policy arms race.”


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