Now that the presidential campaign has begun in earnest, we thought it was time to consider the tax plans put forth by both nominees.
Our friends at the Tax Foundation have produced a very good overview of both President Trump’s proposals and the plan put forth by former Vice-President Biden.
- Democratic presidential nominee Joe Biden would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
- While light on detail, President Trump’s tax agenda includes a few tax policy items like expanding existing tax breaks, creating credits for specific industries and activities, and unspecified tax cuts for individuals. The president has also expressed support for other policy changes related to capital gains and middle-class tax cuts. Of note, none of the campaign documents so far have detailed a plan for the expiring provisions under the 2017 Tax Cuts and Jobs Act (TCJA).