12/21/2023 0 Comments Tax changes for 2020We also discuss, in less detail, the 16 additional proposals, showing outside scores where available and our own estimates when no other estimate exists. Of the 27 total policies, we consider eleven to be “major proposals,” including eight scored by all four outside estimators and three that we estimated. These exclude some health care spending that may technically be structured as tax credits. In total, we have identified 27 distinct tax proposals on Biden’s campaign website. Importantly, our analysis is based on conventional scoring, assumes immediate implementation, and counts refundable tax credit proposals outside of the health care proposal we previously estimated. Biden also supports a fee on banks, which we believe will raise $100 billion, tax credits for renters and first-time homebuyers that we estimate will cost $300 billion, and an increase of the Child and Dependent Care Tax Credit, which we estimate will cost $100 billion.Īdditionally, Biden has included several smaller tax breaks and tax increases throughout his various policy proposals that have a modest net impact. Major proposals by the Biden campaign would raise $1.6 to $1.9 trillion over a decade from corporations, $1.0 to $1.2 trillion from high earners through the income tax, and $800 billion to $1 trillion from Social Security payroll taxes on high-wage earners. Most, but not all, of these proposals have been estimated by outside estimators. Vice President Biden has put forward a number of proposals to raise revenue, as well as several proposals to provide targeted tax breaks or make other targeted tax changes. Candidates’ proposals should be evaluated on a broad array of policy perspectives, including but certainly not limited to their approaches on deficits and debt. US Budget Watch 2020 is designed to inform the public and is not intended to express a view for or against any candidate or any specific policy proposal. You can read more of our policy explainers and factchecks here. In the coming weeks and months, we will continue to publish analyses of candidate proposals that are having the greatest impact on the debate over our nation’s future. This paper is part of US Budget Watch 2020, a project covering the 2020 presidential election. Future US Budget Watch analyses will estimate the effects of tax and spending proposals together in order to provide a holistic picture of Biden’s plans and their potential effects on the budget. The ultimate fiscal, economic, and distributional impact of Vice President Biden’s tax policies will depend on how newly raised revenue is spent or allocated. The plan would raise $2.7 to $3.1 trillion using dynamic scoring.
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