An analysis by the Tax Policy Center last week indicated Biden’s proposals to hike corporate taxes, increase the capital gains taxes on the top 1%, and toss out the Trump tax cuts would collect $4 trillion over the next decade.
“Biden is a fake moderate,” economist Stephen Moore tells Newsmax. “His voting record in Congress was always one of the most liberal, and one year he had an American Conservative Union rating of zero.”
Among the Biden tax proposals that have alarmed conservatives:
- Biden wants to increase the corporate tax rate from 21% to 28%. This 33% increase would raise $1.3 trillion over a decade. One problem with this approach is companies tend to pass along this added cost by reducing employees’ wages, meaning lower income workers would take a hit. Trump’s tax reforms dropped the rate from the highest in the developed world, at 35%, to 21%.