Posted on 10/22/2020 8:15:23 AM PDT by Behind Liberal Lines
Democratic presidential candidate Joe Biden’s proposed tax increases of nearly $4 trillion over the next 10 years, if passed, “would be the highest in American history – indeed, in world history,” an analysis of his plan determined.
A separate analysis by the nonprofit, nonpartisan, Washington, D.C.-based Tax Foundation found that Biden’s tax plan would reduce the economy’s size by 1.47 percent in the long run. It would also shrink capital stock by just over 2.5 percent and reduce the overall wage rate by a little over 1 percent, resulting in a loss of 518,000 full-time jobs.
His plan would raise taxes on labor income, investment income, business income and raise the capital gains tax to 40 percent, doubling the existing rate.
Biden’s plan also would fully repeal the 2017 Tax Cuts and Jobs Act components for high-income filers, impose a 12.4 percent Social Security payroll tax for wages above $400,000, increase the corporate income tax to 28 percent, establish a corporate minimum tax on corporate book income, and double the tax rate on GILTI (Global Intangible Low-Taxed Income) and impose it country-by-country.
By repealing the TCJA, a hallmark of the Trump administration, Uhler and Ferrara argue Biden would be raising taxes on the middle class, blue-collar families and American corporations no matter how large or small they were.
(Excerpt) Read more at livingstonparishnews.com ...
Would Biden’s tax plan apply to un-reported income?
LOL
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