If you enjoyed tax reform during the Trump presidency you can kiss it goodbye if Biden gets elected.
A new study finds that Democratic presidential candidate Joe Biden’s platform would raise taxes by $3.4 trillion on Americans and corporations over the next decade.
The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, released the study on Monday. In addition to trillions more in taxes, Biden’s platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, Fox Business reported.
“The spending plan, which is more than double what Hillary Clinton proposed during the 2016 campaign, would be funded by a slew of new taxes, including a corporate tax hike. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis,” Fox wrote.
Biden has made no secret about hiking taxes, pledging to do so on “Day One” of his presidency, should he win the election. His plan would increase the 21% tax rate to 28%, which would bring in more than $1.4 trillion from American taxpayers.
WILMINGTON, DE - SEPTEMBER 14: Democratic presidential nominee Joe Biden speaks about climate change and the wildfires on the West Coast a the Delaware Museum of Natural History on September 14, 2020 in Wilmington, Delaware. Biden has campaign stops scheduled in Florida, Pennsylvania and Minnesota later this week. (Photo by Drew Angerer/Getty Images)