The $3 trillion Biden Tax

The Tax Foundation evaluated Democrat Joe Biden’s tax increase proposals:

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.

Biden’s plan would raise tax revenue by $3.05 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the plan would collect about $2.65 trillion the next decade. This is lower than we originally estimated due to the revenue effects of the coronavirus pandemic and economic downturn and new tax credit proposals introduced by the Biden campaign.

According to the Tax Foundation’s General Equilibrium Model, the Biden tax plan would reduce GDP by 1.47 percent over the long term.

On a conventional basis, the Biden tax plan by 2030 would lead to about 6.5 percent less after-tax income for the top 1 percent of taxpayers and about a 1.7 percent decline in after-tax income for all taxpayers on average.

Raise taxes by $3 trillion, cut incomes by 1.7 percent. That is apparently how Democrats think. And that does not include the economic harm caused by the nationwide shutdown Biden proposes to (fail to) stop the coronavirus, nor does it include any effects of the Green New Deal, which is designed to return the economy to the Neanderthal era.

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