Joe Biden's 2020 tax plan: The key points
Biden says the tax code should be more progressive and equitable
By Brittany De Lea FOXBusiness
President Trump, who is running for reelection on a record of lowering taxes, has taken aim at his presumptive 2020 Democratic opponent Joe Biden for a number of policies that would increase rates for some Americans.
During an interview with FOX Business last week, Trump suggested Biden and running mate Sen. Kamala Harris’ plan could cause a record-setting depression.
"They want to tax $4 trillion, it's going to be the biggest tax increase in history by far," Trump told FOX Business last week. "They’re big taxers. It’s just something that won’t work. We’ll have – you will see a depression the likes of which you have never seen. You’ll have to go back to 1929, I guess it doesn’t get too much worse than that."
Biden has said the wealthy should pay more in taxes, and that the tax code should be more progressive and equitable. That includes eliminating loopholes that favor the rich and large corporations.
Economic platforms are likely to be a central focus this November due to a recession brought on by the coronavirus pandemic.
Income Taxes
Biden would repeal changes made to individual income tax rates for the wealthy (individuals with incomes over $400,000) under the 2017 Tax Cuts and Jobs Act, which means the top rate would revert back to 39.6 percent, from 37 percent.
Additionally, income above $400,000 would be subject to the 12.4 percent Social Security tax – split evenly between employees and employers. Currently, there is a wage cap of $137,700. Wages between those two ranges would not be taxed.
Biden also proposed capping itemized deductions at 28 percent of value for the wealthiest Americans.
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https://www.foxbusiness.com/politics/joe-bidens-tax-plan
