Biden, Harris and Tax Policy

The 2017 Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 significantly changed the tax code.

President Biden has proposed raising taxes on corporations and high-income earners.

He has also proposed increasing the estate tax and the capital gains tax.

Vice President Harris has proposed a more aggressive tax plan than President Biden.

She has proposed raising taxes on corporations, high-income earners, and wealth.

The following table compares Biden's and Harris's tax plans:

Tax	Biden's Plan	Harris's Plan
Corporate tax rate	28%	35%
Top individual income tax rate	39.6%	45%
Estate tax	Repeal the step-up in basis	Reduce the estate tax exemption to $3.5 million
Capital gains tax	Increase the capital gains tax rate for high-income earners	Eliminate the step-up in basis for capital gains at death

The economic impact of Biden's and Harris's tax plans is uncertain.

Some economists believe that Biden's plan would have a negative impact on economic growth, while others believe that it would have a positive impact.

The same is true for Harris's plan.

The tax plans of Biden and Harris are still under development.

It is likely that they will change before they are enacted into law.