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.
Biden's Tax Plan
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.
Harris's Tax Plan
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.
Comparison of Biden's and Harris's Tax Plans
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 |
Economic Impact of Biden's and Harris's Tax Plans
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.
Conclusion
The tax plans of Biden and Harris are still under development.
It is likely that they will change before they are enacted into law.
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