Joe Biden unveils $3.2 trillion tax plan

2020 candidate Joe Biden on Wednesday unveiled a plan to raise $3.2 trillion over a decade from tax increases in order to pay for his climate and health care proposals, Bloomberg reports.

Biden’s plan demonstrates the political divide within the Democratic Party. His plan is markedly different from the aggressive tax measures pitched by Sens. Elizabeth Warren and Bernie Sanders, who want to raise around $20 trillion in new taxes over the next decade.

Biden’s plan would bump corporate taxes from 21% to 28% — still well below the 35% corporations were paying before Republican’s 2017 tax cut. His campaign estimates that this would produce $730 billion in tax revenue over a decade.

  • It would also raise an estimated $800 billion over a decade from taxing capital gains as ordinary income for taxpayers with more than $1 million in income.
  • The plan also caps tax breaks for the wealthy at 28%, which he says would collect an estimated $310 billion in 10 years. It includes $400 billion in tax revenue from a 15% minimum corporate tax on companies that report a net income of more than $100 million.

So Progressive candidates (Warren and Sanders) want $20 trillion and Biden wants $1 trillion in new taxes over ten years. That’s a big difference. The Progressive tax plans would significantly change America as we know it. Corporate elites that don’t like Trump will be Biden supporters.

This explains why even with all the Biden gaffs and family corruption allegations, he still has a lot of support. Biden clearly positions himself as the center-left candidate. The rest are far left. In the impeachment hearings, if Biden gets exposed and goes down, where will the Democrats be?

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Written by Jefferson Thomas

Concerned citizen.

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