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A new study finds that Democratic presidential candidate Joe Biden’s platform would raise taxes by $3.4 trillion on Americans and corporations over the next decade.
The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, released the study on Monday. In addition to trillions more in taxes, Biden’s platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, Fox Business reported.
“The spending plan, which is more than double what Hillary Clinton proposed during the 2016 campaign, would be funded by a slew of new taxes, including a corporate tax hike. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis,” Fox wrote.
Biden has made no secret about hiking taxes, pledging to do so on “Day One” of his presidency, should he win the election. His plan would increase the 21% tax rate to 28%, which would bring in more than $1.4 trillion from American taxpayers.
The Democrat says he is targeting households earning more than $400,000. He plans to repeal tax code changes in the 2017 Tax Cuts and Jobs Act, which would raise the top income bracket rate to 39.6% from 37%, bringing in close to $1 trillion. He also wants to increase investment and payroll taxes for those households, which would raise more than $990 billion.
The Wharton study found that nearly 80% of Biden’s tax increases would hit the top 1% of earners in the U.S. But the study also found that Biden’s platform would bring the largest federal budget increase since Democratic presidential nominee George McGovern in 1972 pledged to deliver a guaranteed minimum income for all Americans.
President Trump has taken aim at Biden’s spending plans.
“At no time earlier than have voters confronted a clearer alternative between two events, two visions, two philosophies, or two agendas,” Trump said in his August speech accepting the Republican National Convention nomination. “This election will resolve whether or not we save the American dream, or whether or not we permit a socialist agenda to demolish our cherished future.”
“Joe Biden is not a savior of America’s soul. He is the destroyer of America’s jobs, and if given the chance, he will be the destroyer of America’s greatness. For 47 years, Joe Biden took the donations of blue-collar workers, gave them hugs, and even kisses, and told them he felt their pain, and then he flew back to Washington and voted to ship our jobs to China and many other distant lands,” he said. “Joe Biden spent his entire career outsourcing their dreams and the dreams of American workers, offshoring their jobs, opening their borders and sending their sons and daughters to fight in endless foreign wars, wars that never ended.”
“He has pledged a $4 trillion tax hike on almost all American families, which would totally collapse our rapidly improving economy, and once again record stock markets that we have right now will also collapse. That means your 401(k)s. That means all of the stocks that you have,” Trump said.