Biden's taxes

One of the center points that have been heavily talked about during the run up to the US election has been each respective candidate's tax plan. In this article we will be focusing on Joe Biden and his tax plan should he be elected to office.

Firstly, Biden has set a threshold of $400,000, in his tax plan he has stated that individuals earning more than that threshold would pay more in additional payroll taxes than current. Whilst individuals earning under that would pay what they have been paying under Trump’s administration.

Another proposition would be the increase in the top individual federal income tax from 37% to 39.6%, this would be a reversion back to what Obama and Biden had in place from 2009-2017. He would also offer tax relief for student debt forgiveness and first-time homebuyers credit would be put back in place. This means that someone is seeking to become a home-owner and has a strong credit score that the government would have an easier process to help them secure a loan. Corporate rate would also rise from 21% to 28%. This means that companies would have to pay more. However should a company make more than $100 million USD they would have to pay 15% alternative tax on top of their tax already.

It is clear to see what systems and operations Biden would be looking to implement. The main goal would be to bridge the divide between the top 1% and the other 99%, with tighter restrictions on tax breaks. However the “million dollar question” is: Does this make a good economy? And well, who knows? In reality no one else can tell you what makes a good or bad economy. It always comes from your reference point.

Many may argue that one candidate has better economic policies than the other but you have to decide based on information given to you.