On the campaign trail and since taking office, President Joe Biden has proposed a significant number of changes to the tax code, including higher taxes for corporations and those earning more than $400,000 per year, as well as increased refundable tax credits for lower- and middle-income households.
The Tax Policy Center has studied and modeled the fiscal impact of many of these tax provisions related to Biden’s campaign tax plan, the recently-enacted American Rescue Plan, and the American Jobs Plan and American Families Plan. As the debate over these tax proposals continues, below are a collection of TPC resources explaining how businesses and individuals could be impacted. You can also click here for a full list of tax proposals introduced before and since the start of the Biden administration.
Proposal: Repeal the individual income tax cuts from the Tax Cuts and Jobs Act for people with income above $400,000