Biden’s Tax Plan Does Exactly What Biden Says It Does

Joe Biden has promised that his tax plan won’t raise taxes for anyone making less than $400,000. The conservative American Enterprise Institute decided to take a look at that and see if it was true. It is:

In 2021, everyone under $400,000 pays lower taxes, while the top 1 percent pays about $100,000 more in taxes. By 2030, every income group pays slightly higher taxes (about $50 per year at the median) while the top 1 percent pays $134,000 more.

The effect of all this on economic growth is essentially zero. AEI estimates that Biden’s plan would produce a minuscule reduction in GDP over its first decade and a minuscule increase in GDP during its second decade.

In other words, Biden has told the truth about his tax plan. How refreshing and unusual in the Trump era.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

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