Updating its analysis of Joe Biden’s tax proposals, the centrist Tax Policy Center said Thursday that the former vice president’s plans would generate about $2.4 trillion over 10 years.
The new analysis reduces the estimated revenue bump from Biden’s tax proposal from the $4 trillion projected in its March analysis, due in part to changing economic conditions amid the coronavirus recession and in part to new proposals from the candidate, among other factors.
Echoing the conclusions reached by the more conservative American Enterprise Institute earlier this week, the TPC analysis finds that the tax increases Biden has proposed would fall overwhelmingly on businesses and the wealthy. “The burden of nearly all those tax increases would fall on high income households,” TPC’s Howard Gleckman said. “In 2022, on average, all but the highest-income 20 percent would get a tax cut under Biden’s plan, while the top 1 percent -- those making about $790,000 or more -- would see substantial reductions in their after-tax incomes.”