Requiring the wealthiest Americans to shoulder more of the tax burden and restoring the estate tax to “historical norms” top Democratic presumptive candidate Joe Biden’s tax policies.
In his recently released 110-page economic plan, former Vice President Biden states that the nation’s “tax system has been rigged against the American people by big corporations and their lobbyists … . A guiding principle across our tax agenda is that the wealthiest Americans can shoulder more of the tax burden, including in particular by making investors pay the same tax rates as workers and bringing an end to expensive and unproductive tax loopholes.”
The sweeping tax overhaul signed into law by President Donald Trump in December 2017 increased the estate tax exemption. It was $5.49 million in 2017, and the law more than doubled it to $11.58 million for 2020.
Corporate tax rates, “which were cut sharply by the 2017 Republican tax cut, must be raised, and ‘supply-side’ or ‘trickle down’ tax cuts must be rejected,” Biden said.
He would also limit the ability of wealthy taxpayers to defer and avoid taxes on income “(especially that relate to financial investments) and tax liabilities of ultra-large banks to promote financial stability and fund investments in American productivity.”
Biden would also expand payroll taxes on upper-income taxpayers “to fund more generous Social Security benefits.”
Biden’s plan would adopt the Consumer Price Index for the Elderly for Social Security indexing, which would provide more generous cost-of-living adjustments than the current formula. The plan also pledges “no social security benefit cuts of any kind including raising retirement age, means-testing of benefits, adverse adjustments to benefit calculator, or through COLA.”
The plans were drafted by “unity task forces” appointed by Biden and Sen. Bernie Sanders of Vermont, who endorsed Biden after dropping out of the presidential race.
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