Biden Tax Plan Would Raise $4 Trillion, With High Earners Paying the Most: Analysis [View all]

[applegrove]

Biden Tax Plan Would Raise $4 Trillion, With High Earners Paying the Most: Analysis

SHANNON STAPLETON at the Fiscal Times

By Michael Rainey 

http://www.thefiscaltimes.com/2020/03/05/Biden-Tax-Plan-Would-Raise-4-Trillion-High-Income-Households-Paying-Most-Analysis

March 5, 2020

"SNIP.....

What Biden proposes:

Increase the corporate tax rate to 28%, up from the 21% imposed by the 2017 tax law. This would raise an estimated $1.3 trillion over 10 years.

Apply the Social Security payroll tax to incomes over $400,000, raising an estimated $962 billion.

Raise the tax rate on capital gains and dividends for households earning more than $1 million per year. Along with a tax on unrealized capital gains of more than $100,000 at death (excluding money bequeathed to surviving spouses and charities), this would raise an estimated $448 billion.

Roll back the 2017 tax cuts for households earning more than $400,000 per year, raising an estimated $432 billion.

Double the minimum tax on overseas profits, from 10.5% to 21%.

.....SNIP"