President Biden’s tax policies have been a hot topic of debate in his re-election campaign, with Republicans accusing him of wanting to impose massive tax hikes on the American people. However, a recent analysis by the Urban-Brookings Tax Policy Center reveals that in reality, Biden has actually cut taxes overall during his time in office.
The analysis estimates that the tax changes implemented by Biden will result in a net tax cut of about $600 billion over four years, and slightly more over a full decade. This surprising revelation contradicts the narrative pushed by Republicans and even some of Biden’s own supporters.
Despite his ambitious plans to raise taxes on the wealthy and big corporations, Biden has faced challenges in passing these proposals through Congress. His enacted tax cuts include incentives for green technologies, such as solar panels and electric vehicles, as well as temporary tax breaks for individuals and businesses.
To offset these tax cuts, Biden has introduced new levies on corporations, such as a tax on stock buybacks and a minimum 15 percent federal income tax for large corporations. He has also allocated additional funds to the IRS to crack down on tax evasion by high earners and corporations.
While Biden has not been able to push through all of his proposed tax increases, he remains committed to his goal of making the wealthy pay their fair share. His recent emphasis on tax proposals, including during his State of the Union address, highlights his dedication to reforming the tax system.
Overall, Biden’s tax record paints a complex picture of a president who has both cut taxes and attempted to raise them, facing challenges and compromises along the way. As the debate over tax policy continues to unfold, it remains to be seen how Biden’s tax legacy will shape his re-election campaign and his presidency moving forward.
