Joe Biden’s tax plan forecast to raise $3 trillion over 10 years

That’s the amount that Biden’s tax plan would raise over the next decade, although it would even out to only about $2.65 trillion after accounting for economic effects from higher levies on companies and wages, according to new a analysis from the right-leaning Tax Foundation.
Trump’s campaign has run ads saying that Biden’s tax plan would crush the middle class, but the data show that the bottom 80% of taxpayers would all see increases to their income in 2021 under the Democrat’s policies.(Reuters Photo)
Trump’s campaign has run ads saying that Biden’s tax plan would crush the middle class, but the data show that the bottom 80% of taxpayers would all see increases to their income in 2021 under the Democrat’s policies.(Reuters Photo)
Updated on Sep 29, 2020 05:56 PM IST
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ByBloomberg| Posted by: Harshit Sabarwal

Democratic nominee Joe Biden’s tax plan would raise $3 trillion over 10 years. Biden looks more likely than President Donald Trump to pick up spare electors. And Speaker Nancy Pelosi is making backup plans for a contested election.

That’s the amount that Biden’s tax plan would raise over the next decade, although it would even out to only about $2.65 trillion after accounting for economic effects from higher levies on companies and wages, according to new a analysis from the right-leaning Tax Foundation.

The bottom 20% of earners would see their after-tax income increase 10.8%, partially due to an increase in the child tax credit. The top 1% of earners would see their incomes decrease 9.9% as a result of higher levies on income, capital gains and additional payroll taxes.

Trump’s campaign has run ads saying that Biden’s tax plan would crush the middle class, but the data show that the bottom 80% of taxpayers would all see increases to their income in 2021 under the Democrat’s policies.

Over a decade, those individuals would see slight decreases because of indirect effects of higher taxes on businesses. -- Laura Davison

Biden Looks More Likely Than Trump to Pick Up Spare Electors

Both Biden and Trump hope to pick up a spare elector in Maine or Nebraska that could decide the presidency. But, for now, Biden has the edge.

The two states break up their electors by congressional district, which gives Trump an opportunity in rural Maine, where he won an elector in 2016, and Biden a shot in Omaha, where Obama won an elector in 2008.

A New York Times/Siena College poll released Monday showed 48% of likely voters in Nebraska’s Second Congressional District backed Biden and 41% supported Trump, with 11% undecided.

Biden is also ahead by 4 percentage points in the Real Clear Politics average of polls in Maine’s Second District.

Six out of seven scenarios presented by the Trump campaign earlier this month had Trump winning at least one elector in Maine, including two in which it provided the winning margin. None showed him losing in Nebraska.

The poll of 420 likely voters in Nebraska’s Second District was conducted Sept. 25-27. It had a margin of error of plus-or-minus 5.3 percentage points.

Pelosi Makes Plans for Electoral College Tie

In case this election hasn’t been strange enough already, Pelosi is making public plans in case of an Electoral College tie.

There are plausible, though still unlikely, scenarios in battleground states in which Biden and Trump tie at 269-269, both failing to reach the 270 electors needed to win outright.

If that happens, the presidential race is thrown to the House in January. But there’s a twist: Each state only gets one vote. And while Democrats have the majority in the House right now, Republicans control 26 state delegations.

In a letter to Democratic colleagues, Pelosi urged them to support the House Majority political action committee to try to win a handful of races that could tip more state delegations in their favor.

“Because we cannot leave anything to chance, House Majority PAC is doing everything it can to win more delegations for Democrats,” Pelosi wrote in the letter. “It’s sad that we have to plan this way, but it’s what we must do to ensure the election isn’t stolen.”

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