How Would Joe Biden's Tax Proposals Impact Your Tax Liability?
This post first appeared on October 30, 2020 at AEIdeas. AEIdeas is a public policy blog from the American Enterprise Institute (AEI).
By Kyle Pomerleau, Peter Metz, and Grant M. Seiter
In our recently updated analysis of Joe Biden’s tax proposals, we found that the Biden plan would raise federal revenue by $2.8 trillion over the next decade. Almost a quarter of that new revenue would come from individual income and payroll tax increases that fall primarily on high-income households.
To supplement our analysis of Biden’s tax proposals, we have created a web application using the Policy Simulation Library’s open-source Tax-Cruncher that allows users to explore how Biden’s tax plan would impact their federal tax liability.
Users can specify demographic information, the number and age of dependents, the level and composition of income, and any itemizable expense that a taxpayer may report. The app then allows you to see how Biden’s individual, payroll, and corporate tax reform proposals would impact different taxpayers under different assumptions. And since the tax code is scheduled to change over the next decade, we also allow you to choose a year between 2021 and 2030 to analyze.
The app provides a detailed breakdown of a given taxpayer’s taxable income, individual income and payroll tax liability, and the value of any tax credits they may qualify for under both current law and Biden’s proposals …
Read the full post at AEIdeas.