Biden releases highlights of his tax policy which show modest incremental movement in the progressive direction.
https://markets.businessinsider.com/news/stocks/democratic-presidential-candidates-tax-plans-effect-wealthy-wall-street-affect-2020-1-1028865128#former-vice-president-joe-biden-is-pushing-for-a-smaller-expansion-of-government-compared-to-his-progressive-rivals-but-it-would-also-be-paid-for-with-taxes-on-the-very-rich-3Let's evaluate....
1) Roll back the Trump tax cuts and raise the corporate tax rate to 28%.
This is the bare minimum that the corporate Democratic brand has to offer in order to differentiate from the GOP after years of complaining about the GOP tax giveaway. Corporate tax rates were 35% prior to Trump .
2) Widen the child-care tax credit to $8,000.
Current credit is $2k so this is a major incremental subsidy to working families who make moderate to high income. Short of the universal pre-k that progressives would like.
3) Restore top individual tax rate to 39.6%.
Current top rate is 37%. Not much in and of itself, but #5 below makes up for it.
4) Expand renewable-energy tax credits and deductions, and scrap fossil fuel subsidies.
Baby steps in the right direction. Far short of the Green New Deal needed to prevent climate apocalypse and also be instrumental in resurrecting a post Covid economy.
5) Make all income subject to payroll taxes to protect Social Security.
This is a winner. Progressives will actually be happy with this. That's an additional 12% going toward social programs on the incremental salary.
6) Expand earned-income tax credit to older employees.
7) Tax capital gains equivalent to ordinary income for employees earning over $1 million.
Ummm... there seems to be a carve-out here for non-employees (professional investors and the uber-wealthy). The oligarchy won't be threatened by this.
Create tax credits for smaller businesses adopting savings plans in their workplaces.
9) Amazon should pay income taxes
Awaiting details.....
Summary...this is tax policy only and represents pre-election posturing. Removing the social security cap would represent a major tax increase on high earners. That's a plus, but there is nothing here that fundamentally changes things for the super rich. The American public strongly supports a wealth tax and this just illustrates how much control the oligarchs have over the electoral process.
More details needed on how Biden's plan for infrastructure priorities, economic stimulus, etc.
In the absence of a thread dedicated to a potential Biden Administration, this seems like the best place to comment on stuff like this as it shows what progressives are up against.