A Tax Foundation analysis of Biden’s tax plan similarly found that while the majority of the new tax burden would fall on the wealthiest Americans, “taxpayers in other income quintiles would also see a reduction in their after-tax income … mainly due to the increased tax burden on labor from higher corporate income taxes.”
“Most of the effect of Biden’s tax plan on those earning under $400,000 comes from the proposed corporate income tax increase and minimum corporate income tax,” Garrett Watson, a senior policy analyst at the Tax Foundation, told us via email. “This would impact taxpayers under $400K both by reducing wage income as some of the corporate income tax is borne by workers, and through lower returns and valuations of corporate equities and related assets, which are owned by many taxpayers under $400K in retirement and taxable investment accounts.”
“There is a distinction between a direct tax increase – the amount of tax paid by taxpayers to the government — and the share of tax hikes that are ultimately borne by taxpayers in the form of lower incomes,” Watson said. “Our estimates show that many Americans under $400K would have lower-after tax incomes as a result of the proposals, but they would not necessarily have larger tax bills. We agree with Penn Wharton that the bottom 90% is unlikely to face any net tax hike outside of the indirect effects of the corporate tax hikes. With that in mind, it’s more precise to say that Biden’s plan would lower the incomes of 82 percent of Americans as a result of the tax changes, but not that it would generate a larger direct tax bill for those Americans.”
Comparing Biden’s plan to the tax cuts championed by President Trump, Eric Trump added one of the most repeated, and most fact-checked, false claims of the Trump presidency: that his father “delivered the largest tax cuts in American history.” Despite the persistence of this claim, there have been more expensive tax laws in terms of percentage of gross domestic product and inflation-adjusted dollars.
Women in Leadership
First Lady Melania Trump claimed that the president “has built an administration with an unprecedented number of women in leadership roles.” That’s not backed up by available data. In fact, Presidents Barack Obama and Bill Clinton have appointed more women to Cabinet-level positions in one term than Trump has in his.
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August 26, 2020 at 08:01PM
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RNC fact check: Questioning economic and tax claims - Roll Call
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