Name: Biden, Promising Corporate Tax Increases, Has CUT Taxes Overall
Uploaded: 2024-03-25T16:21:06+00:00
Duration: 3 min 27 s
Description: In his bid for re-election, President Biden has adopted a populist stance, repeatedly promising to increase taxes on the wealthy and corporations to ensure they contribute their fair share. However, h

6 months ago

News

In his bid for re-election, President Biden has adopted a populist stance, repeatedly promising to increase taxes on the wealthy and corporations to ensure they contribute their fair share.

However, his Republican opponents have criticized him for what they perceive as an excessive desire to tax the American people.

Surprisingly, despite Biden’s rhetoric, an analysis conducted by the Urban-Brookings Tax Policy Center reveals that during his tenure, tax cuts overall have been implemented.

According to this analysis, the tax reductions signed by Biden for both individuals and corporations surpass the increases imposed on large corporations and their shareholders.

Over a four-year period, these tax changes are estimated to result in a net reduction of approximately $600 billion, with slightly more savings expected over a decade.

This contradicts the narrative of Biden’s presidency being characterized by radical tax hikes. Benjamin R. Page, a senior fellow at the center, notes that this analysis demonstrates Biden’s tax policy hasn’t been as aggressive as portrayed.

The assessment strictly examines tax alterations during Biden’s presidency, disregarding inflation or certain regulations labeled as “tax hikes” by Republicans.

Additionally, it doesn’t consider the social or economic benefits of Biden’s spending policies or regulatory actions aimed at aiding consumers.

Biden’s record of tax cuts contrasts with his ambitions and Republican depictions of him as a tax-and-spend liberal primarily because he has faced challenges in passing his most ambitious tax-raising plans due to compromises necessary for congressional approval.

While the White House highlights tax cuts for the middle class and crackdowns on tax evasion by the wealthy and corporations as achievements, it’s evident that Biden’s enacted tax cuts, including incentives for green technologies and relief measures in economic stimulus packages, have offset some of his tax increases.

Despite these measures, Biden has encountered difficulties garnering support for proposed tax increases, even when Democrats controlled Congress, DNYUZ reported.