• The Financial District


TRUUS economists find no merit in the attacks launched by President Donald Trump against his rival Joe Biden’s economic plan, saying there will be no huge tax increase for the middle class, unlike Trump, who gave a $1.7-trillion tax cut for the benefit of billionaires, the top 1% of the US population.

Reporting for Business Insider on August 29, 2020, Joseph Zeballos-Roig said Trump’s claim that Biden would raise taxes on almost all US families that would "totally collapse our rapidly improving economy" is completely wrong, with experts across several think-tanks say most of the new taxes would fall squarely upon the highest earners, particularly the top 1% of households.

Trump’s Panglossian future rests on four years of mismanagement, negligent and incompetent handling of the COVID-19 pandemic that has killed more than 181,000 Americans as well as corruption and nepotism, and he has blamed for the woes of Americans as if Biden were the President, in effect tagging his rival for his own errors.

Most people wouldn't experience a direct tax increase if Biden beats Trump in November. Biden doubled down on his pledge to not raise taxes for people earning below $400,000 a year in an ABC News interview. The Committee for a Responsible Federal Budget (CRFB) recently analyzed Biden's tax plans through projections released by the non-partisan Tax Policy Center, the Penn Wharton Budget Model, the Tax Foundation, and American Enterprise Institute. The latter two think-tanks lean conservative. Through those four analyses, the CRFB estimated the top one-fifth of earners would experience a tax increase ranging from 2.3% to 5.7%. But most of that increase is "driven by a 13.0 to 17.8 percent increase for the top 1 percent." For taxpayers in the bottom four income quartiles, their taxes would increase by up to 0.6% in 2021, mostly because of Biden's intention to partially roll back Trump's tax cuts for large corporations, known as the Tax Cut and Jobs Act. "These increases are not due to direct taxes... but rather the indirect effects of increasing corporate taxes, which all four estimators assume is partially born by workers," the organization said. Put another way, most middle-income households could see their taxes indirectly go up by $260, while those in the top 1% see them swell by over $300,000, the Tax Policy Center estimated.

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@2020 by The Financial District