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President Biden’s latest budget plan includes proposals that would raise $2.5 trillion in new revenue. While many of these reforms appeared in his previous budget, some of them are brand new, such as his proposal to prevent basis-shifting in partnerships and his Billionaires Minimum Income Tax.

The Biden administration has several options to address tax reform even when Congress is unable or unwilling to help.

A proposal from Sen. Rick Scott would increase taxes for more than 35% of Americans, with the poorest fifth of Americans paying 34% of the tax increase.

More than one in three young adults would benefit from workers without children being eligible to receive the federal EITC. This policy change would bolster young adults’ economic security.

The United States needs to raise more tax revenue to fund investments in the American people. This revenue can be obtained with reforms that would require the richest and wealthiest Americans to pay their fair share to support the society that makes their fortunes possible.

President Biden’s American Families Plan (AFP) would use personal income tax increases on very well-off individuals to finance investments in people—in childcare, education, higher education, reducing child poverty, and other related measures. The following analyses provide more information about the revenue proposals in the AFP.

If the bill becomes law, in 2022 federal taxes would go up for the average taxpayer among the richest one percent and down for the average taxpayer in other income groups.

The fiscal implications of a decline in commercial property values are important because the property tax is the dominant local source of taxes, and commercial property makes up a significant portion of the property base in cities.

The EITC benefits low-income people of all races and ethnicities. But it is particularly impactful in historically excluded Black and Hispanic communities where discrimination in the labor market, inequitable educational systems, and countless other inequities have relegated a disproportionate share of people to low-wage jobs.

Congress has a historic opportunity to fix the way the preferential treatment of investment income widens the racial wealth gap and to strive toward a racially equitable tax code.