May 27, 2021

Resources on President Biden’s Tax Proposals

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Jump to: American Jobs Plan

American Families Plan

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.

Proposals to Raise Revenue from High-Income Individuals

Income Tax Increases in the President’s American Families Plan
This report explains all the president’s proposed tax increases for individuals and state-by-state estimates of the two most prominent proposals—restoring the pre-Trump top rate for ordinary income and repealing the special rate for capital gains for millionaires.

Effects of the President’s Capital Gains and Dividends Tax Proposals by State
This report analyzes one of the most prominent of those proposals, which would only affect millionaires with capital gains or stock dividends.

How Biden’s Plan Would Crack Down on Wealthy Tax Evaders
This explains how some revenue would be raised by improving enforcement of tax laws already on the books.

 

Proposals to Expand Tax Credits for Families and Workers

Child Tax Credit Is a Critical Component of Biden Administration’s Recovery Package
The American Rescue Plan Act expanded the Child Tax Credit by ending the rules that prevented poor families from receiving the full credit, increasing the credit amount for most families, and expanding the credit to include 17-year-olds who were previously ineligible—but all these changes were made only for one year, 2021. The president’s plan would extend these changes.

Nearly 20 Million Will Benefit if Congress Makes the EITC Enhancement Permanent
The EITC is designed to lift working people of out poverty but until now has offered very little help to adults without children in the home. The president proposes to make permanent the expansion of the EITC that was included in the American Rescue Plan Act.

 

American Jobs Plan

The president’s American Jobs Plan would use corporate tax increases to finance investments in physical infrastructure. The following provide more information.

55 Corporations Paid $0 in Federal Taxes on 2020 Profits
When speaking of his proposals, including during his address to Congress, President Biden has frequently cited the main finding of this report.

Biden’s Corporate Tax Revolution
An explanation of the president’s corporate tax proposals in the American Jobs Plan.

Corporate Tax Reform in the Wake of the Pandemic
More information about how corporations avoid taxes and how Congress should stop it.

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