For example, Mr. Biden projects raising less than $2 trillion over a decade from all of his corporate tax increases combined. That is a deliberate choice by Mr. Biden: He proposes returning the top income tax bracket to 39.6 percent, after Mr. Trump’s 2017 tax law cut it to 37 percent. Mr. Biden would also repeal a limitation that the Trump tax law placed on the deduction of state and local taxes from federal taxes. Mr. Biden would raise it to 28 percent — the same rate Mr. Obama proposed in a tax overhaul plan he was unable to push through as president. Mr. Biden would unambiguously raise taxes on millionaires, and not just by lifting the top rate.

Source: New York Times December 04, 2019 22:18 UTC