Biden Would Increase Taxes $4.3 Trillion, Trump Would Cut Them by $1.7 Trillion, Watchdog Says

President Donald Trump would continue to cut Americans’ taxes in a second term, while Joe Biden if elected would significantly raise them, a watchdog group said.

WASHINGTON, D.C. (Texas Insider Report) — Under a Joe Biden presidency, Americans would pay significantly more in taxes, while in a second President Trump term middle class Americans would see their taxes cut according to the Committee for a Responsible Federal Budget (CRFB).
 

• Biden’s economic policies would increase taxes by an astounding $4.3 trillion, while
• Trump’s proposals call for tax cuts of approximatly $1.7 trillion.
• Under Biden’s plan, the largest tax hike would be an increase in Corporate Tax Rates – eventually passed on to American consumers – from 21% to 28%, the CRFB said.

In its report released Wednesday, October 7th, the CRFB said Biden has also proposed spending increases that would add much more to the federal deficit than Trump’s.
 

• Biden supports a laundry list of spending items that would quickly eat through much of the revenue raised by his taxes,
• including an estimated $1.9 trillion for his health care "public option," and other health policies.
• Biden would also spend, on the low end, an estimated $3 trillion on the so-called "Green New Deal" environment-related projects.

Increased infrastructure spending, at an estimated $2 trillion, is the largest single spending item CRFB identified for Trump.

CRFB estimated that President Trump’s spending increases on issues such as school choice would be largely marginal, while his health care proposals would actually save the government money – as would his proposals for reduced Middle East troop involvement.

The CRFB said Trumptax plans call for:
 

• Cutting the indivual Income Tax Rate for those in the Middle Class
• Indexing Capital Gains Taxes to inflation
• Cutting the Capital Gains Taxes to 15%, and
• Cutting Marginal Income Tax Rate for individuals 22%to 15%.

The Democrat nominee has said he would increase the top Income Tax Bracket Rate from 37% to 39.6%. He would raise capital gains taxes to 39.6% from 20% for individuals and couples making more than $1 million, and would eliminate the “stepped-up basis” for death taxes.

Economist Stephen Moore (right,) recently said,
 
President Trump's tax cut proposals would extend the cuts in his Tax Cuts & Jobs Act of 2017. With only the current provisioins passed in the Tax Cuts & Jobs Act, CRFB’s central and low-end estimates forecast those tax cuts would remain flat at $1.25 trillion. But with the president's additional proposals, Trump could potentially cut Individual Taxes by $2.45 trillion.

Biden's plan would:
 

• Increase the Payroll Tax Minimum for Social Security,
• Charge large banks a “Financial Risk Fee,” and
• Have the IRS crack down on tax evasion.
• According to the CRFB. Biden’s plan also includes a 15% Minimum Tax on “book” profits.

Trump’s other proposed tax cuts include:
 

• Breaks for insourcing from China
• Expansion of Opportunity Zones, and
• 100% expensing for "essential industries."

As for the deficit, Biden’s policies could increase the federal deficit by $8.3 trillion over the next 10 years – over and above what is currently projected under existing law, the CRFB said.