Analysis: Trump will cut taxes by almost $2T, while Biden would raise taxes by $4.3T

[Andy Meek]

• The differences between the Trump vs Biden presidential tickets could not be more profound, on issues ranging from the COVID-19 response to immigration, health care and so much more.
• To help voters make their decision on Election Day 2020, a nonpartisan budget watchdog -- the Committee for a Responsible Federal Budget -- has released its analysis of both candidates' policies.
• The report shows the impact of how taxes would rise or fall, depending on whether Trump or Biden wins in November, as well as what the impact would be on the federal deficit.

Voters this year, in some ways, will have a pretty straightforward choice come Election Day 2020, thanks to the fact that the differences between the Trump vs Biden presidential tickets -- and their respective platforms -- could hardly be starker. On everything from immigration to public health vis a vis the response to the coronavirus crisis and so much more, voters face clear-cut distinctions between the two men competing to occupy the White House for the next four years.

One of those many differences between the Trump and Biden approach to governance comes in the form of taxes -- and, specifically, both of their thoughts on what an appropriate level of taxation should be going forward.

To that end, a nonpartisan budget watchdog (the Committee for a Responsible Federal Budget) has released an analysis of the Trump and Biden platforms, and announced findings that include the following: Both candidates would pile billions of additional dollars on top of the existing national debt, though a Biden administration would do so to a slightly greater degree. Additionally, over 10 years, President Trump would cut federal tax revenue by almost $2 trillion, while Biden would hike taxes by more than $4 trillion -- though the report cautions that those amounts are just within an estimated window, such that the impact of both policies could end up greatly increasing taxes or making them far lower than the current estimates show.

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Analysis: Trump will cut taxes by almost $2T, while Biden would raise taxes by $4.3T originally appeared on BGR.com on Thu, 8 Oct 2020 at 22:10:47 EDT. Please see our terms for use of feeds.

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