President Biden’s tax policies have been a hot topic of debate as he gears up for his re-election campaign. Promising to make the wealthy and corporations pay their “fair share,” Biden has faced criticism from Republicans who accuse him of having an insatiable appetite for taxing the American people.
However, a recent analysis by the Urban-Brookings Tax Policy Center reveals that in just over three years in office, President Biden has actually cut taxes overall. The analysis estimates that the tax changes implemented by Biden will result in a net cut of about $600 billion over four years and slightly more over a full decade.
Despite his ambitious tax-raising plans, Biden has struggled to pass some of his most significant proposals through Congress. This has led to compromises and a mix of tax cuts and increases that have ultimately resulted in an overall reduction in taxes.
The president’s enacted tax cuts include incentives for green technologies, such as solar panels and electric vehicles, as well as temporary tax breaks for individuals and businesses. Biden has also introduced new levies on corporations, such as a tax on stock buybacks and a minimum 15 percent federal income tax for large corporations.
While Biden’s tax policies have faced opposition from Republicans, the president remains steadfast in his commitment to ensuring that the wealthy and big companies pay their fair share. He has emphasized his tax proposals in recent speeches, highlighting the need for millionaires and billionaires to contribute more to federal revenues.
As the 2024 election approaches, President Biden’s tax record will likely continue to be a point of contention among voters and politicians alike. Despite the challenges he has faced in passing his tax-raising plans, Biden remains determined to address income inequality and ensure that all Americans contribute equitably to the nation’s tax system.
