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Here is a breakdown of Joe Biden and Kamala Harris's tax plans vs Donald Trump's Tax Plan for the 2020 election. Joe Biden and Kamala Harris have multiple plans including: raising the top tier for personal income taxes, a 4% "income-based premium" for households making more than $100,000 for a medicare-for-all plan, a LIFT the Middle-Class Tax Credit, Expansions to Earned Income Tax Credits and Energy Tax credits while eliminating certain fossil fuel tax credits. There are also large changes to real estate tax laws, real estate tax loopholes, the stepped-up tax basis for stocks and real estate, limitations on itemized deductions, a financial transactions tax (FTT) on all stock/bond/derivative purchases and sales. Changes to social security taxes and payroll taxes, changes to child care tax credits, and other long-term tax-raising changes.
Will takes go up under a Joe Biden Presidency? If you make more than $100,000, you're likely to see some new taxes under a Joe Biden presidency. If you make under $100,000, you might take home more money with a Joe Biden Presidency. Unless you invest in stocks in real estate, then it's likely more people will see higher taxes even if your income is under $100,000.
Donald Trump's tax plan for the 2020 election would prevent any changes that Kamala Harris and Joe Biden seek and would instead focus on lowering the corporate tax rate, lowering capital gains taxes, and removing the social-security and medicare payroll tax cut for the employee's half (to be funded for by the General Fund - per Steve Mnuchin). Donald Trump's plans mostly reflect what we have now.
We'll also compare the tax cuts for rich vs poor.
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