(ReliableNews.org) – The Committee for a Responsible Federal Budget, a non-profit, nonpartisan fiscal policy group, released a comparative analysis of President Donald Trump’s tax policies and Democratic presidential nominee Joe Biden’s.
The Oct. 7 report showed stark differences between the candidates’ proposed policies for the next 10 years and the impact on voters along with the potential net deficit effect of each plan.
Our central estimate finds Pres Donald Trump’s campaign plan would increase national debt by $4.95 trillion over ten years and former VP Biden’s plan would increase debt by $5.60 trillion. See more https://t.co/fFB40x87r8 #USBW2020 #Election2020
— CRFB.org (@BudgetHawks) October 7, 2020
The bottom-line difference to taxpayers comes in at a stunning $4.3 trillion increase in taxes under the Biden plan. Inversely, taxpayers would pay $1.7 trillion less under the president’s proposed tax policy.
Equally stunning is the future impact on the national deficit. President Trump’s tax plan would contribute up to $6.85 trillion to the deficit over the next 10 years, while Biden’s tax policy could add as much as $8.30 trillion.
So, although under Biden’s plan, Americans pay about $6 trillion more than under the president’s, Biden’s tax policy potentially increases the debt by $1.45 trillion more than Trump’s.
When it comes time to vote, Americans can consider Biden’s “800 distinct proposals” that raise taxes across the board on a range of areas, including minimum payroll taxes. On the other hand, Trump’s campaign platinum plan and “54 bullet points” doesn’t include any proposed tax hikes.
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