Biden’s Tax Plan Does Exactly What Biden Says It Does

Joe Biden has promised that his tax plan won’t raise taxes for anyone making less than $400,000. The conservative American Enterprise Institute decided to take a look at that and see if it was true. It is:

In 2021, everyone under $400,000 pays lower taxes, while the top 1 percent pays about $100,000 more in taxes. By 2030, every income group pays slightly higher taxes (about $50 per year at the median) while the top 1 percent pays $134,000 more.

The effect of all this on economic growth is essentially zero. AEI estimates that Biden’s plan would produce a minuscule reduction in GDP over its first decade and a minuscule increase in GDP during its second decade.

In other words, Biden has told the truth about his tax plan. How refreshing and unusual in the Trump era.

THE TRUTH...

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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