Biden’s Tax Plan Would Raise Just $2.4 Trillion, Report Says
- Estimate before virus downturn projected $4 trillion revenue
- Biden would likely face delays to implementing tax plan
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Democratic presidential nominee Joe Biden’s proposals would increase taxes by $2.4 trillion over a decade -- about $1.6 trillion less than previously estimated partly because of the pandemic’s impact, according to new figures from the Urban-Brookings Tax Policy Center.
The updated estimate revises figures published by the group in early March and takes into account new ideas from the Biden campaign, as well as the slowdown in the economy because of the coronavirus pandemic that likely will force a one-year delay for putting tax increases in effect.