According to a new analysis by the Wharton School at the University of Pennsylvania: Under Biden’s proposals for new taxes, revenue raisers and savings, there should be $4.2 trillion over the next decade to cover the $3.5 trillion budget framework.
The PW analysis includes a 28 percent capital gains rate in its “medium” scenario . There’s also a $300 billion-plus range of savings from potential drug pricing reform plans, an area where Democrats in areas with a strong pharmaceutical industry presenceWhat separates the high-end revenue generators from the lower ones is that they often require more significant changes to the underlying system, rather than just turning the dial on tax rates up a notch.
“The ‘low’ is tweaking around margins, it’s low-hanging fruit, it’s not any major reform to how things work,” Ricco said. “It’s when you get to the more fundamental reform aspects where there are clear winners and losers within industries and among types of taxpayers that it becomes more of an issue.”
So, for example, boosting IRS spending to audit high earners might raise up to $91 billion. But pairing it with new reporting requirements for banks to make it easier to spot taxable income could raise . And Democrats might raise up to $728 billion by overhauling the way business profits abroad are taxed. No easy task, but the benefits are also clear: The more they raise, the more they can spend on items members want.At 1:00 p.m. ET, President Biden will deliver remarks at the White House on the U.S. evacuation efforts of Americans and Afghans from the country after the Taliban takeover.
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