President Biden, ramping up a populist message in his re-election campaign, has consistently stated his intention to increase taxes on the wealthy and corporations to ensure they pay their fair share.
Republicans have criticized Mr. Biden, accusing him of having an insatiable desire to tax the American people. His Republican challenger in the election, former President Donald J. Trump, recently claimed that Mr. Biden is planning to implement the largest tax hike in the history of the United States.
However, it may be surprising to learn that during his time in office, Mr. Biden has actually reduced overall taxes.
According to an analysis conducted for The New York Times by the Urban-Brookings Tax Policy Center, a Washington-based think tank that focuses on fiscal matters, the tax cuts signed by Mr. Biden for individuals and corporations outweigh the tax increases imposed on large corporations and their shareholders.
The analysis estimates that the tax changes enacted by Mr. Biden will result in a net reduction of approximately $600 billion over four years and slightly more over a full decade.
Benjamin R. Page, a senior fellow at the center and the author of the analysis, stated, “It’s reasonable to conclude from those figures that the Biden tax policy has not been an extreme tax-raising agenda.”
The analysis specifically examines tax modifications during Mr. Biden’s presidency, including some direct benefits to individuals and businesses through the tax code. It does not consider the impact of inflation or specific regulations that may be classified as “tax hikes” by Republicans.
Furthermore, it does not assess the social or economic advantages of Mr. Biden’s spending policies or regulatory actions aimed at aiding consumers.
Instead, the analysis provides a comprehensive overview of Mr. Biden’s tax code adjustments and their cumulative effect.
