Trump says Biden would raise taxes by $4 trillion. Budget group says it would only be $3.4 trillion – By Jonathan Nicholson (Marketwatch) / Sept 14 2020
Group says Biden economic plans would also add almost $2 trillion to 10-year deficit
Presidential candidate Joe Biden’s economic plans would bring more than $3 trillion into federal coffers over 10 years, but it would still not be enough to offset his spending plans, a nonpartisan budget group said Monday.
In its analysis, the Penn Wharton Budget Model, a group led by former a George W. Bush-era Treasury Department economist Kent Smetters, scored Biden’s plans as boosting revenues by $3.4 trillion over 10 years, with a little bit less than half of that coming from raising corporate taxes.
But that money would not offset the Biden’s planned new spending on just two big priorities — education and infrastructure/research and development. Overall, the PWBM projected spending to rise by $5.4 trillion, once those items and others were factored in.
The estimates could add fuel to the fall presidential campaign fire. President Donald Trump has hit Biden as a tax-raiser.
“The Biden plan begins with a $4 trillion tax hike. And that will end everything, including growth. There won’t be growth. There’ll be total contraction,” Trump said at a Sept. 7 press conference at the White House.