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COMPARING BIDEN AND TRUMP TAX PLANS

Key Points: Joe Biden’s proposed tax policy has been released. The chart above compares the proposed plan against Trump’s existing tax policies. While these figures use the highest rates across the four categories, Biden’s plan would increase taxes across the board. Biden has pledged not to raise taxes for Americans with income under $400K, but […]

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REPEALING TCJA WOULD RAISE TAXES ON NEARLY ALL AMERICANS

Key Points: Repealing the 2017 tax cuts will raise taxes on individual families. The Right Facts has calculated the additional amount of income facing taxation (figure above) and the additional tax burden (tables below). Absent the 2017 tax cuts, single filers/heads of household with one dependent will be taxed on an additional $7,523 in income. […]

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Investment Up As Expected Under TCJA

Key Points: The Tax Cut and Jobs Act (TCJA) lowered the cost for businesses to purchase new capital. Nonresidential fixed capital investment had plateaued in 2015 and 2016. Key TCJA components were retroactive to 2017:Q4 and that is when investment began to accelerate. In 2019, the amount of productive capital in the U.S. continued to […]

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UPDATE: Labor Force Participation Rate Up Since Tax Cuts

While many claimed the drop in workforce participation in 2012 was part of a long-term trend, the turnaround following the 2017 tax cuts suggests otherwise. More people are working across age groups and the increased participation is large. Key Points: After the 2012 tax hike, the labor force participation rate dropped for all age groups. […]

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Tax Cuts: More Workers Tax Increases: Fewer Workers

While many claim that the drop in workforce participation in 2012 was part of a long-term trend, the turnaround following the 2017 tax cuts suggests otherwise. Not only are more people working across age groups, but the improvement is actually quite enormous. Analysis: The labor force participation rate dropped in the 21 months after the […]

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