On the whole, the Biden tax plan focuses on “raising taxes on corporations, capital income and ordinary income of high-income fliers,” the report suggests. A few examples of specific policies include repealing portions of the Tax Cuts and Jobs Act for wealthier persons, taxing dividends and capital gains at “ordinary rates,” eliminating fossil fuel subsidies, and imposing sanctions on tax havens.
Looking more closely at education spending, the Biden plan proposes to implement universal pre-K as well as two years of debt-free college which would be universal, i.e. available for all American citizens.
When it comes to infrastructure, a Biden administration would increase investments in green technologies, high-speed rail, and “breakthrough technology” like 5G or artificial intelligence.
Overall, the Biden plan slants the tax code against the nation’s wealthier citizens by raising corporate taxes and other market-related taxes. While the Biden plan increases spending in two key areas, education, and infrastructure, the plan is a far cry from the price tag of other sweeping plans such as the Green New Deal.
