Joe Biden and Donald Trump have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
“For 36 years, I was listed as the poorest man in Congress,” Biden told donors in California in February. “Not a joke.”The Republican former president has argued that voters have no need to see his tax data and that past financial disclosures are more than sufficient. He maintains that keeping taxes low for the wealthy will supercharge investment and lead to more jobs, while tax hikes would crush an economy still recovering from inflation that hit a four-decade peak in 2022.
Including interest costs, extending all the tax breaks could add another $3.8 trillion to the national debt through 2033, according to an analysis last year by the Committee for a Responsible Federal Budget. Trump has called for higher tariffs on foreign-made goods, which are taxes that could hit consumers in the form of higher prices. But his campaign is committed to tax cuts while promising that a Trump presidency would reduce a national debt that has risen for decades, including during his Oval Office tenure.
Among Biden’s proposals is a “billionaire minimum income tax” that would apply a minimum rate of 25% on households with a net worth of at least $100 million. Biden has publicly released more than two decades of his tax returns. In 2022, he and his wife, Jill, made $579,514 and paid nearly 24% of that in federal income taxes, more than double the rate paid by Trump.
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