Trump vs. Biden: Background on tax rates
The differences in the presidential candidates’ tax proposals are stark, and they’re compounded by the pandemic which has created more economic uncertainty and need for financial assistance. President Trump presided over significant tax reform with the enactment of the Tax Cuts and Jobs Act of 2017, and there’s talk of retaining and possibly expanding those cuts. Vice President Biden’s tax plan calls for higher corporate tax rates and having high-wage earners pay taxes toward Social Security on a higher percentage of their income.