In contrast, he has proposed roughly $2 trillion in tax increases unrelated to the law, by the Budget Model’s calculations. Biden’s proposed changes to the law could net just $500 billion in additional revenue. The calculations used analyses from the congressional Joint Committee on Taxation, the Tax Policy Center, the Committee for a Responsible Federal Budget and the University of Pennsylvania’s Penn Wharton Budget Model.Īll told, over a decade, Mr. Biden could otherwise claim to raise from his proposed changes to the Trump tax by at least half and as much as two-thirds, according to calculations by The New York Times. Such a move would most likely reduce the tax revenue that Mr. Biden’s tax plans, warning that repeal of the 2017 cuts would hurt American workers and businesses and push companies to ship jobs overseas. Republican lawmakers repeatedly questioned Ms. Yellen, told a Senate committee this week that the president would hold off on reversing any parts of the tax law until later in the recovery, which most likely means as part of a large infrastructure package that he is set to unveil next month. His nominee for Treasury secretary, Janet L. Biden did not include any tax increases in the $1.9 trillion stimulus plan he proposed last week, which was meant to curb the pandemic and help people and companies endure the economic pain it has caused. Much of the new revenue, however, could come from efforts to tax investment and labor income for people earning more than $400,000, in ways that are not related to the 2017 law. Biden still wants to raise taxes on some businesses and wealthy individuals, and he remains intent on raising trillions of dollars in new tax revenue to offset the federal spending programs that he plans to propose, including for infrastructure, clean energy production and education.