Where the 2020 Presidential Candidates Stand on Tax Policy

Updated July 23, 2020

How would the 2020 presidential candidates change the tax code? We dig into the details of their latest proposals.

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Asterisks denote candidates who suspended their campaigns after this tool was launched.

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Overview
D

Joe Biden

Revenue Impact (2021–30)

$4.0 trillion (1.5 percent of GDP)

Percent Change in After-Tax Income (2021)

-10%-5%0%QuintileQ1Q2Q3Q4Q5

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Overview of tax proposals

Joe Biden would increase income and payroll taxes for high-income individuals and corporations, expand the earned income tax credit and the premium tax credit, create a new renter’s tax credit, and enhance incentives to save for retirement and purchase homes. He would eliminate tax preferences for fossil fuels and increase tax incentives to use energy-efficient technologies. His plan would also force big banks to pay a financial risk fee.

Overview
R

Donald Trump

Overview of tax proposals

Donald Trump has not released a tax plan as part of his campaign for reelection. Newspaper articles suggest he is developing a proposal to cut taxes. In the past, he has indicated support for tax cuts for middle-income taxpayers.