Where the 2020 Presidential Candidates Stand on Tax Policy

Joe Biden would increase income and payroll taxes for high-income individuals and corporations; expand the child and dependent care tax credit, 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. Under his plan, estate taxes would be increased. 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.

Donald Trump has proposed a permanent extension of the individual income and estate tax provisions that were included in the Tax Cuts and Jobs Act. He has also proposed a reduction in payroll taxes. His plan includes an expansion of opportunity zones as well as tax incentives for some US businesses to shift certain operations from foreign countries to the US.