U.S. Democratic presidential nominee Joe Biden's budget policies would grow deficits by US$ 2 tril.: Study
- 4 years ago
"바이든 공약, 10년간 세수 3조•지출 5조 달러 증가"
It's time now for our Tuesday edition of Arirang's 'The World Now'. I'm Kim Jae-hee.
We begin with U.S. Democratic presidential nominee Joe Biden's tax proposals, which aims to raise taxes on high-income individuals and companies.
According to the Penn Wharton Budget Model, Biden's pledge would increase tax revenue by more than 3-point-3 trillion dollars from 2021 through 2030.
Biden's proposals include raising the corporate tax rate from 21 percent to 28 percent and the top individual income tax rate from 37 percent to 39-point-6 percent.
His corporate tax proposals would raise about 1-point-4 trillion dollars, the payroll tax proposals would raise around 9-hundred-93 billion dollars, and individual income tax proposals some 9-hundred-44 billion dollars.
But the analysis also suggests his spending proposals would increase new spending by more than 5-point-3 trillion dollars over the same period, resulting in some 2 trillion dollars in deficits overall.
Biden's infrastructure plans and education plans which includes reducing college tuition burdens accounted for the two biggest spending areas.
It's time now for our Tuesday edition of Arirang's 'The World Now'. I'm Kim Jae-hee.
We begin with U.S. Democratic presidential nominee Joe Biden's tax proposals, which aims to raise taxes on high-income individuals and companies.
According to the Penn Wharton Budget Model, Biden's pledge would increase tax revenue by more than 3-point-3 trillion dollars from 2021 through 2030.
Biden's proposals include raising the corporate tax rate from 21 percent to 28 percent and the top individual income tax rate from 37 percent to 39-point-6 percent.
His corporate tax proposals would raise about 1-point-4 trillion dollars, the payroll tax proposals would raise around 9-hundred-93 billion dollars, and individual income tax proposals some 9-hundred-44 billion dollars.
But the analysis also suggests his spending proposals would increase new spending by more than 5-point-3 trillion dollars over the same period, resulting in some 2 trillion dollars in deficits overall.
Biden's infrastructure plans and education plans which includes reducing college tuition burdens accounted for the two biggest spending areas.