A new study finds that Democratic presidential candidate Joe Biden’s platform would raise taxes by $3.4 trillion on Americans and corporations over the next decade.
The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, released the study on Monday. In addition to trillions more in taxes, Biden’s platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, Fox Business reported.
“The spending plan, which is more than double what Hillary Clinton proposed during the 2016 campaign, would be funded by a slew of new taxes, including a corporate tax hike. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis,” Fox wrote.
Biden has made no secret about hiking taxes, pledging to do so on “Day One” of his presidency, should he win the