He won’t ask a single person making under $400,000 per year to pay a penny more in taxes, and will in fact enact more than one-dozen middle class tax cuts that will finally give working families the financial support they deserve.
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Biden will give millions of middle-class families a tax cut through new refundable credits that lower the cost of health insurance, help first-time homebuyers buy a house, and assist working families pay for child care.
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Under President Trump’s leadership, Congress passed historic tax cuts and relief for hard-working Americans. The Tax Cuts and Jobs Act: […] Cut taxes for small business by 20%, providing $415 billion in tax relief for small business owners.
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Trump will also cut taxes to boost take-home pay and keeps jobs in America.
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Biden will give millions of middle-class families a tax cut through new refundable credits that lower the cost of health insurance, help first-time homebuyers buy a house, and assist working families pay for child care.

Biden would maintain the current deduction for those making under $400,000 per year while phasing the deduction out completely for higher earners.
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Biden will provide a special Manufacturing Communities Tax Credit that promotes revitalizing, renovating, and modernizing existing – or recently closed down – facilities.
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Currently, contributions you make to your traditional 401(k) plan at work are made with pretax dollars. They reduce your taxable income and trim your tax liability. This benefit is currently skewed toward higher-income families, and limited for low- to middle-income workers, said Democratic presidential contender Joe Biden. Instead, he’s proposing to “equalize” these benefits, which analysts say could emerge as a tax credit estimated at 26%.
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Trump will allow 100% expensing deductions for essential industries like pharmaceuticals and robotics who bring back their manufacturing to the United States.
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President Donald Trump signed the Tax Cuts and Jobs Act into law in late 2017, which lowered individual income tax rates across the board, roughly doubled the standard deduction and eliminated personal exemptions.
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President Donald Trump will provide tax credits for companies that bring back jobs from China.
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“We need to drop unnecessary occupational licensing laws. Let me give you an extreme example: In Oklahoma, you need 600 hours of training just to braid hair. And we need to make those licenses that are necessary transferable from one state to the next, that’s a big issue. This will eliminate the need to spend months in a new location, just to be able to do the work you do well. These laws often mean that workers can’t move to take a higher-paying job in another state, or that they have to spend months just to get certified to go to work.”
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“We have to make these places more competitive by getting rid of laws that stifle competition. Most people don’t realize nearly 40 percent of workers will be subject to a non-compete agreement at some point.”
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The Administration issued 67 deregulatory actions while only imposing three new regulatory actions.
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“Under my administration, we have removed nearly 25,000 pages of job-destroying regulations — more than any other President by far in the history of our country, whether it was four years, eight years, or, in one case, more than eight years.”
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Biden will support indexing the minimum wage to the median hourly wage so that low-wage workers’ wages keep up with those of middle income workers.
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He firmly believes all Americans are owed a raise, and it’s well past time we increase the federal minimum wage to $15 across the country.
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Biden strongly supports the Protecting the Right to Organize Act’s (PRO Act) provisions instituting financial penalties on companies that interfere with workers’ organizing efforts, including firing or otherwise retaliating against workers. Biden will go beyond the PRO Act by enacting legislation to impose even stiffer penalties on corporations and to hold company executives personally liable when they interfere with organizing efforts, including criminally liable when their interference is intentional.
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Biden strongly supports the Protecting the Right to Organize Act’s (PRO Act) provisions instituting financial penalties on companies that interfere with workers’ organizing efforts, including firing or otherwise retaliating against workers. Biden will go beyond the PRO Act by enacting legislation to impose even stiffer penalties on corporations and to hold company executives personally liable when they interfere with organizing efforts, including criminally liable when their interference is intentional.
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During his presidential campaign, Trump at times advocated keeping the federal minimum at $7.25 an hour and other times said that was “too low.”
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Joe Biden would create a refundable tax credit that would reimburse companies as well as non-profits for the extra costs of providing full health benefits of all their workers during a period of work hour reductions.
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“[…] Biden intends to do more by pushing for the enactment of the FAMILY Act and the Healthy Families Act. The FAMILY Act would provide 12 weeks of paid family or medical leave to employees while the Healthy Families Act would make it possible for workers to have seven days of paid sick leave.”
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Biden’s plan leaves the current system more or less intact, but adds a subsidized, Medicare-based public option available to individuals and small businesses. Under the Biden proposal, the employer-based system remains, but if you lose your job, or simply don’t like or can’t afford the insurance offered by your employer, you have another option.
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“We will return to the states their historic role of regulating local insurance markets, limit federal requirements on both private insurance and Medicaid, and call on state officials to reconsider the costly medical mandates, imposed under their own laws, that price millions of low-income families out of the insurance market.”
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The president sketched out what aides called a “vision” for quality health care at affordable prices, with lower prescription drug costs, more consumer choice and greater transparency. Aside from protecting people with preexisting conditions, he also said he plans to try to end surprise medical bills. “The days of ripping off American patients are over,” President Trump said.
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Trump relaxed the rules for making less expensive, short-term health care plans that don’t meet the requirements of the Affordable Care Act available. He re-launched association health plans that enable small employers to band together and negotiate lower health care rates. He has proposed expanding Healthcare Savings Accounts (HAS) to enable employees to put away more pre-tax dollars for out-of-pocket costs and deductibles.
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Joe Biden would expedite loans with less unnecessary paperwork to hard-hit businesses, and never punish firms or banks for good-faith mistakes. Providing a guarantee that every qualifying small business will get relief, rather than capping the fund in a way that forces small firms to compete against one another.
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Joe Biden would expedite loans with less unnecessary paperwork to hard-hit businesses, and never punish firms or banks for good-faith mistakes. Providing a guarantee that every qualifying small business will get relief, rather than capping the fund in a way that forces small firms to compete against one another.
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Establish a competitive grant program for new business startups outside of our biggest cities. To help redirect investments to more communities across the country – not just our biggest cities – Biden will enact legislation to provide $5 billion in funding to states with policies to encourage small business startups, for example by supporting the transfer of technology from public universities to the private sector, or by implementing training programs for new entrepreneurs.
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“We have delivered nearly three quarters of a trillion dollars in timely, economic relief to distressed small business entrepreneurs and their employees throughout the country, including $525 billion in Paycheck Protection Program (PPP) loans, $190 billion in COVID‑19 Economic Injury Disaster Loans (EIDL), $20 billion in EIDL Advance grants, and additional healthcare funding.”
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Trump will cut taxes for small businesses by 20%, providing $415 billion in tax relief for small business owners.
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Trump will cut taxes for small businesses by 20%, providing $415 billion in tax relief for small business owners.
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Trump proclaimed the 20th to the 26th of September National Small Business Week.
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To address the racial wealth gap, the opportunity gap, and the jobs gap for Black and Brown people, Biden will launch a historic effort to empower small business creation and expansion in economically disadvantaged areas – and particularly for Black-, Latino-, AAPI-, and Native American-owned businesses. In addition to providing small businesses with an ambitious “restart package” to survive the current crisis and come out the other side strong, he is launching a special, ongoing initiative to empower these entrepreneurs to succeed and grow with a three-prong Small Business Opportunity Plan.
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“[Trump] plans to outline a policy the White House calls the Platinum Plan to increase Black employment and give Black-owned businesses access to $500 billion in capital, according to people familiar with the proposal. […] His plan also calls for the government to encourage greater “activity” in Opportunity Zones, a program created by the 2017 tax overhaul Trump signed, according to a memo obtained by Bloomberg News. Under the law, investors can reap tax benefits by investing in areas states designate as low-income. Yet the program has drawn criticism for luring investment to neighborhoods that were already improving and for encouraging gentrification, displacing some Black residents who were supposed to benefit.”
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Biden’s plan leaves the current system more or less intact, but adds a subsidized, Medicare-based public option available to individuals and small businesses. Under the Biden proposal, the employer-based system remains…
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“It requires employers with 15 or more employees to provide their employees with at least one hour of earned paid sick leave for every 30 hours worked, up to a maximum of 56 hours of paid sick leave in a year…
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