Trump plan could cut taxes by $1.7 trillion, Biden's could offer $4.3 trillion increase, report

The nonpartisan Committee for a Responsible Federal Budget released a report Wednesday estimating that Democratic presidential candidate Joe Biden's proposed policy measures would raise taxes by about $4.3 trillion over the next decade.

President Trump's plan would lower tax revenue by about $1.7 trillion. 

The report notes that the numbers presented are widely variable primarily due to the vague nature of each candidates' economic plans. At the top of the scale, Biden's plan could increase the federal deficit by as much as $8.3 trillion over the next 10 years, while the upper end of Trump's plan could boost that number to $6.5 trillion. 

On the lower end, Trump's projected plan could raise the deficit by $700 billion, while Biden's could potentially lower it by $150 billion.   

The biggest difference is in respective tax plans. Under the proposed Biden plan, the group predicts that the former vice president would raise taxes by at least $3.65 trillion by 2030. The largest tax increase would be upping the corporate tax rate from 21% to 28%. 

Biden would also increase the tax rate of the top income bracket (those making more than $400,000 annually) from 37% to 39.5%. Capital gains taxes would also rise dramatically from 20% to 39.6%. 

President Trump's plan exclusively details tax cuts, though the policy suggestions are devoid of many details at all. The CRFB posits that the president might support a plan that includes cutting income taxes for the middle class and decreasing capital gains taxes from 20% to 15%.

The report estimates that Trump's potential plan could save taxpayers $1.25 trillion to $2.45 trillion. 

Other elements of Trump's plan could include tax breaks for companies that move production back stateside from China, and expanding opportunity zones. The plan also includes an estimated $2 trillion on infrastructure spending.

Biden's plan supports several big ticket spending projects that would quickly diminish the revenue raised by increasing taxes. His plan includes an estimated $3 trillion on environment-related projects and $1.9 trillion for public health care spending.