Searches for 'Biden tax calculator' spike on Google after Trump comments

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Graig Graziosi
·3 min read
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Joe Biden presta juramento como presidente de Estados Unidos durante su toma de posesión (Getty Images)
Joe Biden presta juramento como presidente de Estados Unidos durante su toma de posesión (Getty Images)

Google searches for "Biden tax calculator" spiked on the day of Joe Biden's inauguration as Donald Trump issued a backhanded warning that people's taxes might rise.

According to data from Google, queries for "Biden tax calculator," spiked on Inauguration Day, increasing 1,200 per cent more than it had been previously.

The explosive interest in the subject was likely driven - at least in part - by comments made by Mr Trump during his farewell speech on Inauguration Day.

"I hope they don't raise your taxes, but if they do, I told you so," Mr Trump said.

US taxes are not levied equally, so making broad brush statements about raising or lowering taxes is generally meaningless.

Mr Biden said he would reverse parts of Mr Trump's tax cuts, which were viewed by critics as a massive handout to corporations and the ultra-wealthy.

During the presidential campaign, Mr Biden said he planned to raise taxes on individuals making more than $400,000 a year and to increase the corporate income tax from 21 per cent to 28 per cent.

According to a Penn Wharton analysis, almost 80 per cent of Mr Biden's proposed tax increases would impact the top 1 per cent of earners.

Penn Wharton said that 98 per cent of workers would not see increases under Mr Biden's tax plan, though they would likely see lower investment returns and wages as businesses respond to rising corporate taxes.

Even if Mr Biden raises taxes to 28 per cent, it will still be significantly lower than the corporates tax rate during Barack Obama's final year in office, when the tax rate was almost 39 per cent.

Mr Biden has also said he wants to raise the highest personal income rate back to 39.6 per cent. The rate was dropped to 37 per cent under Mr Trump's 2017 tax cuts.

During the campaign, Mr Biden pledged not to raise taxes on anyone making less than $400,000.

For Americans making less than $400,000, Mr Biden has proposed increasing the child tax credit to $3,000 per child between the ages of 6 and 17, and up to $3,600 for children under the age of six.

He has also proposed some form of student loan forgiveness, though he has since walked back some of his claims and it remains unclear what - if anything - Mr Biden will do to address the student debt crisis.

Mr Biden said he would create new tax credits for small businesses that offer retirement plans to their employees, and that he would expand both the work opportunity tax credit to include military spouses and to enhance tax breaks for workers saving for retirement.

Janet Yellen, Mr Biden's pick for Treasury Secretary, said she agreed that a more "progressive" tax structure was needed.

“I certainly believe in a fair and progressive tax code where wealthy individuals and corporations pay their fair share," she said during her confirmation hearing.

Mr Biden also proposed raising the federal minimum wage to $15 an hour.

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