The analysis did not look at Biden’s spending proposals, but the Tax Policy Center estimated that other tax breaks he would change would reduce federal revenue by about $270 billion.
Biden would reduce tax breaks for investments in fossil-fuel production and commercial real estate. He proposes new tax credits for buying electric cars and investing in renewable energy as well as other breaks for student loans and family caregiving.
He would also change the break for investing in an individual retirement account from a deduction to a refundable tax credit and automatically enroll most workers without pensions in IRAs.
This article was provided by Bloomberg News.