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Explore policy positions by clicking on each tab below.
Biden
Likely under a single-party government by the Democrats
- Raise the corporate tax rate from 21%to 28%.
- Create a 15% rate on minimum book value for firms with net income of $100 million or more, and double the rate on foreign income to 21%.
- Top individual rate to pre-2018 level, new payroll taxes, higher estate taxes.
- Return regulations to Obama-era levels.
Trump
Likely under a split government headed by Trump
- Cuts to the payroll tax and capital gains tax.
- Make expiring 2017 tax cuts permanent.
- Continue to roll back regulation.
Biden
Likely under a single-party government by the Democrats
- A four-year, $700-billion “Made in All of America” plan for federal procurement of U.S. manufactured goods.
- Increased spending on infrastructure and health care.
- Government transfers to narrow income inequalities.
- Low Federal Reserve policy interest rates.
- Annual budget deficits probably over $1 trillion.
Trump
Likely under a split government headed by Trump
- Support domestic manufacturing via tariffs, other trade restrictions.
- Increased infrastructure and health care spending.
- Limited direct income payments to reduce income inequality.
- Low Federal Reserve policy interest rates.
- Annual budget deficits probably over $1 trillion.
Biden
Likely under a single-party government by the Democrats
- Multilateral pressure on China.
- Reduce tariffs on allied countries.
- Revive U.S. participation in multilateral and nongovernmental organizations (for example, Trans-Pacific Partnership for trade, United Nations agencies)
- “Made in All of America” plan to encourage overseas manufacturing to return to the U.S.
Trump
Likely under a split government headed by Trump
- Continue pressure on China via tariffs and trade, visa, licensing restrictions.
- Continue efforts to re-shore manufacturing jobs, using bilateral negotiations with tariffs for leverage.
- Remain critical of multilateral agreements and non-governmental organizations.
Biden
Likely under a single-party government by the Democrats
- Public option for Affordable Care Act (ACA).
- Designate Medicare to negotiate lower drug prices.
- Expand Medicare and Medicaid access.
- Control drug price inflation, especially for specialty drugs
- Expand immigration and ease the citizenship process.
Trump
Likely under a split government headed by Trump
- Encourage private-sector measures to expand health care.
- Base some Medicare drug prices on comparable foreign costs.
- Tighter immigration policies.
Biden
Likely under a single-party government by the Democrats
- Rejoin the Paris Climate Agreement.
- Policies to target net zero carbon emissions in power generation.
- Support for renewable energy generation, electric vehicles and other clean-energy spending.
Trump
Likely under a split government headed by Trump
- Maintain a favorable regulatory environment for fracking, pipelines, energy exports, and, more generally, fossil fuel generation.