As Tax Day rolls around, it’s clear that the approach to governance and tax policy of Joe Biden and Donald Trump couldn’t be more different. This divergence is evident in their views on financial transparency and the best strategies to stimulate the economy through tax policy. (source)
Biden, the incumbent Democratic president, has committed to releasing his income tax returns on the IRS filing deadline. He is also scheduled to deliver a speech about the need for the wealthy to pay more taxes to reduce the federal deficit and fund programs for the poor and middle class. Biden’s approach to tax policy is rooted in his belief in financial transparency and his commitment to public service.
On the other hand, Trump, the Republican former president, has consistently argued that voters have no need to see his tax data and that past financial disclosures are more than sufficient. He maintains that keeping taxes low for the wealthy will stimulate investment and create more jobs, while tax hikes would harm an economy still recovering from inflation.
As we approach the end of 2025, many of the tax cuts that Trump signed into law in 2017 will expire. This sets up a series of decisions about how much people across the income spectrum should pay as the national debt is expected to climb to unprecedented levels. Biden would like to keep the majority of the tax breaks, based on his pledge that no one earning less than $400,000 will have to pay more. However, he has proposed tax increases on the wealthy and corporations that would raise $4.9 trillion in revenues and reduce forecasted deficits by $3.2 trillion over 10 years.
These contrasting approaches to tax policy and financial transparency provide a clear illustration of the different governance styles of Biden and Trump. As we move forward, it’s crucial to consider the implications of these differences for our economy and society.