COVID Funder Working Group
Funder Working Group: Policy members
I've kept the policy updates focused mostly on COVID and tried to avoid some of the election cycle noise. That said, several of our partners have provided some recent updates which might be of use to you.
Our partners at Brownstein provided:
An analysis of Biden's policy proposals.
Tax issues (assuming a Democrat sweep with Congress)
Early predictions for key positions in a Biden/Harris Admin and various policy priorities. Take this with a bit of a grain of salt as guessing which people are candidates for certain roles is a favorite DC parlor game but it is too soon to have a good handle on this.
Our partners at Mehlman Castagnetti provided an insightful Election Analysis.
Doug Sosnik, the White House political director for President Clinton's re-election also provided an update on several election scenarios.
Finally, the Penn Wharton Budget Model (PWBM) released an analysis of Biden’s policy platform exploring the overall effects on tax revenue generation. After examining Biden’s proposals related to public investment, housing, Social Security and healthcare, PWBM estimates the Biden platform would raise $3.375 trillion in additional tax revenues over a ten-year window.
According to the report, the here is where the additional revenue would come from:
Source
Revenue
Corporate
$1.439 trillion
Payroll
$993 billion
Individual Income
$944 billion
The report found that federal spending under a Biden administration would increase by $5.35 trillion. Spending would be driven by the following categories:
Category
Spending
Education
$1.930 trillion
Infrastructure and R&D
$1.601 trillion
Housing
$650 billion
Social Security Benefits
$291 billion
Healthcare – Prescription Drugs
-$1.253 trillion
Healthcare – Other New Spending
$1.605 trillion
Paid Leave
$527 billion
Overall, the report estimates a net loss of $1.975 trillion over a decade.
Obviously, all of this is subject to change but I hope this provides some helpful perspectives to inform your work.
More in tonight's COVID-19 Policy Update.
All the best,
--John