With the conclusion of the 2020 U.S. Presidential Election, the United States will enter a transitionary period. During this time, one of the main issues on policymakers’ minds will be what new tax plans President-elect Biden will propose to pay for his social policies. These social policies include new spending on education, COVID-19, and affordable healthcare. According to the Committee for a Responsible Federal Budget, an independent, bipartisan, and non-profit organizatio