Biden’s Plan Will Raise Taxes on More Americans Than You Think

And as many as 75 percent of middle income households face a tax increase under Biden’s plan, even though the highest-earning households will pay the vast majority of the costs.

President Joe Biden’s pledge not to raise taxes on American families earning less than $400,000 annually was a centerpiece of his campaign and of his first months in the White House. But a new analysis suggests that more than 60 percent of taxpayers will face a higher burden under Biden’s first budget plan.

The Tax Policy Center (TPC), a center-left think tank based in Washington, D.C., reports that “nearly all” of Biden’s proposed tax increases would be borne by American households earning over $800,000 annually. But while the tax increases are undeniably concentrated in the upper echelons, most taxpayers would see at least a small increase in what they owe the federal government via income, payroll, and corporate taxes. In fact, three-quarters of households earning between $75,000 and $100,000 annually would face higher taxes under Biden’s budget—with an average tax increase of $440.

We are primarily funded by readers. Please subscribe and donate to support us!

The tricky thing is that those higher taxes would be somewhat hidden for most individuals and households because they would be the result of higher corporate taxes.


Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.