Biden Plan Would Raise Taxes on Top 1% by $299,000, Study Says
- Candidate’s proposal would raise $4 trillion, estimate shows
- Almost 93% of increases in plan would affect top quintile
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Joe Biden would raise income taxes on the top 1% of Americans by 17% or an average of $299,000 a year, according to an independent analysis of the Democratic presidential candidate’s tax plan released Thursday.
The analysis by the nonpartisan Tax Policy Center estimates that income taxes would go up for all Americans, but the largest raises in both dollar and percentage amounts would be on the wealthiest. Almost 93% of the increases would affect those in the top quintile of taxpayers, the Tax Policy Center found.