The president has called Biden a "Trojan horse for socialism", but actually the former senator and vice president backs an active federal government that he says should support but not constrict private enterprise, and he believes the highest federal tax burden should fall on the wealthiest.
Biden says no individual with taxable income of $400,000 or less would see a federal tax increase under his plans, at least directly. Less than than 2% of U.S. households report that level of income. There are several policy provisions tied up in Biden’s promise, but income tax rates often get the most attention.
Biden’s tax policy also encompasses social security, investment and business taxes and more. We dive into the plan.
With files from the Associated Press.
Richard Rubin, U.S. tax policy reporter for The Wall Street Journal; his latest piece is “Why Biden Would Start Tax Increases at $400,000 a Year”; @RichardRubinDC
Seth Hanlon, senior fellow focusing on federal tax and budget policy at the left-leaning think tank, Center for American Progress; former special assistant on economic policy to President Barack Obama from 2015 to 2017; he tweets at @SethHanlon
Kyle Pomerleau, resident fellow at the right-leaning think tank American Enterprise Institute where he studies federal tax policy; he authored AEI’s analysis of Joe Biden’s tax proposals; he tweets @kpomerleau