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The Fiscal Times

Taxes Would Soar for Top 1% Under Biden Plans: Analysis

Federal income taxes would rise significantly for high-income households under policies proposed by President Biden, while middle- and lower-income households would see taxes decrease, according to a new analysis by the Tax Policy Center. The top 1% of households, which earn at least $800,000, would pay more than $213,000 on average next year under Biden’s tax plans, while the top 0.1% of households, earning at least $3.6 million, would pay $1.6 million more on average. At the other end of the i