Biden plans to increase taxes on the wealthy making over $400,000
The Biden campaign, on the other hand, said the Democratic presidential nominee will call for increases in both payroll taxes and income taxes on wealthy households exceeding $400,000.
Biden’s proposed tax plan would raise about $3.2 trillion in revenue over a decade, his campaign asserted.
In order to achieve this, Biden would raise to 28 percent the corporate tax rate, which his campaign said would produce $730 billion in tax revenue over a decade, and raise the top individual tax rate to 39.6 percent, its level before the 2017 Republican tax cuts became law, to generate $200 billion in revenue over a decade.
The Tax Policy Center said the top 20 percent, or those making about $160,000, would be the only group to see a tax hike in 2022. Their tax liability is seen to spike by 5 percent on that year.
Biden is also looking at ramping up the Child Tax Credit to assist families during the coronavirus (COVID-19) pandemic to “provide thousands of dollars of tax relief for middle-class households.”
According to the Democratic presidential nominee, he would increase the CTC to $3,000 per child for children ages 6 to 17 and $3,600 for children under 6. If elected, he also vowed to make the CTC fully refundable and allow families to receive monthly payments if they choose.
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