BIDENS TAX PLAN FOR RICH TAXPAYERS

Bidens tax plan for rich taxpayers. An analysis by the Tax Policy Center found that the bottom 80% of taxpayers would see tax cuts on average, mainly due to a package of tax credits and deductions aimed at the middle class. Those in the top 1%, who earn more than $788,000, would see an average tax increase of $266,000, while the super earners–or those in the top 0.1%–would see an average tax hike of $1.6 million, the study found. Biden’s plan wouldn’t raise as much revenue as originally expected, in part because of the slowing economy. Democrat Joe Biden’s tax plan would give an average tax cut of $620 to middle income earners, according to a new analysis, while top earners would face a steep increase. Bidens tax plan for rich taxpayers.

The analysis, released by the Tax Policy Center, comes amid dueling claims during the campaign over whether Biden would hike taxes on the middle class. The analysis found that the bottom 80% of taxpayers would see tax cuts on average, mainly due to a package of tax credits and deductions aimed at the middle class.  According to the analysis, for those in the bottom quintile, which include people making less than $25,000, tax cuts would average $720 in 2022. Those in the next quintile, making between $25,000 and $50,000, would see a tax cut of $790. Those in the middle, earning between $50,000 and $89,000, would see a tax cut of $620, while those making between $89,000 and $160,000 would see a cut of $420.

The top earners, by contrast, would see a steep increase. Those average tax increases of $266,000, while the super earners—or those in the top 0.1%— would see an average tax hike of $1.6 million. Biden has said no taxpayer making less than $400,000 a year would see a tax increase under his plan. Republicans have said that 82% of Americans would see higher taxes under Biden’s plan. That’s because Biden proposes increasing the corporate tax rate to 28% from 21 5, a portion would be borne by workers. As a result, some middle class taxpayers would see an effective decrease in their after tax earnings.