Millionaires Would Pay Up Under Biden Tax Plans, Study Shows
- Penn Wharton analysis sees middle earners paying slightly more
- Democrat’s plans would raise $3.4 trillion over next 10 years
Joe Biden
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Millionaires could see much bigger tax bills if Democrat Joe Biden is elected president in November, but levies on most households below the top income brackets would stay about the same as under President Donald Trump, an outside analysis shows.
Biden’s tax proposals would have the top 0.1% of earners -- those currently making about $3.3 million or more annually -- paying a 43% rate on their income, according to the Penn Wharton Budget Model. That top group pays a rate of about 30.6% under Trump’s 2017 tax law, according to the report, which accounts for income, payroll and corporate duties.