Biden’s Tax Plans: A Broader Reach Than Advertised

Democratic presidential nominee Joe Biden speaks at an outdoor “Black Economic Summit” in Charlotte, N.C., September 23, 2020. (Kevin Lamarque/Reuters)
Corporations don’t actually pay the corporate tax. You do.

NRPLUS MEMBER ARTICLE D emocratic presidential nominee Joe Biden is very committed to the narrative that if elected, he will raise taxes only on the rich. In one television interview, he promised that “nobody making under 400,000 bucks would have their taxes raised. Period. Bingo.”

The specifics of Biden’s claim are disputable. But a new analysis from the Wharton School of Business does find that the top 1 percent would shoulder 80 percent of the burden from Biden’s tax increases.

So, yes, it is at least largely true that the Biden campaign’s proposed tax increases are nominally focused on the rich. But whatever Biden may say,

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