Millionaires Would Pay Up Under Biden Tax Plans, Study Shows
(Bloomberg) -- 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.
Bidens 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 Trumps 2017 tax law, according to the report, which accounts for income, payroll and corporate duties.
The figures highlight the key dividing line between the two candidates when it comes to taxes. The Trump campaign has run ads saying Bidens increases would crush middle-class families, but the data show there would be little effect for most who earn less than $400,000. Trump has said he wants to cut taxes again, but hasnt released a plan on how he would do that.
Bidens platform would increase the top rate to 39.6%, where it was before Trumps overhaul pared it to 37%. The Democrat would also tax capital gains earnings the same as regular income for top earners, and impose an additional payroll levy on incomes above $400,000. Payroll taxes are currently only paid on the first $137,700 of income. About 80% of Bidens increases would fall on the top 1% of earners, or those earning at least $710,000, according to the report.
https://www.msn.com/en-us/money/markets/millionaires-would-pay-up-under-biden-tax-plans-study-shows/ar-BB191gg9?li=BBnb7Kz