Despite campaign promises, 60% could see tax increase under Biden proposals

An analysis by the nonpartisan Tax Policy Center found 60% of households would face a higher tax burden under President Joe Biden’s proposals.

“For those looking to see if Biden kept his promise to not raise taxes for those making $400,000 or less, the answer is: mostly, but not entirely,” said Tax Policy Center senior fellow Howard Gleckman. “Including corporate tax increases, most households would pay more in 2022. About three-quarters of middle-income households would face a tax increase averaging about $300. But nearly all would be a result of those higher corporate taxes.”