Trump Distorts Biden’s Tax Plan

President Donald Trump falsely claims that Democrats propose “doubling, tripling, quadrupling your taxes” and that presumptive Democratic presidential nominee Joe Biden’s plan specifically would result in “doubling and tripling your taxes.”

Biden proposes to raise an additional $4 trillion in taxes over the next decade, but the increases would fall mainly on very high-income earners and corporations, and would not nearly double, let alone triple or quadruple, people’s taxes at any income level (on average), according to analyses of Biden’s plan by the Penn Wharton Budget Model, the Tax Policy Center and the Tax Foundation.

Although there conceivably could be rare cases in which a taxpayer inheriting capital assets could see federal taxes double or triple under Biden’s plan, the vast majority of Americans would see increases of less than 6%. And even the top 1% of earners — who would bear the brunt of Biden’s increases — would see an increase of about 40%, on