HILL TAX BRIEFING: Biden Tax Plan Counts on Money from the Rich

The wealthiest Americans, the top 10th of 1%, would see taxes increase by an average of $1.8 million a year, under a plan from former Vice President Joe Biden, according to analysis released yesterday.

The plan would hike taxes on the top 1% by 17%, or an average of $299,000 a year. Wealth taxes have been a pillar of the Democrats’ plans in the 2020 campaign so far.

The Tax Policy Center analysis found that Biden’s plan would actually raise $4 trillion, more than his presidential campaign has estimated.

Biden’s top rival for the Democratic nomination, Sen. Bernie Sanders ...