How Super-Wealthy Americans Fare Under Biden’s New Tax Plan

If you’re wondering how President Joe Biden’s tax framework would affect rich Americans, here’s a rough scorecard.

Winning: The vast majority of the top 1%, who might even get a tax cut.

Losing: The rich-but-not-fabulously rich, still working to build their fortunes.

Breathing a sigh of relief: America’s billionaires, who, despite threats to the contrary, likely get to keep the tools and tricks many use to avoid taxes altogether.

Biden’s plan was to raise tax rates on pretty much the entire 1%, the 1.6 million taxpayers earning at least $500,000 annually. After pushback from moderate Democrats, he’s settled for ...