Biden’s plan would generate over $289 billion in tax revenue, according to research from the Institute on Taxation and Economic Policy (ITEP). About 1.9% of the U.S. population would see an increase in taxes. The ITEP data broke down the impact by state. Population has a major impact on the overall total in tax increases.
“The plan will increase personal income taxes and payroll taxes for very high-income people,” Steve Wamhoff, director of foreign federal tax policy at ITEP, told Yahoo Finance. “That will only happen for 1.9% of taxpayers.”
The share of taxpayers affected by these taxes, he said, is what he thinks is the most “compelling” part of the data.
