Donald Trump Jr. Claims Biden Wants To Raise Taxes On 82% Of All Americans
A recent tweet by Donald Trump Jr. states that Democratic presidential nominee Joe Biden plans to raise taxes for 82% of the American population. The tweet has over 23,000 retweets currently. The statement echoed similar sentiments expressed by several other Republican figures including RNC Chairwoman Ronna McDaniel, Senior Campaign Adviser Jason Miller, and Eric Trump. Claiming that your political opponents will enact tax hikes is common in elections, but does this claim hold water?
Biden has stated several times that his proposed tax plan would not raise new taxes on people making less than $400,000 a year. He also made a point that taxes would not be raised on the “90% of the businesses out there, are mom and pop businesses, that employ less than 50 people,”.
The Tax Policy Center, a nonpartisan think tank, analyzed Biden’s proposed tax plan. Biden aims to raise business taxes and taxes on high-income households. The highest-income top 20% would bear 93% of the tax increase, and the highest-income top 1% would bear almost 75% of the tax increase. The TPC concludes that Biden’s tax proposal does increase taxes significantly, but nearly all of it on high-income households.
While the households making below $400,000 would not directly get hit by any tax increases, they may bear the burden of corporate taxes that may be passed on in the form of lower wages. According to the TPC analysis, these drops would be minor, ranging from $30 in the first quintile to $590 in the fourth quintile. However, these are projected drops in income and are not equivalent to raising taxes on 82% of the country's population as the original tweet claims.