Taxes will only be directly raised for households making more than $400,000, though corporation tax rises may also have an indirect impact.
Gordon Mermin, a senior research associate at the Tax Policy Center, said Biden's plan would lead to a modest increase in costs for lower-income groups; however, this is due to the indirect effects of the corporate increase tax rate. On average, the Tax Policy Center's March report predicted that the bottom 80% of earners could wind up paying between $30 and $590 extra annually on Biden's watch. It estimated that the top 20% of earners would bear over 90% of the tax increases.
No direct taxes are imposed on any household making less than $400,000 per year, the Committee for a Responsible Federal Budget wrote in its analysis of Biden's plan.