Joe Biden will not increase taxes for anyone who makes less than $400,000 a year.

Democratic presidential candidate Joe Biden and his running mate California Senator Kamala Harris' $4 trillion tax plan categorically states it will not increase taxes for anyone making less than $400,000 a year. "As President, Biden will require corporations and the wealthiest Americans to finally pay their fair share," Biden's website states. "He won't ask a single person making under $400,000 per year to pay a penny more in taxes, and will, in fact, enact more than one-dozen middle-class tax cuts". An AP and MarketWatch analysis found Biden's plan will target wealthy individuals and corporations and not impact middle-class families. Biden's plan claims it will restore the top individual tax rate from 37 to 39.6 percent, and raise the corporate tax rate by seven percent. Biden would also make wages above $400,000 subject to the 12.4 percent Social Security payroll tax, which is split between employees and employers.