Joe Biden is raising taxes on individuals earning more than $400,000, and there is no mention of raising taxes for those who earn less than $400,000.
Former U.S. Vice President Joe Biden is the Democratic candidate running for President against the current President, Donald Trump, in the upcoming U.S Presidential elections in November 2020. Joe Biden has released a tax plan to implement if he is elected as the President. He has proposed raising income taxes and Social Security taxes on wages over $400,000, which includes the top 10% of the highest-earning Americans. The former vice president has also called for raising taxes on wealth transfer. There will be no tax change for anyone earning less than $400,000. People earning $75,000 fall somewhere under the third and fourth quintile of the income group, and the tax change recommended for this category is zero. The Tax Foundation said that this plan would create a 'donut hole' in the current Social Security payroll tax, where wages between $137,700, the prevailing wage cap, and $400,000 are not taxed.
Bernie Sanders and Joe Biden recently released the 'Unity Task Force Recommendations' jointly, stating that the new tax reforms would be more progressive and equitable. This plan also aims to provide targeted tax breaks to eligible families and provide more refundable tax credits to low and middle-income families.