As per a tax plan 2020 proposed by former Vice President Joe Biden, Biden would impose a 12.4 percent Old-Age, Survivors, and Disability Insurance (Social Security) payroll tax on income earned above $400,000, evenly split between employers and employees. Therefore, the claim is true.
As per Joe Biden’s tax plans, he would enact a number of policies that would raise taxes on individuals with income above $400,000, including raising individual income, capital gains, and payroll taxes. Biden would also raise taxes on corporations by raising the corporate income tax rate and imposing a corporate minimum book tax.
However, he will not raise taxes on anyone making less than $400,000. Biden plans to ask wealthy Americans and big corporations to pay their fair share. Therefore, the claim is true.