Joe Biden's tax plan includes a raise in taxes on individuals with income above $400,000 and also a raise in the corporate income tax rate.
However, Biden's tax plan includes policies that primarily affect the rich. According to the tax plan he released before the election, he would enact several 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," noted the Tax Foundation. The Biden tax plan by 2030 would lead to about 7.7 percent less after-tax income for the top 1 percent of taxpayers and about a 1.9 percent decline in after-tax income for all taxpayers on average.