Here's what's in Biden's $3.5 trillion plan to tax the rich
CBSN
President Joe Biden's ambitious spending plans would significantly increase what the federal government lays out for childcare and education and spend trillions more on infrastructure. It also comes with the biggest tax increases in decades.
How big? A study by the liberal Institute of Taxation and Public Policy predicts Mr. Biden's plan would increase by more than $100,000 a year what someone in the top 1% of earners pays Uncle Sam. President Obama in 2013 raised taxes on that same group by $83,000. President Trump in 2017 cut their taxes by about $50,000 a year. The top 1% of Americans earn about 20% of all income in the U.S., but they pay nearly 40% of all federal income taxes. The Biden plan will put even more of the tax burden on the wealthy. "It's time for corporate America and the wealthiest 1% of Americans to just begin to pay their fair share," he said Wednesday in his speech to Congress.
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