Wealthy individuals and corporations would bear the brunt of tax increases proposed by Joe Biden.
The Democratic presidential nominee’s plan would increase taxes by $2.4 trillion over the next 10 years, according to analysis by the Tax Policy Center, a nonpartisan think tank.
Wealthy individuals would pay roughly 40% of the tax increase, while businesses, especially corporations, would pony up the remaining 60%.
On the individual side, Biden’s plan is aimed at taxpayers earning over $400,000. It would increase their income tax rates while limiting the number of deductions they can itemize.