Biden plan would hike taxes $2.4 trillion over a decade, socking it to corporations and the wealthy, analysis finds

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.

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