Biden tax

Biden says he will raise taxes on those earning over $400,000 and that is roughly the top one percent. He says they should pay their fair share. This one percent currently pays as much income tax as the bottom 90%. They earn 27% of the income and pay 37% of the taxes. He also says that he will reverse the Trump tax cuts which means the middle income families would pay $2,000 more in taxes. Lowest one half of those employed pay no tax so their situation will not change. Americans paid almost $64 billion less in federal income taxes during the first year under the Republican tax overhaul signed into law in late 2017 by President Donald Trump, with some of the sharpest drops clustered among taxpayers earning between $25,000 and $100,000 a year.