When President Biden earlier this month released his budget for the next fiscal year, his priorities included raising trillions of dollars in taxes to help reduce the federal deficit by almost $3 trillion over the next decade.
Now, the Tax Policy Center has analyzed the budget and estimated the impact on U.S. taxpayers based on their income. Some lower-income Americans could end up benefiting, while the wealthiest households could see a significant increase their tax burden, the think tank said.
To be sure, Mr. Biden's budget isn't set in stone — instead, it reflects a starting point for negotiations with lawmakers, who ultimately craft and pass spending bills and new tax laws. But the White House's push to raise taxes on the wealthy reflects a push to place a higher burden on the richest Americans in order to increase funding for education, housing and health care, among other priorities.