Joe Biden's Plan Would Raise Taxes by $4 Trillion Over the Next 10 Years: Report

Democratic presidential front-runner Joe Biden’s plans call for American taxpayers to dig deeper into their pockets — about $4 trillion deeper over 10 years, according to a new analysis of his proposals.

The Tax Policy Center studied the proposals that the former vice president issued as of Feb. 23.

Successful businesses are in the cross-hairs of Biden’s plans, the analysis noted.

“Biden’s plan would increase the top corporate income tax rate from 21 percent to 28 percent and impose a 15 percent minimum tax on companies’ book income,” the analysis said.

American families earning over $400,000 would see the tax cuts passed in 2017 and signed into law by President Donald Trump taken away, it noted.

The Tax Policy Center said top earners will bear most of the brunt of Biden’s income tax changes, but that taxpayers in all brackets will feel some impact.

“The highest-income households would see substantially larger tax increases than households in other income groups, both in dollar amounts and as a share of their incomes,” the report said.

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Biden also wants to limit itemized deductions for high-income taxpayers and tax capital gains and dividends like ordinary income for millionaires.

In its reporting on Biden’s proposals, CNBC noted, “While Wall Street may view Biden as more moderate than self-declared democratic socialist Sen. Bernie Sanders, investors would still face dramatic tax increases under his proposals.”

“The proposal is very progressive,” Gordon Mermin, senior research associate at the Tax Policy Center, told CNBC.

Some believe a high-tax policy is a mistake.

“Right now, one of the biggest problems we have is low investment even with low interest rates,” Karl Smith, vice president for federal policy at the Tax Foundation, told The New York Times. “In general, taxing capital or productive assets is going to make that problem even worse.” 

Donald Trump Jr. pushed back against Biden’s high-tax policy in an Instagram post.

“The reality is that these tax cuts benefited the middle class incredibly in this country. It was needed to spur investment into American companies and this is why you have the unemployment number if you have and why you have rising wages for the lowest income earners,” Trump Jr. posted.

“Joe wants to take all of that away and destroy the American middle class probably to pay for free healthcare, insurance, and free education for illegals. He may be worse than The Bern,” he wrote.