President Biden and Vice President Harris would both see their taxes go up if their plans went into action. Biden would pay $1,000-$2,000 more in federal income tax. Harris? She'd pay ~$30,000 more.
President Joe Biden has been touting his proposed tax hikes on the rich by saying they need to start “paying their fair share.”
That one step would only cost Biden $1,000 to $2,000 extra on his federal income tax bill, according to calculations from three accountants who crunched the numbers using the president’s 2020 tax returns and the Treasury Department’s details on tax increase proposals for their analysis. Harris and her husband’s 2020 returns showed they paid $621,893 in federal tax, with $540,095 in income taxes in addition to more than $82,000 for other federal taxes. The couple owed $34,489 to the IRS.
Running the numbers When MarketWatch asked the accountants to run the numbers on how much more Biden and Harris would pay under the plan they are pressing for as public officials, the results varied slightly due to different calculation methods. Similarly, Ed Zollars, of Thomas, Zollars & Lynch in Phoenix, Ariz. determined the Bidens would also pay an extra $1,931, while Harris and Emhoff would pay $31,507 more.
Still, the three estimates hover near the same vicinity, giving a tangible example of the potential costs for some rich households under the Biden plan. But it all depends on the political leanings of his clients. Democrats may swallow higher rates easier than Republicans. As for the former, Seltzer said, “They look at the alternative of having Trump over paying an extra 2.6%, and they’ll gladly pay it.”
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