Biden’s tax-the-rich plan would ultimately cost middle-class earners, analysis says

Democrat vows no tax increase on those earning less than $400,000

Former Vice President Joseph R. Biden has vowed to raise taxes only on individuals earning more than $400,000 annually, but critics contend that his economic plan would wind up draining the wallets of middle-class families as well.

A report from Stanford University’s Hoover Institution found that Mr. Biden’s taxation, insurance, regulatory and energy proposals would, in the long run, reduce full-time equivalent employment by about 3%, or 4.9 million jobs.

The Biden program also would shrink real gross domestic product per capita by 8% and the capital stock per person by 15%, resulting in a $6,500 hit by 2030 in median income per household.

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