'About three-quarters of middle-income households would face a tax increase averaging about $300,' a tax policy expert said.

“Taken together, it demolishes the cornerstone myth of the American tax system.”

If all $1.71 trillion in debt was forgiven, each of the 144.3 million taxpayers would be on the hook for a whopping $11,850.

Even with raising taxes among high earners, Biden's proposed budget would run a $1.8 trillion deficit in 2022.