'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.
Report: Biden's $6 Trillion Budget Calls for Controversial Retroactive Tax Increase Despite Warnings from Experts
Even with raising taxes among high earners, Biden's proposed budget would run a $1.8 trillion deficit in 2022.