WASHINGTON—Former Vice President Joe Biden’s tax agenda would generate more than half its money from the top 0.1% of U.S. households, raising their average tax bills by more than $1 million and reducing their after-tax income by 14%, according to an estimate released Thursday from the Penn-Wharton Budget Model. In all, the Democratic presidential contender’s tax-increase plans would raise $2.6 trillion over a decade before accounting for economic changes, the study said. That is about 81% of what the Biden campaign estimated,...

Source: Wall Street Journal January 23, 2020 14:36 UTC