Fact check: Will Joe Biden raise your taxes on day one?

Claim: “On day one, Joe Biden’s going to raise your taxes,” Vice President Mike Pence said during his debate with Sen. Kamala Harris.

Rating: True

Details: How much your taxes go up would depend on how much you make. Harris and Biden are pushing an economic plan that would impose much higher taxes on the wealthy, slightly increase taxes for most others and probably slow the economy’s growth a bit, according to an analysis of four independent studies of the proposal compiled by the independent Committee for a Responsible Federal Budget.

And, the analysis found, “The Biden tax plan would moderately slow the pace of economic growth and possibly labor supply by discouraging work and capital accumulation.” Three of the four analyses predicted the plan would reduce incentives to work, save and invest because of the higher tax rates.

But Biden has suggested much of the new tax revenue could be used for new spending, and it’s currently difficult to assess how that would impact the economy, the committee said.

Most of the higher taxes would be paid by taxpayers earning more than $400,000. The top 20% of income earners nationwide would face a federal tax increase of 2.3% to 5.7%, according to the analysis.

The Trump campaign has maintained that Harris and Biden would also increase taxes for everyone. That is technically true, though the increases are negligible, and less wealthy people could benefit from the Biden-Harris spending plans for higher education, housing, child care and other programs.

People with income between $52,000 and $93,000 would likely see a tax increase of about $260 per year, or 0.4% of after-tax income, the nonpartisan Tax Policy Center said. Those making less than $26,000 would probably see an average increase of $30 annually, or 0.2%.

Individuals earning more than $207,000 and joint filers making more than $414,700 pay at a 35% marginal rate this year. Individuals with incomes of more than $518,000 and couples earning more than $622,000 pay at a 37% marginal rate.

Biden would increase those rates to 39.6%, the rate prior to 2018, when the Republican-backed tax cut lowered it.

Biden would sting the rich in other ways. Currently, employees pay 6.2% of their income up to $137,700 for Social Security tax. Biden would keep that tax and current limits, which are adjusted each year, but he would require those earning more than $400,000 to begin paying the tax again at that income level.

He would also put limits on itemized deductions for the wealthy and end lower rates for the very wealthy on certain capital gains.