FACT CHECK: Pence claims Biden will raise taxes on every American -- but increases will largely be shouldered by wealthiest
PENCE’S CLAIM: “Sen. Harris is denying the fact that they're going to raise taxes on every American.”
FACT CHECK: Biden has insisted that his administration would only seek to raise taxes on companies and individuals making more than $400,000 a year. Tax experts largely agree that under his plan a broad swath of American households could also see a very small increase in their taxes.
This is due to a number of factors, such as Biden’s proposed corporate tax hike. Many models assume at least part of that burden would be borne by lower-wage workers. But according to an analysis by the independent nonprofit Tax Policy Foundation, 93% of the increases would be shouldered by the top quintile of taxpayers.
According to that analysis, that would mean the middle-income quintile (those with income between about $52,000 and $93,000) would experience an average tax increase of $260 per year. Taxpayers in the bottom quintile (those with income less than $26,000) would see an average tax increase of only $30.
Biden has also said he would reinstate the individual mandate -- the penalty for not having health insurance created by the Affordable Care Act -- that was eliminated by the 2017 tax cuts.
However, Biden says he also aims to reduce some taxes. He said he would repeal the $10,000 cap on the state and local tax deduction instituted by the 2017 bill, which primarily impacts high-income households in areas with high state taxes, like California and New York.
He also plans to offer tax credits aimed at accomplishing different policy goals -- such as reinstating or expanding incentives intended to reduce carbon emissions and helping low- and middle-income families offset the costs of home buying.
--ABC News' Shannon Crawford and Beatrice Peterson