Top 1 percent to pay 74 percent of cost in Biden’s $4 trillion tax plan

The top 1 percent of taxpayers would pay 74 percent of the cost of former Vice President Joe Biden’s tax proposals, which would raise $4 trillion over 10 years, according to a new analysis by the Urban-Brookings Tax Policy Center.

The top 1 percent — or households earning more than $837,000 — would see their average tax burden rise 12 percentage points to 41.7 percent of income, according to the analysis.