evidence: President Joe Biden is proposing a tax increase of roughly 7% over the next decade, which is far lower than the 300% increase that former President Donald Trump claimed. About 83% of the proposed Biden tax increase would be borne by the top 1% of taxpayers, a level that starts at just under $1 million a year in income. Taxpayers earning up to $60,400 would see their yearly taxes decline on average, and taxpayers between $60,400 and $107,300 would see an annual increase of $20 on average.