But he has said that he will keep tax cuts in place for other households, including those in the middle class, and he has promised that no one making under $400,000 will pay higher taxes.
Over all, Mr. Biden’s proposals would increase tax revenue by an estimated $3.4 trillion over a decade, according to an analysis by the Penn Wharton Budget Model at the University of Pennsylvania. Eighty percent of the increase would fall on the top 1 percent, according to the analysis.
As a result of lower wages and investment returns, the Penn Wharton analysis found that the after-tax income of households earning under $400,000 would decrease by 0.9 percent on average. But there would be a far steeper average drop in after-tax income for households earning above $400,000: 17.7 percent.
The Biden campaign has argued that the Penn Wharton analysis presents an incomplete picture because it does not take into account a number of tax-related proposals put forth by the campaign that it says will benefit those in the middle-class.
Mr. Biden laid out a plan over the summer to spend $2 trillion to develop clean energy and eliminate emissions from the power sector by 2035. In addition to the coronavirus pandemic, the resulting economic crisis and racial injustice, he has referred to climate change as one of four “historic crises” that the United States is facing.
But notably, he has declined to support the Green New Deal, a sweeping climate plan embraced by progressive groups and criticized by Republicans, though his website calls it a “crucial framework.”
And while Mr. Trump has accused Mr. Biden of wanting to “ban fracking,” Mr. Biden has repeatedly said he will not do so. Instead, he has proposed ending the permitting of new fracking on federal lands, but he is not proposing a national ban.
During the last presidential debate, Mr. Biden also said he would push the country to “transition away from the oil industry” and end federal subsidies. He later tried to clarify his remarks saying, “We’re getting rid of the subsidies for fossil fuels, but we’re not getting rid of fossil fuels for a long time.”