Biden: 'No New Taxes' for Those Earning $400K or Less

Biden responded: "It's smart to tax businesses that are making excessive amounts of money and paying no taxes."

Jeff Levine, director of advanced planning at Buckingham Wealth Partners, asked in a Monday tweet if Biden's "… $400k amount would apply to both married couples filing joint returns and single filers. Anyone know?"

Tariq Dennison noted in a reply that he's "heard a lot of concern about estate taxes / step-up in basis, which would certainly affect lots of families earning less than $400k most years."

In releasing his economic plan in mid-July, Biden said that requiring the wealthiest Americans to shoulder more of the tax burden and restoring the estate tax to "historical norms" tops his list.

Biden's 110-page economic plan states that the nation's "tax system has been rigged against the American people by big corporations and their lobbyists."

The plan also says, "A guiding principle across our tax agenda is that the wealthiest Americans can shoulder more of the tax burden, including in particular by making investors pay the same tax rates as workers and bringing an end to expensive and unproductive tax loopholes."