The Joe Biden campaign is airing several political advertisements in northern Nevada, including one that details his tax plan. We broke down the ad and used several third party sources to examine his plan.

The ad begins by saying "Here's what you need to know. Joe Biden will not raise taxes on anyone making under $400,000. Biden will get rid of Trump's tax giveaways for the super wealthy and make corporations finally pay their fair share."

That is true.

Biden has consistently stuck to the $400,000 threshold. Under his plan, the wealthy would pay a 12.6 percent payroll tax. The top income tax bracket would increase by 2.6 percent, from 37 percent to 39.6 percent. The Trump tax cuts dropped the corporate tax rate from 35 percent to 21 percent. Biden wants to raise it back up to 28 percent.

These moves would probably require Democrats to control Congress in order to roll back some of the key provisions of the Tax Cuts and Jobs Act, which passed in 2017.

The ad goes on to show how Biden would use the additional taxes.

"Biden will use those savings to help working families and seniors, investing in lowering health care costs, improving education and protecting Social Security and Medicare," the ad says.

That is true.

The Tax Policy Center estimates that Biden's plan would generate $2.4 trillion. Other analyses show up to $4 trillion in additional revenue. The TPC shows that $1.2 trillion will be used for additional tax credits. Biden's plan would expand the child tax credit through the duration of the COVID crisis. It would offer a tax credit to help working families pay for health insurance, child care, senior care and to buy a first home. He wants to make preschool free for three and four-year-olds, invest in community colleges, and make public universities tuition-free for students whose family income is less than $125,000. The payroll tax increase would help fund Social Security.

The commercial closes out, saying "Biden's plan. Corporations pay more, you benefit."

That is speculative.

The TPC says lower and middle income workers could see a benefit, but there is no guarantee. It could depend on income and family circumstances. Some would qualify for tax credits for things like child care, student loan debt, low income rent and retirement savings like IRAs. The Penn Wharton budget model shows that after taxes, most Americans would see less than a one percent decrease in income.

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