Biden Says He Plans ‘Small to Significant' Tax Hike for Those Making Over $400,000 1

President Joe Biden said in an interview broadcast Wednesday that he plans to raise taxes on Americans making more than $400,000 a year as his post-stimulus legislative plans come into focus.

“Anybody making more than $400,000 will see a small to a significant tax increase,” he told ABC News. “If you make less than $400,000, you won’t see one single penny in additional federal tax.”

Speaking with NBC News, two administration officials earlier confirmed that Biden and his top aides are discussing the framework to increase taxes on Americans making more than $400,000 and on large corporations. Bloomberg was the first to report the news.

For more on this story, go to NBC News.