The analysis concludes Biden’s plan would raise $2.8 trillion over the next decade from higher taxes on businesses, corporations and the wealthiest households. Over that time, AEI projects the higher taxes would reduce economic growth by a relatively modest 0.16 percent.

The plan would “make the tax code more progressive,” AEI’s Kyle Pomerlau and Grant Seiter write. And after slightly crimping growth in its first decade, it would “reduce debt-to-GDP in the second decade, leading to slightly higher GDP. However, in the long term, his plan would not raise enough to stabilize debt-to-GDP and would lead to a 0.18 percent smaller economy.”

The macroeconomic drag the AEI model anticipates roughly aligns with other analyses from the Tax Foundation and the Penn Wharton Budget Model, Pomerlau notes. In other words, rolling back most of the Trump tax cuts wouldn’t bring about the economic Armageddon the Trump campaign has depicted.

Neither would it jack up taxes on every American. 

Vice President Pence made that claim during his debate with Sen. Kamala Harris (D-Calif.),  Biden’s running mate, last week. The AEI analysis finds the top 1 percent of taxpayers would see a 14.2 percent hit to their after-tax income next year. The rest of the top 5 percent would face a small uptick in their burden. But everyone else would receive an after-tax income bump. The largest such increase, of 11.3 percent, would go to the bottom 10 percent, thanks to a temporary expansion of the child tax credit, according to AEI.

The analysis finds that starting in 2030, the Biden plan would impose “modest” tax hikes on the bottom 95 percent of earners, which it attributes to higher taxes on businesses. That would appear to violate Biden’s pledge not to raise taxes on anyone earning less than $400,000

President Trump on Tuesday cornered Democratic challenger Joseph R. Biden about his son, Hunter, getting rich off foreign deals while his father was in the White House.

Mr. Trump asked Mr. Biden why his son pocketed more than $3.5 million from the wife of Moscow’s mayor.

“What did he do to deserve it?” demanded Mr. Trump at his first debate with Mr. Biden in the 2020 presidential race.

Mr. Biden responded that it was “totally discredited,” referring to the longtime allegations of conflicts of interest and sweetheart deals for his son in countries where Mr. Biden spearheaded Obama administration policy.

Mr. Trump kept pressing him: “What did he do for it?”

Mr. Biden repeatedly said, “It’s not true.”

The former vice president said that wasn’t what the American people wanted to hear about.

“It doesn’t want this. It wants to talk about you, the American people, that’s what we should talk about,” Mr. Biden said.

Hunter Biden has long been under suspicion for cashing in on his father’s clout as vice president in the Obama White House and pocketing millions of dollars in sweetheart deals in China, Ukraine and Russia.

As a result, the younger Mr. Biden has loomed large in the presidential race, though left-leaning news media mostly avoids the subject.

He was at the center of House Democrats’ impeachment of Mr. Trump this year. The abuse of power charges against Mr. Trump stemmed from his pressuring Ukraine to investigate alleged corruption involving Hunter Biden’s lucrative business deals while his father led Obama administration efforts in that graft-riddled country.

Everywhere the elder Mr. Biden went, Hunter Biden seemed to cash in on mega deals, despite limited business experience and a history of drug addiction.

Joseph Biden and Hunter Biden have denied any wrongdoing.

A Senate Republican report last week