Trump attacked Biden's economic plan as a huge tax hike for the middle-class. But most Americans wouldn't see their taxes directly increase.

• Trump engaged in a barrage of inaccurate attacks on Democrats during his Thursday speech at the Republican National Convention.
• He said Biden's tax plan would raise taxes on "almost all American families," which would "totally collapse our rapidly improving economy."
• But experts across several think-tanks say most of the new taxes would fall squarely upon the highest earners, particularly the top 1% of households.

President Donald Trump accepted the Republican presidential nomination on Thursday evening in a 70-minute speech that constructed an alternate reality of his administration's management of the coronavirus pandemic. He glossed over the federal government's lapses during the crisis and engaged in a barrage of inaccurate attacks on Democrats.

He portrayed his Democratic rival, Joe Biden, as a serious threat to the nation's economic recovery. The president blasted Biden's plan to revive the coronavirus-striken economy, saying it would increase taxes for the vast majority of Americans.

"Joe Biden may claim he is an 'ally of the light,' but when it comes to his agenda, Biden wants to keep us completely in the dark," the president said, referring to the Democratic presidential nominee's acceptance speech last week. "He has pledged a $4 trillion tax hike on almost all American families, which will totally collapse our rapidly improving economy."

However, Trump's attack on the Biden tax plan is misleading and not entirely grounded in reality. While economists do project Biden's tax plan would raise $4 trillion in new federal revenue over a decade, most of the burden falls squarely upon the highest earners — particularly the top 1% of households and not those in the middle class.

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It means most people wouldn't experience a direct tax increase if Biden beats Trump in November. Biden doubled down on his pledge to not raise taxes for people earning below $400,000 a year in an ABC News interview.

The Committee for a Responsible Federal Budget recently analyzed Biden's tax plans through projections released by the non-partisan Tax Policy Center, the Penn Wharton Budget Model, the Tax Foundation, and American Enterprise Institute. The latter two think-tanks lean conservative.

Through those four analyses, the CRFB estimated the top one-fifth of earners would experience a tax increase ranging from 2.3% to 5.7%. But most of that increase is "driven by a 13.0 to 17.8 percent increase for the top 1 percent."

For taxpayers in the bottom four income quartiles, their taxes would increase by up to 0.6% in 2021, mostly because of Biden's intention to partially roll back Trump's tax cuts for large corporations, known as the Tax Cut and Jobs Act.

"These increases are not due to direct taxes ... but rather the indirect effects of increasing corporate taxes, which all four estimators assume is partially born by workers," the organization said.

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Put another way, most middle-income households could see their taxes indirectly go up by $260, while those in the top 1% see them swell by over $300,000, the Tax Policy Center estimated.

Biden's tax proposals also wouldn't demolish the economy as Trump claimed. CRFB said it would likely "modestly shrink" its size in the long-run based on three of the analyses.

By contrast, Trump's tax plan has been light on details. Ahead of the Republican National Convention this week, the Trump campaign released a second-term agenda with a 48-word section on "Jobs." It included specifics-free pledges to create 10 million jobs over 10 months and reduce taxes to boost take-home pay, among others.

"Without further details or clarification, it is difficult to fully analyze President Trump's second term tax policy agenda," the Tax Foundation's Erica York said in a blog post analyzing the agenda. "Broad themes of the president's agenda include providing tax relief to individuals and tax credits to businesses that engage in desired activities, while the status of expiring [Tax Cut and Jobs Act] provisions and tariffs seems uncertain."