The top sliver of U.S. households could see their tax bill climb substantially under the spending plan introduced earlier this year by President Biden.

That's according to a new analysis published by the Urban-Brookings Tax Policy Center, which found that the wealthiest 0.1% of Americans – who earn at least $3.6 million – would pay an additional $1.56 million in federal taxes each year if Congress approves Biden's sweeping tax and spending proposal. Their after-tax income would plunge by about 16.8%, the study said. READ MORE