Joe Biden’s Big Tax Plan: 98% of Americans Won’t Pay More
By Rachel Bucchino
President Joe Biden has made it clear that he’s going to raise taxes for the most wealthy Americans—specifically, those making more than $400,000—while also pledging that Americans earning less than that income threshold “won’t see one single penny in additional federal tax.”
That means 98 percent of households wouldn’t see tax increases under the Biden administration’s tax agenda. The top 2 percent, though, would experience the tax cargo that will help pay for Biden’s expensive policies, like the upcoming infrastructure and climate package. . .
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“The tax code is so complex that $400,000 can mean all sorts of things,” Wayne Winegarden, a Senior Fellow in Business and Economics at the Pacific Research Institute, said. “For instance, is the filer single, or a married couple? From a straight language perspective, $400,000 means [adjusted gross income] of $400,000. From this interpretation, trying to lower the rate for single filers is breaking the promise not to raise taxes on anyone making less than $400,000.”