President Biden is poised to do what millions are demanding though it is almost certainly going to be with staunch opposition. This week Biden announced proposed tax hikes essentially for the well-off, but, the initial announcement was a tad bit confusing. So buckle up, we’re going down the tax rabbit hole to clarify so people understand what is actually happening here and what it is not.
What Biden initially said…
Initially, Biden told George over at ABC News that anyone making roughly $400,000 would see a small to significant tax increase. The initial claim led to the subsequent claim that such would raise about $230B in taxes. Though the move is likely to be met with opposition considering Republicans do not like helping the “poor” or middle class.
“Yes, anybody making more than $400,000 will see a small to a significant tax increase,” Biden told George Stephanopoulos.
“I may not get [Republican support], but I’ll get the Democratic votes for a tax increase. If we just took the tax rate back to what it was when [George W.] Bush was president — [when] the top rate paid 39.6 percent in federal taxes — that would raise $230 billion. Yet they’re complaining because I’m providing a tax credit for child care for the poor, from middle class?” Biden said.
On Wednesday, Press Sec Jen Psaki announced that such actually mainly applies to families more than individuals (although that part is still unclear.) Let’s make this abundantly clear though before the Fox News spin machine gets to it — nobody under $400k a year in income is getting a tax hike.
The application of the tax hike would apply to $200k and if the same person making that is married to someone who also makes that.