Since his presidential campaign, Joe Biden has repeatedly framed his economic plan as a boon to the middle class financed by the wealthiest Americans. But is that true?
Analysts who have read the fine print say that as many as 60% of American households could see their taxes go up under Biden’s plan, the Washington Examiner reported Sunday.
Debunking Biden’s big lie
As Howard Gleckman, a senior fellow at the non-partisan Tax Policy Center, put it in a talk with the Examiner, Biden’s campaign pledge to not raise taxes on Americans earning less than $400,000 is “mostly” true.
On the surface, Biden’s plan does not raise income taxes for Americans making less than $400,000 annually. But Americans making substantially less than that could shoulder a heavier burden thanks to Biden’s proposed corporate tax hikes.
“Including corporate tax increases, most households would pay more in 2022,” Gleckman said.
According to the group’s analysis, 75% of households making between $75,000 and $100,000 will pay about $440 more a year in taxes, and for 69% making between $100,000 and $200,000, the increase is expected to be around $830.
This is not the first time Biden has been caught misrepresenting his tax proposals. Biden wants to raise the top income rate not only for individuals making $452,700 or more, but also for couples making $503,900 who file jointly or $254,650 each who file separately.
Biden eyes tax hikes, trillions in spending
However, the Biden administration did not make this explicit at first. As a result, some individuals making less than $400,000 could see their income taxes climb as well.
According to the Tax Policy institute, about 83.7% of Americans making between $200,000 to $500,000 a year will pay an average of $2,040 more in taxes, Fox Business reports.
As for Americans above Biden’s official threshold, those making more than $500,000 will pay $8,810 more, and those making over $1,000,000 annually will pay another $265,939 in taxes, according to the Tax Policy Center’s analysis.
Meanwhile, Biden is calling to increase the corporate tax rate from the current 21% to 28%, raise the top income tax rate from 37% to 39%, and raise the capital gains rate from 21% to 39.6%, the Examiner reports.
Americans making less than $200,000 could actually end up paying less overall when Biden’s tax credits are considered, but this still doesn’t take into account the impact of inflation, which recently hit its highest level since 2008 as “middle class Joe” pledges to spend trillions of dollars on bogus “infrastructure.”
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Author: Matthew Boose
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