So, I guess a lot of us aren’t going to have to pay taxes anymore according to Joe Biden.
Maybe we’ve all been too hard on Joe Biden.
While many of us have criticized him for seemingly never knowing what he’s talking about or where he is, Biden and democrats have assured us that he is as sharp as a tack.
Well let’s hope they’re correct, because Biden just promised anyone who makes under $400k a year, that they “will not pay a single penny in taxes.”
That’s quite a promise from Biden.
He had said at the start of his campaign that he wouldn’t raise taxes on us, and now out of the kindness of his heart, he’s taking it a step further.
This would do wonders for his chances of re-election in 2024…
…That is, if the man actually said what he meant, or knew what he was saying.
Unfortunately, neither of those things have ever been true.
Biden Makes a Hefty Promise to Tax Payers
Biden made a slightly less hefty promise early in his campaign.
In March, CNBC reported on Biden’s promise to not increase taxes on those making less than $400k:
With the latest coronavirus relief package behind him, President Joe Biden may turn to another legislative priority this year: taxes.
Resetting how much Americans contribute to Uncle Sam could be high on the Democratic president’s list of priorities for this year.
Biden promised throughout his campaign that he would limit any tax hikes to people with incomes above $400,000.
“The President remains committed to his pledge from the campaign that nobody making under $400,000 a year will have their taxes increased,” White House press secretary Jen Psaki said this week.
She clarified on Wednesday that the $400,000 threshold applies to families, not individuals. Consequently, individuals who make $200,000 could be affected if they are married to someone who earns that same amount, for example.
Biden’s tax plan will focus on ensuring that corporations and wealthy individuals pay their fair share, she said. However, a formal package has not been released.
New taxes on the wealthy could help pay for infrastructure and other priorities, said Shai Akabas, director of economic policy at the Bipartisan Policy Center. But whether Biden can stick to that $400,000 campaign promise remains to be seen.
“He did draw a pretty clear line during the campaign,” Akabas said. “I expect, at least in his initial proposal, he’ll stick to that.”
Biden’s plan is expected to call for an increase in corporate taxes, while individuals at higher income levels can also expect to pay more.
His plan has called for raising the top tax rate to 39.6%, from 37%, for those who earn more than $400,000.
Twitter response has been positive, though there may be a small amount of trolling going on here…