Joe Biden claimed that under his tax plan, NOBODY making less than $400,000 would pay more taxes. In Biden’s words, “Nobody making under $400,000 bucks would have their taxes raised, period, bingo.” This claim is a complete sham.
Reason #1: Biden has already said that “on day one” he will repeal the Trump tax cuts, which provided tax reductions to millions of low- and middle-income earners. A repeal of the Trump Tax Cuts and Jobs Act will shrink the standard deduction and cut the child tax credit of $2,000 in half. The child tax credit is used by over 22 million families.
Reason #2: According to a recent report by the American Enterprise Institute, “Biden’s proposals would increase taxes, on average, for households at every income level.” The report found that under Biden’s plan, the bottom 95 percent of earners would see average income tax increases of up to $1,368 in 2021. Independent analyses by the Tax Policy Center, the Tax Foundation, a Penn Wharton budget study, and the Committee for a Responsible Federal Budget all show that Biden will implement tax increases on middle-income households.
Reason #3: Biden plans to re-impose the individual mandate tax if he is elected. When pressed by CNN’s Chris Cuomo, Biden said “Yes. Yes, I’d bring back the individual mandate.” 4,606,271 households paid the individual mandate tax penalty in 2017. Of these households, 74.5 percent had an adjusted gross income of less than $50,000.
Reason #4: In a recent interview with CNN’s Anderson Cooper, Joe Biden said that he supports carbon taxes. This high tax burden is passed along to the consumer in the form of higher gas and energy prices.
Reason #5: In the 2008 campaign, Joe Biden lied when he promised not to raise taxes on middle-class earners. He said, “No one making less than $250,000 under Barack Obama’s plan will see one single penny of their tax raised whether it’s their capital gains tax, their income tax, investment tax, any tax.” Once in office, the Obama/Biden administration implemented twenty-one new tax increases, most of which fell primarily on low- and middle-income households.
If Joe Biden becomes president, he will raise your taxes. Period, bingo.