Joe Biden said he will re-impose the Obamacare individual mandate tax if he is elected. Most households liable for this tax made less than $50,000 per year.
The Tax Cuts and Jobs Act signed by President Trump zeroed out the $695-$2,085 Obamacare individual mandate tax, beginning in tax year 2019. The highly unpopular tax was imposed on households not purchasing “qualifying” health insurance as defined by the federal government.
But Biden has already vowed to re-impose the individual mandate tax. Here’s his exchange with CNN on July 5, 2019:
CNN’s Chris Cuomo: “Would you bring back the individual mandate?”
Joe Biden: “Yes. Yes, I’d bring back the individual mandate.”
See for yourself by watching the clip below:
According to official IRS data for the 2017 tax year, 74% of households liable for the individual mandate tax had an adjusted gross income of less than $50,000.
The individual mandate tax penalty was paid by 4,606,271 households.
3,430,003 of these households had an adjusted gross income of less than $50,000.
On May 22, Biden told CNBC: “Nobody making under 400,000 bucks would have their taxes raised. Period. Bingo.”
Biden has some explaining to do. This Biden tax will hit middle class households in every state and every congressional district.
Keep track of Biden’s many tax hikes by visiting www.ATR.org/HighTaxJoe