Due to Biden’s inflation, he must raise his tax pledge threshold to $474,537
Since 2020, Joe Biden has proclaimed he will not raise a single penny of tax on any American earning less than $400,000 per year. “I give you my word as a Biden,” he said.
But Biden’s inflation has significantly eroded that dollar amount since Biden took office: it is now only worth $337,170 in January 2021 dollars, according to the federal government’s BLS inflation calculator.
Biden’s $400,000 pledge also supposedly applies to IRS audits. He claims there will not be an increase in the amount of IRS audits on households and small businesses making below $400,000.
But every month — due to Biden’s inflation — more and more households get swept into his tax-hike-and-audit maw.
Biden would need to raise the threshold to $474,537 in order to be consistent, again per the federal government’s BLS inflation calculator.
But Biden continues to use the $400,000 figure, hoping Americans won’t notice.
Every month, Americans for Tax Reform will announce the amount of the Biden tax pledge erosion as the new inflation data is released. Stay tuned to ATR.org/HighTaxJoe