Another Gaffe? Joe Biden Pushes Bizarre Claim That ‘Anybody Making Less Than $400,000 A Year Will Not Pay A Single Penny In Taxes’

Biden claimed that Americans earning less than 400K a year will not pay “a single penny” in additional taxes after proposing multiple tax hikes to fund spending plans, according to Fox Business.

When making this announcement Biden failed to be so clear as to say “In additional taxes.”

“The reason I’m bothering to do this is I keep hearing in the press ‘Biden’s going to raise your taxes’ – anybody making less than $400,000 a year will not pay a single penny in taxes,” Biden said.

Biden shared his $1.8 trillion American Families Plan.

The American Families Plan mainly focuses on education and child care.

Previously Biden announced the American Jobs Plan.

The American Jobs PLan is a $2 Trillion investment meant to reinforce the country’s infrastructure and includes various child care proposals.

Both plans mean huge tax hikes.

— Advertisement —

From Fox Business:

President Biden reiterated his pledge that no American earning less than $400,000 would not pay “a single penny” in additional taxes with a slight twist on Monday, after he proposed several tax increases to fund two sweeping spending plans.

Biden appeared to mistakenly leave out a key word during his speech at Tidewater Community College – instead saying that no one earning under his specified threshold would pay any taxes.

Last week, Biden unveiled his $1.8 trillion American Families Plan, which focuses on education and child care.

He previously announced the American Jobs Plan, a $2 trillion investment that includes a revamp of the nation’s infrastructure as well as various child care proposals.

Both spending plans rely on tax hikes on businesses and the wealthy for funding.

The American Jobs Plan includes an increase in the corporate tax rate to 28% from 21%, establishing a global minimum tax of 21% and eliminating various perceived loopholes in the corporate tax code.

The second proposal contains a number of increases on individuals and households, notably raising the top personal income tax rate to 39.6% from 37%.

The proposal would increase the capital gains tax rate for individuals earning more than $1 million to 39.6%, bringing it in line with the proposed top individual tax rate. Currently, short-term capital gains are taxed at the same rates as income, but long-term gains are taxed at lower rates.

Additionally, Biden wants to eliminate the stepped-up basis provision, which allows an individual who inherits assets or property from a decedent to sell it immediately and pay no tax. That is because the cost basis has been “stepped up” from the price the deceased owner originally paid for it to its fair-market value on the date it was inherited.

The loophole would be eliminated for gains in excess of $1 million.

123 COMMENTS

  1. This is the right weblog for everyone who is hopes to check out this topic. You already know a lot its practically challenging to argue along (not too I really would want…HaHa). You definitely put a fresh spin over a topic thats been discussing for some time. Excellent stuff, just fantastic!

  2. I absolutely love your blog.. Very nice colors & theme. Did you develop this web site yourself? Please reply back as I’m trying to create my own blog and want to know where you got this from or just what the theme is called. Thanks.

  3. A fascinating discussion is worth comment. I think that you need to publish more on this issue, it might not be a taboo matter but typically people do not discuss these subjects. To the next! Cheers!

  4. I have to thank you for the efforts you’ve put in writing this site. I really hope to check out the same high-grade content from you later on as well. In fact, your creative writing abilities has inspired me to get my own, personal blog now 😉

  5. Oh my goodness! Impressive article dude! Thanks, However I am going through problems with your RSS. I don’t know the reason why I cannot subscribe to it. Is there anybody else getting similar RSS issues? Anyone that knows the solution can you kindly respond? Thanks.

  6. Nice post. I learn something totally new and challenging on websites I stumbleupon every day. It’s always exciting to read through content from other authors and use a little something from their web sites.

  7. After going over a number of the blog articles on your blog, I honestly like your way of writing a blog. I saved as a favorite it to my bookmark website list and will be checking back soon. Take a look at my web site as well and let me know how you feel.

  8. The next time I read a blog, Hopefully it does not disappoint me just as much as this particular one. I mean, I know it was my choice to read, nonetheless I really thought you would probably have something useful to say. All I hear is a bunch of complaining about something you could fix if you weren’t too busy searching for attention.

  9. Nice post. I learn something totally new and challenging on websites I stumbleupon on a daily basis. It’s always exciting to read articles from other authors and use something from other web sites.

  10. Howdy! This post couldn’t be written much better! Looking at this article reminds me of my previous roommate! He constantly kept preaching about this. I am going to forward this post to him. Pretty sure he’s going to have a good read. Thank you for sharing!

LEAVE A REPLY

Please enter your comment!
Please enter your name here