On the campaign trail, Joe Biden said many times, and we will paraphrase, any family making less than $400,000 will not see their taxes increase. Again, while on his promotional tour of the various stimulus packages and his $6.2 trillion spending proposal, he once again said that any family making less than $400,000 will not see their taxes increase.
In a Fox Business report, findings from the Tax Policy Center, a nonpartisan think tank based in Washington, show that while most of Biden’s proposed tax increases would be paid by those earning more than $800,000 annually, a small burden would also be borne by some middle-income families. While the Biden Administration can honestly say they are not raising federal income tax, what they are not saying is that the corporate tax is being increased from 21% to 28%, the capital gains tax is practically being doubled from 21% to 39.6%, and reversal of the tax era Tax Cuts and Jobs Act will have the following impact on families earning less than $400,000:
- Households earning between $75,000 and $100,000 annually would pay an additional $440 per year in taxes.
- Households earning between $100,000 and $200,000 would see an increase of $830 per year.
- Households earning $200,000 to $500,000 would experience an average increase of $2,040 per year.
SAY IT AIN’T SO, JOE!!
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- Consider serving on a local Board, commission, or running for public office. Contact Melissa with our Leadership Development Team for more information about how you can serve.