Sen. Ted Cruz poked fun at President Joe Biden for an apparent gaffe in which he promised to eliminate income taxes for those making under $400,000.
“Dems accidentally call for abolishing the income tax for those making under $400k,” Cruz said on Twitter in response. “I accept!”
Dems accidentally call for abolishing the income tax for those making under $400k.
I accept! https://t.co/lamUuX0hi8
— Ted Cruz (@tedcruz) May 3, 2021
“For too long, we’ve had a two-tiered tax system,” Biden said of his new plan. “Working families pay taxes they owe on the wages they earn. Some of the wealthiest Americans avoid paying anything close to their fair share.”
The Cruz tweet was accompanied by a video of Biden promising to eliminate taxes for people making under $400,000 per year.
“Anybody making less than $400,000 a year will not pay a single penny in taxes,” Biden said in the clip.
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Biden was apparently attempting to reiterate his promise that people making under $400,000 would not pay “a single penny” in additional taxes under his proposed tax legislation.
Last week, Biden unveiled his $1.8 trillion American Families Plan and $2 trillion American Jobs Plan, with the latter containing a rise in the corporate tax rate to 28% while establishing a global minimum tax of 21%.
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Biden has also proposed an increase to income taxes for top earners, pushing the highest rate to 39.6% from 37%.
Biden’s plan also seeks to bring the capital gains tax in line with the top income tax rate, hiking capital gains for individuals who earn over $1 million to 39.6%.
