President Joe Biden said those who make under $400,000 per year “will not pay a single penny in taxes.”
The comment, made during a speech on Monday, is the 78-year-old’s latest blunder.
“The reason I’m going to do this is because I keep hearing on the press, ‘Biden is going to raise your taxes,'” he said. “Anybody making less than $400,00 a year will not pay a single penny in taxes, and we will not increase the deficit either, unlike the last gigantic tax cut, which increased the deficit by $2 trillion.”
PRES. BIDEN: “Anybody making less than $400,000 a year will not pay a single penny in taxes.” pic.twitter.com/37GkyPeY1K
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The president likely meant those making under $400,000 “will not pay a single penny more in taxes.”
The $400,000 cap applies only to those filing as individuals. Therefore, married couples who together exceed the threshold may be hit with unforeseen tax increases, a White House official told Axios.
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Two spouses pulling $399,999 each with a total household income of $799,998 would be subject to Biden’s potential tax hikes. The president has expressed support for raising the top tax rate from 37% to 39.6% in an effort to fund two of his many large spending bills: the American Jobs Plan and the American Families Plan.
He echoed this sentiment during his first joint address to Congress on Wednesday.
“So, how do we pay for my jobs and family plan?” Biden asked. “I made it clear: We can do it without increasing the deficits. Let’s start with what I will not do. I will not impose any tax increase on people making less than $400,000. It’s — but it’s time for corporate America and the wealthiest 1% of Americans to just begin to pay their fair share, just their fair share.”
“Sometimes, I have arguments with my friends in the Democratic Party,” he continued. “I think you should be able to become a billionaire and a millionaire, but pay your fair share.”
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Biden has also expressed support for reforming the corporate tax rate and capital gains taxes.
“We’re going to reform corporate taxes so they pay their fair share and help pay for the public investments their businesses will benefit from as well,” he said Wednesday. “We’re going to get rid of the loopholes that allow Americans who make more than $1 million a year and pay a lower tax rate on their capital gains.”
