This past Monday during a visit to Tidewater Community College in Portsmouth, Virginia, Biden stumbled through another speech and, yet again, produced another informational gaff in regards to his proposed tax reforms.
“I keep hearing in the press, ‘Biden’s going to raise your taxes,'” President Joe Biden stated during the event. “Anybody making less than $400k a year will not pay a single penny in taxes…”
BIDEN: "I keep hearing in the press: 'Biden's going to raise your taxes.' Anybody making less than $400k a year will not pay a single penny in taxes…" pic.twitter.com/AFcSiNl37k
— Daily Caller (@DailyCaller) May 3, 2021
Snopes, a left-wing fact-checking group, stated that “Biden clearly misspoke when he said people making less than $400,000 ‘will not pay a single penny in taxes,'” and that “In his past statements on his economic plan, Biden has claimed that people making less than $400,000 ‘won’t pay a penny more in taxes.'”
As noted by Snopes, President Biden promised during his campaign to not raise taxes for anyone making less than $400,000 and this promise seemed to be included in the “American Families Plan” from April:
“In all, the American Families Plan includes $1.8 trillion in investments and tax credits for American families and children over ten years. It consists of about $1 trillion in investments and $800 billion in tax cuts for American families and workers. Alongside the American Families Plan, the President will be proposing a set of measures to make sure that the wealthiest Americans pay their share in taxes, while ensuring that no one making $400,000 per year or less will see their taxes go up. When combined with President Biden’s American Jobs Plan, this legislation will be fully paid for over 15 years, and will reduce deficits over the long term.”
The actuality of Biden’s promise on the $400,000 limit has been far more unclear than the fact-checking group suggests. Vice president for federal tax and economic policy at the Tax Foundation, William McBride, even went so far as to question whether the President’s promise was even feasible at all.
“I challenge you to find an economist who will say that is even possible,” stated McBride, as reported by CNBC. “If you raise tax on this taxpayer here, good luck in isolating that effect to just that taxpayer. It’s not actually possible.”
Jen Psaki, White House press secretary, has not helped the confusion on the subject at all when she went on to add that Biden means “families,” rather than individuals.
“Anybody making more than $400,000 will see a small to a significant tax increase,” Biden stated to George Stephanopoulos, as reported by the Wall Street Journal. He went on to say: “If you make less than $400,000, you won’t see one single penny in additional federal tax.”
The Journal went on to report that “White House press secretary Jen Psaki later conceded that the $400,000 threshold was for ‘families,’ not individuals.”
This means that two married people, both with individual incomes lower than $400,000 annually but together adding up to more than $400,000, may see an increase in their taxes. This goes against the promises made by Biden during his campaign.
“This is a familiar tax bait and switch,” continued the Wall Street Journal. “Democrats promise they’ll tax only the rich, but there aren’t enough rich, and the rich don’t have enough money to finance the Democratic Party’s endless spending schemes. Millions of the Americans Mr. Biden wants to tax aren’t rich. They are successful Americans, typically at the peak of their earning lives, who might make $200,000 for a few years.”