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April 29, 2021

Surprise! Biden Ready to Violate His Tax Promise That No One Making Under $400,000 Will See a Tax Hike

For singles, he will propose no additional taxes for those making, singly, under $400,000.

But he's ready to not just reimpose the marriage penalty but reimpose it big-time: a two-earner couple making more than $509,000, or $254,500 each, will pay more in taxes.

Driving the news: Biden plans to raise the top tax rate to from 37% to 39.6% for families with taxable income above $509,300, and for individuals above $452,700, to help fund his $1.8 trillion American Families Plan, the official said.

That $509,300 limit means that two married individuals, who each have a taxable income exceeding $255,000, would see the portion of their earnings above that figure taxed at the highest rate.

What they're saying: "Consistent with the president's campaign proposal, we are proposing to reverse the tax cut for the top bracket by returning that top tax bracket to what it would've been under pre-2017 law," the White House official told Axios. "That applies to less than 1% of Americans -- the very top earners."

Don't worry, though-- Biden will be keeping a different promise, a secret promise Democrats made only to very rich donors from blue states.

Democrats are demanding the urban plutocrats get their full state and local tax deductions back. So married couples making $510,000 combined will see higher taxes, but immensely rich people -- those making millions or tens of millions, and living in one of the eight or ten most heavily taxed blue city/blue state areas of the country -- will get a tax cut.


It just so happens that they donated a shit-ton of money to Biden and the Democrats.

I have a feeling that Biden will "compromise" on this point and give his richest blue city donors a huge gift.


But this is about fairness. And "Equity."

And shut up, peasant.


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posted by Ace at 12:08 PM

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