Last updated on July 18th, 2023 at 12:17 pm
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President Donald Trump wrote that his rival, Democrat Joe Biden, “is going to raise your taxes at a level never seen before” in a tweet earlier this morning.
“This will not only be very costly for you, it will destroy our economy, which is coming back very rapidly,” he added.
Remember, BIDEN is going to raise your taxes at a level never seen before. This will not only be very costly for you, it will destroy our economy, which is coming back very rapidly.
— Donald J. Trump (@realDonaldTrump) October 21, 2020
Taxpayers earning more than $400,000 a year would face steep tax hikes under Biden’s tax plan.
“Households earning less than that in adjusted gross income won’t pay a nickel more in direct taxes, the Democratic presidential nominee promises. Higher-earning households will pay more—in some cases, much more,” as recent Wall Street Journal coverage pointed out. “The dividing line is no accident: It was intentionally set to far exceed any definition of the middle class. And it spares much of the coastal professional class that is an important part of the Democratic coalition.”
According to Ben Harris, a Biden campaign economic adviser, “Anyone making over $400,000 can comfortably be classified as a group that can afford to pay a bit more.
An analysis released by the Tax Policy Center found that members of the middle class would see a $620 tax cut under Biden’s tax plan.
Alan is a writer, editor, and news junkie based in New York.
