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.
Trump’s comments come after a continuing New York Times investigation found that he has several foreign bank accounts, including one in China, and that he has paid a not-insignificant amount of taxes to those countries. By contrast, Trump paid only $750 in American taxes in 2016 and 2017 as a result of a tax avoidance scheme revealed by Times reporters who obtained his tax info and published their exclusive last month.