Contrary to campaign promises: Biden announced his intention to raise taxes
Newly elected US President Joe Biden said he wants to raise tax rates to the highest level that was during the George W. Bush administration. This undermines his campaign promise not to raise taxes for Americans earning less than $ 400 a year. New York Post.
Biden outlined his economic platform in an interview with New York Times columnist Thomas Friedman. He pledged to ensure long-term economic growth and ensured that "everyone will pay their fair share."
“And by this fair share, I mean there is no reason why the maximum tax rate should not be 39,6%, as it was at the beginning of the Bush administration,” he said.
“There is no reason why 91 Fortune 500 companies should pay zero taxes,” he continued.
The highest marginal income tax rate in the country was 39,6% for Americans earning at least $ 374 when Bush made a series of sweeping cuts in 000 and 2001, lowering the marginal tax rate to 2003%.
These cuts remained in place until 2013, when President Barack Obama and Congress abandoned extending the tax cuts introduced under Bush.
President Trump reformed taxes again in 2017, lowering the top federal tax rate from 39,6% to 37%.
During the election campaign, Biden repeatedly assured that Americans who earn less than $ 400 would not pay a cent more in taxes, while promising to raise the corporate tax rate, which would result in trillions of dollars in government receipts.
But he and Vice President-elect Kamala Harris have made the claim more confusing in recent months when they pledged to scrap Trump's tax cut for the benefit of the middle class.
Trump's 2017 tax cut order effectively cut average tax liabilities by 12,5% for people earning between $ 15 and $ 000 a year, according to the IRS.
For taxpayers earning between $ 40 and $ 000, the decline was 50%.
Federal income taxes paid by New Yorkers also fell by nearly $ 3,4 billion, or 2,4%, according to a study published last month.
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Outgoing incumbent President Donald Trump envisioned further tax cuts for the American middle class, even before the popular vote last month to step down.
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