Joe Biden is looking to hike your taxes, and contrary to his campaign pledge to not hike taxes on those earning below $400,000, he’s coming for everyone’s wallet.
According to Fox Business:
President Biden vowed to let massive components of the Tax Cuts and Jobs Act expire next year if he wins re-election, meaning that millions of Americans could soon face steeper tax bills.
"Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt," Biden tweeted. "That tax cut is going to expire. If I’m reelected, it’s going to stay expired."
Enacted by former President Donald Trump in 2017, the law drastically overhauled the nation's tax code, including reducing the top individual income tax bracket to 37% from 39.6% and nearly doubling the size of the standard deduction.
However, those changes to the individual section of the tax code are poised to sunset in 2025, meaning that many taxpayers — including those who earn less than $400,000 — will face steeper levies if the law is not extended.
The tax rates before and after the Trump tax cuts for individuals can be seen below
According to the Tax Foundation, a single filer with two kids making $52,000 a year would pay an extra $1,474 in taxes annually if the Trump tax cuts are allowed to expire. A single filer with no kids making $75,000 a year would see an increase of $1,707, while a married filer with three kids earning $200,000 would pay an extra $7,449.
