Biden's proposed tax hike could hit Americans earning $200,000

[mystery-ak]

Biden's proposed tax hike could hit Americans earning $200,000
Biden is eyeing one of the major tax hikes in 30 years


By Megan Henney FOXBusiness

President Biden has repeatedly pledged to raise taxes on any American earning more than $400,000, but promised — as recently as this week — that no one making less than that will see "one single penny in additional federal tax."

But White House press secretary Jen Psaki clarified on Wednesday that Biden's proposed $400,000 threshold for tax increases applies to families, rather than individuals, meaning the hike could hit individuals who earn $200,000 a year if they are married to someone who makes the same amount.

Psaki did not specify a threshold for individual earners.

Biden is eyeing the next big-ticket economic bill as a vehicle for one of the major tax hikes in close to 30 years, according to Bloomberg News, citing a person familiar with the matter.

The planned changes include: raising the corporate tax rate to 28% from 21%, raising the income tax rate on individuals earning more than $400,000, expanding the estate tax, creating a higher capital-gains tax rate for individuals earning at least $1 million annually and paring back tax preferences for so-called pass-through businesses.

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https://www.foxbusiness.com/economy/bidens-proposed-tax-hike-could-hit-americans-earning-200000

[skeeter]

Anyone believing the coming tax hikes will impact those making 400k or more deserve everything they have coming.

[andy58-in-nh]

This will affect virtually every small business in America whose taxes are filed on a personal income basis.

As if they haven't suffered enough.

[skeeter]

This will affect virtually every small business in America whose taxes are filed on a personal income basis.

As if they haven't suffered enough.

Small businesses are an endangered species by design.