“The reason I’m bothering to do this is I keep hearing in the press ‘Biden’s going to raise your taxes’ – anybody making less than $400,000 a year will not pay a single penny in taxes,” President Joe Biden said this Monday.
Of course, the statement seemed to be another Biden gaffe because what the White House has sponsored is that those who earn less than the aforementioned figure will not pay a penny more, that is, they will not suffer a tax increase, but it does not mean that they will be completely exonerated.
Biden made the remarks during a meeting with the media at Tidewater Community College Portsmouth, Virginia. He also assured that the tax increase is given to improve the economy and create “a fair system.”
“It’s about balancing the system and growing the economy. It means that wealthy investors no longer pay lower marginal tax rates than the secretary in their office,” he said.
He also noted that “It’s time to grow the economy from the bottom up and from the middle out.”
On Friday, the president insisted that tax increases are necessary. In his speech for the 100 days of government, he explained that those who earn 400,000 dollars or more per year will return to pay 39.6% tax, as it was during the presidency of the Republican George W. Bush (2001-2009).