Politics

Joe Biden: Taxes are going up on people earning more than $400,000 per year


President Biden clearly signaled in a new interview that he plans to muscle “small” to “significant” tax hikes through Congress — without Republican votes if necessary.

“Anybody making more than $400,000 will see a small to a significant tax increase,” Mr. Biden said in an interview that aired Wednesday on ABC’s “Good Morning America.” “If you make less than $400,000, you won’t see one single penny in additional federal tax.”

He said he might not win Republican support, “but I’ll get the Democratic votes for a tax increase.”

Mr. Biden said increasing the top individual tax rate from 37% to 39.6% would generate $230 billion in revenue.

“Yet they’re complaining because I’m providing a tax credit for child care? For the poor? For the middle class?” he said.

Republicans have signaled they will oppose any efforts to roll back the 2017 tax law, which cut individual rates across the board and lowered the corporate tax rate from 35% to 21%.

Mr. Biden wants to increase the corporate rate to 28%.

Senate Minority Leader Mitch McConnell of Kentucky said Tuesday there isn’t “any enthusiasm” in the GOP conference for a tax increase.

Congressional Democrats are in the process of prepping new infrastructure and climate change legislation, but are still debating how — or whether — to offset some of the costs.

Without Republican support, Democrats would have to use a fast-track budget process to short-circuit a possible filibuster in the 50-50 split Senate. Vice President Kamala Harris would break the tie.

Democrats used the process to muscle through Mr. Biden’s $1.9 trillion coronavirus relief package that congressional Republicans universally opposed.




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