Will Biden raise everyone’s taxes? The answer is no, only the richest | The NY Journal


Will Biden raise everyone's taxes? The answer is no, only from the richest

Joe Biden’s tax bill would not affect the lower and middle classes.

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It is true that Joe biden he will raise taxes, but his plan includes only those with incomes greater than $ 400,000 a year, which is less than 10 percent of the population in the United States.

According to Census data, most of the households (44.3%) have incomes between $ 50,000 and $ 149,000 dollars annually; 8.3% earn up to $ 199,000 a year.

The Democrat’s plan does not contemplate increases for those with incomes less than $ 400,000 a year. Statistics make them one of the 10% of those who manage to earn more than $ 200,000.

The increase in taxes and the economy, according to various surveys, including the Pew Research Centerare central concerns of voters, including Latinos, who have a median annual income of $ 56,000.

This question is a constant for the Democratic candidate, largely because of the campaign of Republicans who say it will cancel tax benefits for the middle class, but in the ABC News forum, one voter went directly to the former vice president.

The citizen Anthony Argirakis mentioned that although families earning less than $ 400,000 annually would not have increases, there was concern about taking benefits from the president’s reform Donald trump.

“You declare that you are going to eliminate Trump’s tax cuts… What is your plan to extend the tax cuts for the middle class or create a new plan that reduces those taxes even more?”, Argirakis asked.

The former vice president insisted that his plan is not against the middle or lower classes, but for those with higher incomes, in addition to maintaining any tax benefits for those who earn less than $ 400,000 annually.

“When I said the tax thing, Trump’s tax cuts, about $ 1.3 trillion of the $ 2 trillion in his tax cuts [que beneficiaron] to the top tenth of 1 percent. That’s what I’m talking about eliminating, not all the tax cuts that exist. “, the democrat specified.

The top Democratic individual income tax rate would rise from 37 percent to 39.6 percent, for those with incomes above $ 400,000 annually.

Another proposal is to increase taxes on investment income for high-income people, that is, millionaires or billionaires with incomes greater than $ 1 million.

The Democrat has proposed increasing taxes paid by US corporations on their earnings abroad, in addition to tax proposals aimed at preventing companies from moving jobs and headquarters abroad.

In the ABC News debate, the journalist George Stephanopoulos pressed Biden on the issue.

“Is corporate tax going to increase. Will you raise taxes on the rich? Is it wise to do even that when the economy is as weak as it is now? “, he questioned.

Biden considered that his plan is for four years, citing a study by Moody’s, so it would prevent having an economic impact during the current crisis due to the pandemic of coronavirus.

He stressed that it focuses on the working classes, so that they have jobs and better wages.

“And the reason is, when you allow people to come back to the game and have a job, everything moves. Everything moves. Right now you have the opposite, “he said. “During this pandemic… the world’s richest billionaires… made another $ 700 billion. Seven hundred billion dollars ”.



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