Biden says Americans who make less than $400k ‘will not pay a single penny in taxes’
“Anybody making less than $400,000 a year will not pay a single penny in taxes,” Biden said. “and we will not increase the deficit either.”
“Unlike the last gigantic tax cut which increased the deficit by $2 trillion,” Biden said, referring to the former Trump administration.
Biden made these statements during a visit to Virginia’s Tidewater Community College. This comes as a part of the President and the First Lady’s “Getting America Back on Track” tour where they plan to discuss the American Families Plan.
The Plan, according to Biden is largely funded by closing a “loophole” within the capital gains tax. This means that when people die with large amounts of assets that are then left to their children, those children will pay a tax on the money they make by selling those stocks. Even then, only those beneficiaries who make more than $1 million will pay the tax. Biden said it will affect about 3/10ths of one percent of American taxpayers.
“They may be decent and honorable people and they are,” Biden said. “But the last thing Americans with that amount of wealth need is another tax break.”