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| - FACT CHECK: Will Joe Biden’s Tax Plan Raise The Income Tax Rate For Families Making $75,000 From 12% To 25%?
A post shared on Facebook over 126,000 times claims Democratic presidential nominee Joe Biden’s tax plan would raise income taxes from 12 percent to 25 percent for families making $75,000.
Verdict: False
Biden has pledged to not raise taxes on those making under $400,000. A spokesperson for Biden’s campaign confirmed this is not in his plans.
Fact Check:
Biden has said he plans to roll back the tax cuts from the Tax Cuts and Jobs Act (TCJA) that President Donald Trump signed into law for those making $400,000 or more, according to CNBC. In recent weeks, some social media users have been sharing a viral post claiming Biden will also raise taxes from 12 percent to 25 percent for families making $75,000.
“Bidens (sic) tax rate on a family making 75000 dollars would go from 12% to 25%,” the post reads. “LET THAT SINK IN ALL YOU RIDING WITH BIDEN SUPORTERS (sic)!!” (RELATED: Did Kamala Harris Call Joe Biden ‘Trash’?)
The current federal marginal tax rate for married couples filing jointly making $75,000 is 12 percent, according to the Internal Revenue Service, and for single filers making $75,000, the tax rate is 22 percent.
The Washington Post reported that Biden has pledged to raise corporate taxes to 28 percent and proposed taxing income above $400,000 a 12.4 percent Social Security tax. “It is incorrect” to state that Biden plans to raise taxes on families making less than $400,000, Garrett Watson, senior policy analyst at the Tax Foundation, told Check Your Fact.
“Even if full TCJA repeal was Biden’s proposal, however, this claim still wouldn’t be quite right, as a joint filer earning $75,000 in taxable income would be in the 15% tax bracket, not the 25% bracket,” Watson explained in an email. “For single individuals earning $75K, full TCJA repeal would mean going from a 22% top marginal tax rate now to a 25% rate.”
Michael Gwin, a Biden campaign spokesman, told Check Your Fact that Biden would not raise taxes for those making less than $400,000. (RELATED: Viral Video Claims To Show Joe Biden Looking At Dementia Books)
“Vice President Biden has made clear that no one making less than $400,000 will see their taxes raised under his plan, period,” Gwin said. “Moreover, Biden will give millions of middle-class families a tax cut through new refundable credits that lower the cost of health insurance, help first-time homebuyers buy a house, and assist working families pay for child care.”
Taxpayers making between $52,00 and $93,000 would see an average $260 increase in taxes under Biden’s plan, according to a March analysis by the Tax Policy Center.
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