President Joe Biden slipped up while he defended his proposed tax hikes by stating that “anybody” who makes less than $400,000 a year would not pay a “single penny” in federal taxes.
During an event in Virginia on Monday, Biden sought to address claims that he would raise taxes on people making less than $400,000 a year.
“The reason I’m bothering to do this is I keep hearing out in the press, ‘Biden’s going to raise your taxes,'” he said.
Biden added, “Anybody making less than $400,000 a year will not pay a single penny in taxes. And we will not increase the deficit, either, unlike the last gigantic tax cut.”
Watch the video below:
PRES. BIDEN: "Anybody making less than $400,000 a year will not pay a single penny in taxes." pic.twitter.com/37GkyPeY1K— Breaking911 (@Breaking911) May 3, 2021
Biden is asking Congress to approve roughly $4 trillion to overhaul the nation’s roads and bridges, combat climate change, improve the electric grid and water systems, and expand the social safety net.
To pay for his new proposals, Biden wants to raise the capital gains tax and the corporate tax rate.
He has also said that those who make more than $400,000 a year will see a “small-to-a-significant tax increase” in their federal taxes. However, he stated, “You make less than $400,000, you won’t see one single penny in additional federal tax.”
White House Press Secretary Jen Psaki later clarified that Biden meant that families with incomes over $400,000 a year would see their taxes increased. She did not say what the threshold for individuals would be.
Biden defended his proposed tax increases saying, “I don’t want to punish anybody, but everybody should chip in. Everybody should pay something along the road here.”
He asked, “Do we want to give the wealthiest people in America another tax cut? Or do you want to give every high school graduate the ability to earn a community college degree?”