Biden is lying to the American people again and we are not the least bit surprised about this one. This is what he does best at this point. First, he told everyone that no one who makes over $400,000 per year would be receiving a tax hike. Of course, he played with the English language a bit to come up with this proposal.
As it turns out, there is no single person who earns under $400,000 who will be getting taxed. Those who are married are going to be subjected to it. According to a report from Hans Nicholas of Axios, joint filers who have a combined income of $509,300 are now going to be taxed. So much for that!
We went from the threshold being set at $400,000 and now it has already gone down to $250,000. We wonder how long it will take before the tax is levied on everyone. Soon, you are going to be paying into this even if you make $25,000 per year. Biden promised that you wouldn’t be taxed unless you made as much as he does but that has already fallen by the wayside.
Let’s take a closer look at the Axios piece, so that we are able to make sense of it all. “President Biden’s promise not to raise taxes on Americans who make less than $400,000 only applies to individuals — not married couples filing jointly, a White House official clarified to Axios on Wednesday. …
Biden plans to raise the top tax rate to from 37% to 39.6% for families with taxable income above $509,300, and for individuals above $452,700, to help fund his $1.8 trillion American Families Plan, the official said.
That $509,300 limit means that two married individuals, who each have a taxable income exceeding $255,000, would see the portion of their earnings above that figure taxed at the highest rate.
What they’re saying: “Consistent with the president’s campaign proposal, we are proposing to reverse the tax cut for the top bracket by returning that top tax bracket to what it would’ve been under pre-2017 law,” the White House official told Axios. “That applies to less than 1% of Americans — the very top earners.”
So, if we have this right, people should stop getting married if they make a certain amount of money. If we pull in $399,000 in a year and then we marry someone who pushes us over the aforementioned threshold, what’s the motivation to proceed with the union? At that point, you are basically paying to be married.
This is quite the disincentive and this is something that Biden should have probably considered before he went down his latest road of insanity. Marriage is a positive cultural institution and it should be encouraged, not ruined. Biden is never able to consider the full consequences of what he does until it is too late. Now, he will have to learn the hard way.
Of course, we are not so naive to believe that people will simply stop getting married in large numbers. No one is going to alter their lives’ trajectory that drastically just to avoid some taxes. What they will do is very easy to understand. They are going to stop filing jointly to elude the higher taxes and will choose to file separately instead.
As with most Biden plans, this one was doomed to failure before it even left the runway. Couples will be more than happy to double their workload during tax season, just so that they can steer clear of the added expenses. It does not matter how much you make, it is all about how much you are able to keep!
You would think that a rich man like Biden would understand this principle very well by now. For someone who has his hands in all types of corruption, he never seems to know the score when it matters. Biden could have thought this through and made the right calculations but that’s too hard for him. Now, we all have to suffer!