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.
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.
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.