FACT CHECK: Did Joe Biden Propose A 52% Federal Income Tax Rate?
A post shared on Facebook claims Democratic presidential nominee Joe Biden plans to raise federal income taxes to 52 percent.
Biden’s tax plan does not call for raising the federal income tax rate to 52 percent for any tax bracket.
Biden has said he plans to roll back the tax cuts from President Donald Trump’s Tax Cuts and Jobs Act (TCJA) for those making $400,000 or more, according to CNBC. In recent weeks, some social media users have been sharing a post claiming that Biden plans to put a 52 percent federal tax on income.
“Biden’s tax rate for an individuals (sic) income is 52%…” one Facebook post reads. “That’s means $52 of every $100 goes to federal taxes. Once you subtract SSI, state tax, insurance and other deductions will leave you $12 for ever $100 earned.”
There is, however, no evidence that Biden plans to raise income taxes to 52 percent, even for the highest wage earners. A search of Biden’s platforms on his campaign website turned up no results for such a plan.
Under the current income tax brackets, the highest federal marginal tax rate is 37 percent for single filers whose income is greater than $518,400, per the Internal Revenue Service. Biden’s tax plan would repeal the TCJA tax cuts specifically for earners making over $400,000, raising the maximum tax rate from 37 percent to 39.6 percent, according to an analysis by The Tax Foundation. His plan also includes a 12.4 percent Social Security tax on incomes above $400,000, per the analysis.
No analysis of Biden’s tax plan, such as those from the Committee for A Responsible Federal Budget and the American Economic Institute, has found that Biden plans to raise the federal income tax rate to 52 percent for any earners. Eric Toder, the co-director of the Tax Policy Center, told Check Your Fact in a phone interview that the claim was false.
“[Biden] has not proposed a 52 [percent income tax rate],” Toder explained. “The top individual rate he’s proposing is 39 percent.” (RELATED: Will Joe Biden’s Tax Plan Raise The Income Tax Rate For Families Making $75,000 From 12% to 25%?)
Michael Gwinn, a Biden campaign spokesman, previously confirmed to Check Your Fact that Biden does not plan to raise taxes for those making less than $400,000.