My bet is on significant! How about you?
Biden spoke during an interview with the Biden-friendly George Stephanopoulos of ABC News.
“Yes, anybody making more than $400,000 will see a small to a significant tax increase,” Biden said. “If you make less than $400,000, you won’t see one single penny in additional federal tax.”
That’s always nonsense, because taxes get raised on the middle class in indirect ways. For example, some of those people making more than $400,000 a year are running small businesses, so they’ll cut jobs or raise prices. So will those running corporations, given that Biden wants to hike the corporate tax rate to 28 percent from 21 percent, making the U.S. uncompetitive against foreign corporations with lower taxes.
And he doesn’t care if he can’t get Republican votes. The steamroller is revved up.
“I may not get it, but I’ll get the Democratic votes for a tax increase. If we just took the tax rate back to what it was when [George W.] Bush was president — [when] the top rate paid 39.6 percent in federal taxes — that would raise $230 billion. Yet they’re complaining because I’m providing a tax credit for child care for the poor, from middle class?”