Reader: Did President Joe Biden raise taxes on the middle class?
FactCheck.org Director Eugene Kiely: The short answer is, "No."
We wrote about Biden's tax policy changes and his current tax proposals in our June 28 debate story.
Here are some excerpts from that article that address your question:
In his more than three years as president, Biden’s major tax changes have included setting a minimum corporate tax rate of 15% and lowering taxes for some families by expanding the child tax credit and, for a time, making it fully refundable, meaning families could still receive a refund even if they no longer owe additional taxes.
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Biden’s latest plan proposes — as he has in the past — to increase the corporate income tax rate from 21% to 28%, and to restore the top individual tax rate of 39.6% from the current rate of 37%. It would also increase the corporate minimum tax rate from 15% to 21% for companies that report average profits in excess of $1 billion over a three-year period. And the plan would impose a 25% minimum tax on very wealthy individuals. The plan also proposes to extend the expanded child tax credit enacted in the American Rescue Plan through 2025, and to make the child tax credit fully refundable on a permanent basis.
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As he has said since the 2020 campaign, Biden’s FY 2025 budget vows not to increase taxes on people earning less than $400,000.
In order to keep that pledge, Biden would have to extend most of the individual income tax provisions enacted in the Tax Cuts and Jobs Act that are set to expire at the end of 2025. And that’s what Biden says he would do — but only for individual filers earning less than $400,000 and married couples making less than $450,000. (In order to pass the TCJA with a simple Senate majority, Republicans wrote the law to have most of the individual income tax changes expire after 2025.)
The Biden budget plan “would raise marginal income tax rates faced by higher earners and corporations while expanding tax credits for lower-income households,” according to a Tax Foundation analysis of the tax provisions in Biden’s budget. “The budget would redistribute income from high earners to low earners. The bottom 60 percent of earners would see increases in after-tax income in 2025, while the top 40 percent of earners would see decreases.”
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