WATCH: Biden Says Anyone Making Less Than $400,000 a Year ‘Will Not Pay a Single Penny in Taxes’
President Joe Biden said in a Monday gaffe that anyone making less than $400,000 annually wouldn’t pay a “single penny” in taxes under his plan.
“The reason I’m bothering to do this is I keep hearing out in the press, ‘Biden’s going to raise your taxes,'” Biden said during an address at a community college in Portsmouth, Va. “Anybody making less than $400,000 a year will not pay a single penny in taxes. And we will not increase the deficit, either, unlike the last gigantic tax cut.
Biden has proposed a $2.3 trillion infrastructure plan and an additional $1.8 trillion spending plan. He’s proposed increasing capital gains taxes to match income taxes, among other measures, but has maintained that no one making less than $400,000 annually would see a tax increase.
Biden added on Monday, “It’s about balancing the system and growing the economy.”
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