Media anointed President-elect Joe Biden said in a new interview that he wants to hike tax rates back to their highest levels under the George W. Bush administration — undercutting his promise to only Tax The Rich who earn more than $400,000 a year.
Biden outlined his NEW economic platform in an interview with New York Times columnist Thomas Friedman, and said he would ensure long-term growth by ensuring “everybody pays their fair share, for God’s sake.”
“And by that fair share, I mean there’s no reason why the top tax rate shouldn’t be 39.6 percent, which it was at the beginning of the Bush administration,” he said.
“There’s no reason why 91 Fortune 500 companies should be paying zero in taxes,” he went on.
The nation’s highest marginal income tax rate was 39.6 percent for Americans earning at least $374,000 when Bush made a series of sweeping cuts in 2001 and 2003, known as the “Bush tax cuts,” reducing the marginal tax rate to 35 percent.
These cuts remained in place until 2013 when President Barack Obama and Congress allowed the Bush tax cuts to expire as the economy regained steam in the wake of the banking-fueled financial crisis.
President Trump reformed taxes again in 2017, lowering the federal top marginal tax rate from 39.6 percent to 37 percent.
On the campaign trail, Biden repeatedly vowed that Americans earning less than $400,000 would not pay a cent more in taxes while promising to raise the corporate tax rate, raising trillions of dollars.
But he and Vice President-elect Kamala Harris have muddled that message in recent months, promising to scrap the tax cuts which Trump introduced, benefitting the middle class.
Trump’s signature 2017 tax cut has actually reduced the average tax liability by up to 12.5 percent for people earning between $15,000 and $20,000 a year, according to IRS data.
For taxpayers making between $40,000 and $50,000, that was a 14.5 percent drop.