- June 19, 2021
- Posted by: Stratford Team
- Category: Business
First Trust Advisors Chief Economist Brian Wesbury and Harbor Life Senior Director Heather Zumarraga on infrastructure, interest rates and economic growth.
President Biden repeatedly pledged during the 2020 campaign to not raise taxes for Americans earning less than $400,000, but a new analysis suggests that nearly 60% of taxpayers would pay more under his proposals.
Findings from the Tax Policy Center, a nonpartisan think tank based in Washington, show that while most of Biden’s proposed tax increases would be paid by those earning more than $800,000 annually, a small burden would also be borne by some middle-income families.
Three-quarters of households earning between $75,000 and $100,000 annually would face pay an additional $440 per year in taxes under Biden’s tax hikes, according to the data.
At the same time, about 69% of those earning between $100,000 and $200,000 would see their tax bill rise by $830 on average, while 83.7% of those…
