{"id":462466,"date":"2021-04-30T07:45:56","date_gmt":"2021-04-30T11:45:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=462466"},"modified":"2021-04-30T07:59:10","modified_gmt":"2021-04-30T11:59:10","slug":"tax-hike-in-new-proposal-only-for-couples-making-more-than-509000-white-house","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-hike-in-new-proposal-only-for-couples-making-more-than-509000-white-house\/","title":{"rendered":"Tax Hike in New Proposal Only for Couples Making More Than $509,000: White House"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftax-hike-in-new-proposal-only-for-couples-making-more-than-509000-white-house%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=462466&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a>\u2019s\u00a0<a href=\"https:\/\/www.theepochtimes.com\/biden-announces-1-8-trillion-spending-plan-tax-increase-on-wealthy_3794925.html\">proposal to increase taxes to pay for school for some<\/a>\u00a0would affect couples making more than $509,299 according to a White House official.<\/p>\n<p>\u201cConsistent with the President\u2019s campaign proposal, we are proposing to reverse the <a href=\"https:\/\/www.theepochtimes.com\/t-tax\">tax<\/a> cut for the top bracket by returning that top tax bracket to what it would\u2019ve been under pre-2017 law. That applies to less than 1 percent of Americans\u2014the very top earners,\u201d a White House official told news outlets in a statement.<\/p>\n<p>\u201cIn 2022, those pre-2017 brackets are expected to be about $452,700 in taxable income for a single individual and $509,300 in taxable income for a married couple.\u201d<\/p>\n<p>The clarified numbers are for the tax hike Biden proposed in his\u00a0$1.8 trillion American Family Plan.<\/p>\n<p>The White House fact sheet on the proposal says no Americans making $400,000 per year or less would see their taxes go up.<\/p>\n<p>Biden has also claimed before, including on the campaign trail, that he would not raise taxes on people making that much or less annually.<\/p>\n<p>\u201cI will not impose any tax increase on people making less than $400,000,\u201d he told a joint session of Congress on Wednesday.<\/p>\n<p>But the new numbers show that\u2019s not true if they are part of a married couple.<\/p>\n<p>The White House official defended the previous statements.<\/p>\n<p>\u201cThe president\u2019s pledge stands\u2014if you are an American individual or family earning less than $400,000, you will not see a dollar increase in your taxes,\u201d the official said. \u201cAnd in fact, for the top bracket, it\u2019s actually a little higher than that.\u201d<\/p>\n<figure id=\"attachment_2394330\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-462222\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4175.jpeg\" alt=\"\" width=\"655\" height=\"437\"  style=\"display:none\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4175.jpeg 655w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4175-300x200.jpeg 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4175-480x320.jpeg 480w\" sizes=\"auto, (max-width: 655px) 100vw, 655px\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2394330 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4194-scaled.jpeg\" alt=\"Epoch Times Photo\" width=\"4500\" height=\"2995\" \/><\/noscript><\/figcaption>\u00a0<\/p>\n<p>President Donald Trump signs the Tax Cut and Reform Bill in the Oval Office at the White House in Washington, on Dec. 22, 2017. (Brendan Smialowski\/AFP\/Getty Images)<\/figure>\n<p>Biden is seeking to reverse some key provisions in the 2017 tax cuts bill that were passed by Congress and signed into law by former President Donald Trump.<\/p>\n<p>That bill cut the top tax rate from 39.6 percent for singles making $418,400 or more or married couples making $470,700 or more to 37 percent for individuals making $500,000 or more or married couples making $600,000 or more.<\/p>\n<p>The income level is adjusted by year and <a href=\"https:\/\/taxfoundation.org\/2021-tax-brackets\/\">has climbed since then<\/a>.<\/p>\n<p>Biden\u2019s proposal would hike the top rate back up to 39.6 percent.<\/p>\n<p>It would also end what the administration describes as capital income tax breaks and \u201cother loopholes for the very top.\u201d<\/p>\n<p>An actual bill detailing the proposal has not yet been released.<\/p>\n<p>In another proposal that has not yet been passed, Biden wants to raise the corporate tax rate by 7 percent to 28 percent.<\/p>\n<p>Republicans have pushed back on the proposals, crediting the tax cuts bill with stimulating economic growth.<\/p>\n<p>\u201cThe last thing we need to do is change the tax policies that were getting us to this great wave of job creation,\u201d\u00a0Sen. Roger Wicker (R-Miss.)\u00a0said in a video statement on Thursday.<\/p>\n<p>\u201cThere\u2019s just a lot of talk about new spending and a lot of talk about new taxes, I worry about the economy, being able to handle that. So I just disagree with the president on higher taxes,\u201d Sen. Rob Portman (R-Ohio) told reporters in Washington this week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s\u00a0proposal to increase taxes to pay for school for some\u00a0would affect couples making more than $509,299 according to a White House official. \u201cConsistent with the President\u2019s campaign proposal, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2277065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4175.jpeg","fifu_image_alt":"Tax Hike in New Proposal Only for Couples Making More Than $509,000: White House","footnotes":""},"categories":[],"tags":[],"class_list":["post-462466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-4175.jpeg","fifu_image_alt":"Tax Hike in New Proposal Only for Couples Making More Than $509,000: White House","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/462466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=462466"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/462466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2277065"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=462466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=462466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=462466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}