Skip to content
Subscriber Only

Biden Vows to Raise Taxes on Families Earning Over $400,000

  • White House is beginning to reveal details of economic plan
  • Biden said tax hikes were unlikely to receive GOP support
Video player cover image
Biden adviser Bharat Ramamurti says the wealthy should pay more in taxes.Source: Bloomberg)
Updated on

President Joe Biden said those earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.

“Anybody making more than $400,000 will see a small-to-a-significant tax increase,” Biden said during an interview on ABC’s Good Morning America that aired Wednesday. “You make less than $400,000, you won’t see one single penny in additional federal tax.”