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Biden’s tax rises could hit some people earning less than $400,000 after all

Joe Biden

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Some Americans earning less than $400,000 will have to pay higher tax rates under President Joe Biden’s economic plan, a White House official told Axios on Wednesday.

In May 2020, Biden said that “nobody making under $400,000 would have their taxes raised” during his administration. But the White House official said people in married couples earning less than $400,000, filing jointly, may have to pay higher taxes.

The President plans to increase the income-tax rate from 37% to 39.6% for families earning more than $509,300, and for individuals above $452,700, the official said.

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