Biden’s tax hike may hit more US households than expected – By Brittany De Lea (FOX Business) / Mar 18 2021
The president said that the proposed tax increase would raise $230 billion
President Biden has proposed what he has called “a small to a significant tax increase” on households earning more than $400,000, and it has been suggested that a small number of wealthy families would be affected.
However, White House press secretary Jen Psaki clarified that individuals earning $200,000, for example, could trigger the tax increase if their joint income as a household was more than $400,000.
Here’s how it may tabulate:
According to IRS data provided to FOX Business, there were 689,488 married couples filing jointly and returns of surviving spouses filed that fell into the 32% tax bracket in 2018. That indicates these individuals were earning between $315,001 and $400,000.
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