June 28, 2024
Extract:
Read more here: https://www.msn.com/en-us/news/world/i ... gNewsSerp(BBC) Is Biden planning to quadruple taxes?
CLAIM: Trump said that Biden “wants to raise your taxes by four times... He wants the Trump tax cuts to expire".
VERDICT: President Biden’s most recent US budget makes no reference to the quadrupling of taxes for ordinary households. In fact, it proposes tax cuts for families earning less than $400,000 a year, along with increases for higher earners.
Trump introduced sweeping tax cuts in 2017, and many of these are due to expire in 2025.
Even if these aren’t extended, that wouldn’t amount to anything like a four-fold increase in household taxation.
An analysis carried out by the Tax Policy Center based on the 2024 Budget concluded that the top 1% of earners would see an increase in taxation of 9.7%.