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  • 2020-10-16 (xsd:date)
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  • Did Joe Biden Propose A 52% Federal Income Tax Rate? (en)
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  • A post shared on Facebook claims Democratic presidential nominee Joe Biden plans to raise federal income taxes to 52 percent. Verdict: False Biden’s tax plan does not call for raising the federal income tax rate to 52 percent for any tax bracket. Fact Check: Biden has said he plans to roll back the tax cuts from President Donald Trump’s Tax Cuts and Jobs Act (TCJA) for those making $400,000 or more, according to CNBC . In recent weeks, some social media users have been sharing a post claiming that Biden plans to put a 52 percent federal tax on income. Biden’s tax rate for an individuals ( sic ) income is 52%... one Facebook post reads. That’s means $52 of every $100 goes to federal taxes. Once you subtract SSI, state tax, insurance and other deductions will leave you $12 for ever $100 earned. There is, however, no evidence that Biden plans to raise income taxes to 52 percent, even for the highest wage earners. A search of Biden’s platforms on his campaign website turned up no results for such a plan. Under the current income tax brackets, the highest federal marginal tax rate is 37 percent for single filers whose income is greater than $518,400, per the Internal Revenue Service . Biden’s tax plan would repeal the TCJA tax cuts specifically for earners making over $400,000, raising the maximum tax rate from 37 percent to 39.6 percent, according to an analysis by The Tax Foundation. His plan also includes a 12.4 percent Social Security tax on incomes above $400,000, per the analysis. No analysis of Biden’s tax plan, such as those from the Committee for A Responsible Federal Budget and the American Economic Institute , has found that Biden plans to raise the federal income tax rate to 52 percent for any earners. Eric Toder , the co-director of the Tax Policy Center, told Check Your Fact in a phone interview that the claim was false. [Biden] has not proposed a 52 [percent income tax rate], Toder explained. The top individual rate he’s proposing is 39 percent. (RELATED: Will Joe Biden’s Tax Plan Raise The Income Tax Rate For Families Making $75,000 From 12% to 25%?) Michael Gwinn, a Biden campaign spokesman, previously confirmed to Check Your Fact that Biden does not plan to raise taxes for those making less than $400,000. (en)
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