[Ed. – Maybe his administration is using critical race theory math, which stipulates that 2 +2 can = 5.]
The math behind President Biden’s tax hikes needed to fund his big infrastructure and social spending plans just got even trickier. On Thursday, the White House said that fewer than 1% of tax filers — couples with adjusted gross income of at least $509,300 and singles earning $452,700 — would pay even a dollar more under the Biden tax plan.
Previously, the White House had set a $400,000 income threshold for the Biden tax hikes, but hadn’t ruled out applying a $200,000 floor for single taxpayers.
Biden’s pledge to shield the “middle class” from tax hikes may make political sense. Targeting the top 1% polls well. Yet piling the burden of Biden’s hefty $4.5-trillion spending increase on just a sliver of taxpayers is easier said than done. Key lawmakers have balked at the relatively high marginal tax rates his plan entails.