Biden: Taxes are going up on people earning more than $400,000 per year

From Washington Times.com (Mar. 17):

Read my lips: yes, new taxes.

President Biden has explicitly vowed that Democrats will increase taxes on the wealthy, adding fuel to congressional Democrats’ plan to ram through higher taxes on party-line votes.

“Anybody making more than $400,000 will see a small to a significant tax increase,” Mr. Biden said in an interview that aired Wednesday on ABC. “If you make less than $400,000, you won’t see one single penny in additional federal tax.”

He doesn’t necessarily expect to win Republican support.

“I’ll get the Democratic votes for a tax increase,” the president said.

“He’s being blunt. He wants the money to spend,” said Grover Norquist, president of the low-tax, small-government activist group Americans for Tax Reform.

Democrats are rolling out a slew of tax plans now that they control the White House and both chambers of Congress. Whatever measures get pushed to Mr. Biden’s desk are expected to be the biggest tax increases since 1993.

Among other changes to the tax code, Mr. Biden wants to increase the corporate tax rate from 21% to 28%, lift the top individual tax rate from 37% to 39.6% and increase capital gains taxes on people with more than $1 million in annual income. [read more]