(UnitedVoice.com) – President Joe Biden has repeatedly told the American people that they have nothing to worry about when it comes to tax increases if they make less than $400,000 per year. However, experts are now saying that isn’t true, the president could hurt married couples with his plan.
According to an April 6 report by Fox News, Biden’s income threshold for new taxes applies to single and married couples. That means if a person makes $200,000 a year and their spouse also makes $200,000 they will see their taxes rise if they file together. Garrett Watson, a Tax Foundation senior analyst, said the policy would subject those people to a tax hike if they marry.
This tax change further penalizes those who happen to be married and for wives who are matching their spouse in successful earning, the spouses are both penalized for filing jointly.https://t.co/K4GyCAgZJy
— Christina Hagan (@RepHagan) March 29, 2021
Watson believes the Biden plan would discourage people from marrying because they would be hit with more taxes if they’re a successful couple. That could lead to people making “marriage decisions and family decisions” based on what the Biden administration is going to do to the tax code. This marriage penalty could erode American values and change the face of the nation.
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