President Donald Trump tweeted in a tweet this morning that his rival, Democrat Joe Biden, "will raise your taxes to unprecedented levels".
"Not only will this be very costly to you, it will also destroy our economy, which is returning very quickly," he added.
Remember, BIDEN will raise your taxes to unprecedented levels. Not only will this be very costly to you, but it will also destroy our economy, which is returning very quickly.
– Donald J. Trump (@realDonaldTrump) October 21, 2020
Taxpayers earning more than $ 400,000 a year would face massive tax increases under Biden's tax plan.
"Households that earn less than their adjusted gross income will no longer pay nickel in direct taxes, promises the Democratic presidential candidate. Higher income households will pay more – in some cases a lot more, "as recent coverage in the Wall Street Journal pointed out. “The dividing line is no accident: it was deliberately set to go far beyond any definition of the middle class. And it spares a large part of the professional class on the coast, which is an important part of the democratic coalition. "
According to Ben Harris, an economic advisor for the Biden campaign, anyone who makes more than $ 400,000 can conveniently be classified as a group that can afford to pay a little more.
An analysis published by the Tax Policy Center found that members of the middle class would see a tax cut of $ 620 under Biden's tax plan.
Trump's comments come after an ongoing investigation by the New York Times found that he has multiple overseas bank accounts, including one in China, and that he paid a significant amount of tax to those countries. In contrast, Trump paid just $ 750 in American taxes in 2016 and 2017, due to a tax avoidance system revealed by Times reporters who received his tax information and released their exclusive information last month.
Alan is a New York based writer, editor, and news junkie.