President Biden’s plan to raise revenue by increasing taxes on higher-income individuals and households appears to have a catch – it may penalize married couples.
The president has been clear all along that families earning up to $400,000 would not be the target of the tax hike, but it was unclear whether there would be a lower income threshold for individual filers.
Last week, White House press secretary Jen Psaki told FOX Business’ Blake Burman that the threshold would also be $400,000 for individual filers.
Psaki gave the same answer when asked for clarification by a reporter on Monday.
Individuals who earn a lesser amount could be affected, however, if they are part of a couple filing jointly that reports a cumulative income of $400,000 or more. That means some individuals may wind up being hit with the tax hike because they are filing jointly – whereas, if they filed as individually, they would not be above the specified threshold. Read more…..
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