Don Jr. Tweeted that 82% of Americans will suffer a raise in taxes if Joe Biden becomes President, but don’t fall for Don Jr’s misinformation. Joe Biden has specifically stated that there will only be an income tax increase for those Americans that earn over $400,000 per year. Don’t fall for any ‘alternative facts’ about how hard done by the rich are.
The chances are high that you do not even know anyone who earns $400,000 dollars per year, never mind earn that yourself. Perhaps your medical doctor. maybe your Lawyer. The point here is that very few people actually earn $400,000 per year.
Let me break it down for you:
The Median weekly earnings for EVERYONE age 16 and older was $1002.00. Median weekly earnings by men was $1087.00, while women earned just $913.00 per week.
Median means in the middle. 50% of full-time or salaried American workers earned less than $1002.00 per week, and 50% earned more.
That means that 50% of full time or salaried American workers earn about 50K per year or less.
OH but we are including youth in that statistic, aren’t we? Well, yes, but even though youth tend to earn substantially less, it isn’t changing the numbers much. All full time or salaried workers over the age of 25 have a median income of $1047.00. Nothing really to write home about.
Although! Take note that black Americans over 25 only have a median income of $840.00 per week, and Hispanic or Latino people over 25 only have a median income of $824.00 per week. White people though, their median income for those over 25 is $1069.00.
Did you see that? White people earn more income than other groups.
Those are the full time workers. It is a much worse situation for the part-time workers. Their median weekly earnings is about $284.00 in 2019. Wow. There are 24.2 million Americans who only work part-time, and 50% of them earn less than 15K a year. That is STILL nowhere near the $400k per year earnings that are subject to increased taxes by Biden.
The people that Biden will expect to cough up more income tax earn at least $7700.00 per week!! That is over $33K per MONTH!!! PER MONTH!!!
But wait, because there is more. Do you know how many Americans earn this much income?
In 2019, to be in the top 10% of earners, you had to make $116,250.00 per year. To be in the top 5% of earners, you had to make $158,330.00 per year. To be in the top 1%, you had to make at least $328,551.00 per year.
THAT MEANS THAT MORE THAN 99% of AMERICANS WILL NOT HAVE TO PAY ADDITIONAL INCOME TAX !! Am I shouting? Sorry. I just want you to realize that there is no need to worry. Even if you do earn over $400,000 a year, you will be able to easily absorb a few percent tax increase:
Under current law, individuals making over $207,000 and couples making over $415,000 face a marginal income tax rate of 35 percent; individuals making over $518,000 and couples making over $622,000 pay a 37 percent top rate. Between 2013 and 2018, and starting in 2026 under current law, the top tax rate was and will be 39.6 percent. Vice President Biden would restore that rate immediately, raising $100 to $150 billion over the next decade, all through 2026.Committee for a responsible Federal Budget
So who are these people that will have to pay more in income tax under Biden’s tax plan?