CNN Checks: Trump Falsely Says Biden Wants Quadruple Taxes
Former President Donald Trump has repeated his false claim that President Joe Biden wants to quadruple taxes on Americans.
This is the same administration where Trump said in his speech to the Republican National Convention on Thursday, “We’re going to raise your taxes four times what you’re paying now.”
First the facts: This was false when Trump made the same claim during the 2020 campaign and early in 2024.
Biden has not proposed quadrupling Americans’ taxes, and there is no indication that he intends to do so.
The Urban-Brookings Tax Policy Center, a nonpartisan think tank that examined Biden’s never-implemented fiscal year 2024 budget proposals, found:
“His plan would increase median after-tax income for low-income families in 2024, leave middle-income families effectively unchanged, and significantly reduce after-tax income for high-income taxpayers.”
The Tax Policy Center found that Biden’s proposal would have raised taxes by about $2,300 on average — but that’s a 2.3% drop in after-tax income, not the massive reduction Trump suggests Biden wants. And, more importantly, Howard Kleckman, a fellow at the Tax Policy Center, told CNN in May that 95% to 5% of the tax hike would have been absorbed by households.
The biggest burden of Biden’s plan will be borne by wealthy families; The Tax Policy Center found that the after-tax income of households in the top 0.1% would drop by more than 20%.
That’s “a lot,” Klegman said, but it’s still nowhere near the four times Trump says Biden is aiming for.
Again, even this increase would have only been for a small subset of the population. Biden has promised not to raise taxes by a cent on those making less than $400,000 a year.
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