Header Ads

Biden says Americans earning less than $400,000 will 'not pay a single penny in taxes': Twitter celebrates the 'biggest tax cut in history' after president's blunder

 President Joe Biden sparked confusion and celebration on Monday when he made a blunder by saying Americans making under $400,000 will not pay a 'single penny in taxes'.

Biden was selling his infrastructure and social spending programs during a trip to Virginia with his wife Jill when he made the slip in his speech.

He was referring to his promise that Americans making less than $400k will not see any tax increases to help pay for the $4.1trillion infrastructure and spending packages he has proposed.


The president is instead hiking rates for the top 0.3 percent of earners, is almost doubling capital gains rates for those pulling in $1 million a year and raising corporate tax rates.  

'The reason I'm bothering to do this (raise taxes) is I keep hearing out in the press, "Biden is going to raise your taxes."'

'Anybody making less than $400,000 a year will not pay a single penny in taxes. And we will not increase the deficit either, unlike the last gigantic tax cut, which increased the deficit by $2 trillion,' he said, referencing President Trump's 2017 tax cuts.

President Joe Biden sparked confusion and celebration on Monday when he made a blunder by saying Americans making under $400,000m will not pay a 'single penny in taxes'

President Joe Biden sparked confusion and celebration on Monday when he made a blunder by saying Americans making under $400,000m will not pay a 'single penny in taxes' 

Biden gaffes 'anybody making less than $400k' won't pay taxes
Loaded: 0%
Progress: 0%
0:00
Previous
Play
Skip
Mute
Current Time0:00
/
Duration Time0:30
Fullscreen
Need Text

'It's about balancing the system and growing the economy. It means wealthy investors no longer pay lower marginal tax rates than their secretary pays -- the secretary in their office.' 

The White House later released a transcript of his speech and didn't correct his statement.

Twitter users pounced on Biden's comments, which botched one of his signature pledges from the campaign about his economic plan.

Republican Sen. Ted Cruz of Texas said: 'Dems accidentally call for abolishing the income tax for those making under $400k. I accept!'

Another said: 'This is great news for 95 percent of Americans'.  

'Really great news from President Biden. He has finally seen the light. No taxes! NONE for EVERYONE making 400k or less,' another user tweeted. 


Biden was selling his infrastructure and social spending programs during a trip to Virginia with his wife Jill when he made the slip in his speech

Biden was selling his infrastructure and social spending programs during a trip to Virginia with his wife Jill when he made the slip in his speech 

Chris Pandolfo wrote: 'Biden announces largest tax cut in American history. Earners making under $400k will pay $0.

A Twitter account called the 'Biden gaffe machine' wrote: 'NO TAXES FOR ANYBODY MAKING UNDER 400K!!!!' 

During the rest of the speech on Pennsylvania he told America's wealthy and corporations it was time to start paying their 'fair share' with tax hikes.

'Is it more important to shield millionaires from paying their fair share, or is it more important that every child gets a real opportunity to succeed from an early age and ease the burden on working families,' the president said during a visit to Tidewater Community College in Portsmouth, Virginia. 

Monday's focus was on education. Their first stop was at Yorktown Elementary School where the first couple heard from fifth graders about what it was like having school at home. The Bidens then visited the community college. As part of his American Families Plan, Biden wants to offer two years free community college tuition to all Americans.

Both his $2.3 trillion American Jobs Plan and his $1.8 trillion American Families Plan feature heavy education components - everything from money to fix school buildings and replace old pipes to funds for free universal pre-K and more teachers.

The president plans to pay for his jobs plan with a hike on corporate tax rates from 21 percent to 28 percent and impose a global minimum tax on corporations. To pay for his families plan, he would hike the tax rate on capital gains to 39.6 percent and raise the rate for the top one 1 percent of income earners to 38.6 percent.

Sen. Ted Cruz blasted out Biden's flub and said he accepts his offer

Sen. Ted Cruz blasted out Biden's flub and said he accepts his offer

Republicans countered that the rise in corporate taxes would send companies and jobs overseas. They say the families plan - which includes social programs for education, paid family and medical leave and extended tax cuts for low-and- middle income workers - is a non-starter.

GOP House Minority Leader Mitch McConnell said on Monday that none of the Senators in his party would back Biden's plans, vowed to fight the reversal of Trump's 2017 tax hikes and the costs to be slimmed down to $600billion.

Biden defended his approach, saying he's asking for people and companies to pay their share.

He was referring to his promise that Americans making less than $400k will not see any tax rises. The president is instead hiking rates for the top 0.3% of earners, is almost doubling capital gains and raising corporation tax

He was referring to his promise that Americans making less than $400k will not see any tax rises. The president is instead hiking rates for the top 0.3% of earners, is almost doubling capital gains and raising corporation tax 

'It doesn't add a single penny to our deficit, it's paid for by making sure corporate America and the wealthiest 1%,' he said of his proposals. 'Just pay their fair share. I come from the corporate capital of the world. More corporations are incorporated in the state of Delaware, and all the rest of the nation combined. And I'm not anti corporate, but it's about time they start paying their fair share.'

In his remarks, Biden pointed out the amount of people hurt by the coronavirus pandemic, including a disproportionate number of women.

He also argued Republican voters, along with some mayors and governors, support his approach. He needs at least 10 Republican senators to support his proposals to move them through the Senate.

'This will grow the economy,' he said. 'I think there's overwhelming bipartisan support for this. If you look at the polling data, Republican voters overwhelmingly support it. Now I just got to get some of my Republican colleagues to support.'

But McConnell said on Monday that none of his Republicans would support either Biden's jobs plan nor his families proposal.

'I think I can pretty safely say none of my Republican colleagues are going to support a $4.1 trillion infrastructure package, only part of which is for infrastructure,' McConnell said.

As part of their tour, the Bidens visited a classroom that taught HVAC repair where they watched a demonstration and chatted with students.

After their school stop and on their way to the next location, President Biden stopped the motorcade at Yorktown High School to greet well wishers

After their school stop and on their way to the next location, President Biden stopped the motorcade at Yorktown High School to greet well wishers

First lady Jill Biden, a fulltime teacher, helped President Biden sell the education component of his jobs and families plans

First lady Jill Biden, a fulltime teacher, helped President Biden sell the education component of his jobs and families plans

4 comments:

  1. .....you know, the thing....

    ReplyDelete
  2. what is this pretty red button for????

    ReplyDelete
  3. Has anyone heard the WH say Biden MISSPOKE on this matter? I haven't.

    ReplyDelete