Posts on Facebook claim that if elected president, Joe Biden would increase taxes from 12% to 25% on families earning $75,000 annually. This claim is false, as the former vice president has proposed to increase income taxes only on those earning over $400,000 a year.
The posts falsely claim that the Democratic nominee has proposed a significant tax increase on families earning $75,000. As explained in analyses by the Tax Policy Center ( here ) and the Committee for a Responsible Federal Budget ( here ), two independent public policy organizations in Washington, D.C., Biden’s plan calls for increased income and Social Security payroll taxes only for those earning over $400,000 a year.
Biden would roll back the income tax reductions of President Donald Trump’s 2017 tax overhaul, known as the Tax Cuts and Jobs Act of 2017 (TCJA), for those with incomes over $400,000 ( here ). He would also subject wages above $400,000 to the same 12.4% Social Security payroll tax that is currently only taxable for incomes up to $137,700 ( here ).
Michael Gwin, a spokesman for the Biden campaign, provided Reuters with the following statement via email: “Vice President Biden has made clear that no one making less than $400,000 will see their taxes raised under his plan, period. Moreover, Biden will give millions of middle-class families a tax cut through new refundable credits that lower the cost of health insurance, help first-time homebuyers buy a house, and assist working families pay for child care.”
As provided here by the Internal Revenue Service (IRS), the current income tax rate for a married couple filing jointly and earning $75,000 is 12%. For a single person earning $75,000 a year, that rate is 22%. The standard deduction for each of these categories, as well as those filing as heads of households, is adjusted each year for inflation. Contrary to what the posts claim, the tax rates will remain the same for those earning this amount if Joe Biden is elected president.
The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 for 2020, up $200. For heads of households, the standard deduction is $18,650 for tax year 2020, up $300.
False. Joe Biden has not proposed to increase the income tax on couples earning $75,000 a year.
This article was produced by the Reuters Fact Check team. Read more about our fact-checking work here .
Our Standards: The Thomson Reuters Trust Principles.