Biden Won't Raise Taxes on Most Americans
The Claim
Democratic Presidential Nominee Joe Biden plans on increasing taxes for 82% of Americans if he is elected president.
News posted on
Emerging story
On September 2, 2020, Donald Trump Jr., son and active supporter of U.S. President Donald Trump, tweeted: “Joe Biden wants to raise taxes on 82% of all Americans.” The phrase “82% of Americans” began trending on Twitter a few hours later.
Misbar’s Analysis
Trump Jr.’s statement, made in a vacuum, seems to be based on an economic stance which Biden has taken on multiple occasions. The Democratic Presidential Nominee has mentioned that he wants to crack down on the disproportionately wealthy 1% and major corporations. Under President Trump, taxes for corporations and the extremely wealthy were slashed.
Biden specifically stated that he was not planning on raising taxes on citizens who make less than $400,000. This would encompass approximately 2% of the population.
Some social media users say that Trump Jr. was relying on the Penn-Wharton Budget Model. However, the only part of the model that mentions the number 82% is in terms of the economic impact of Biden’s foreign business tax provision on capital by the year 2030. It has nothing to do with taxes on American citizens.
Giving Trump Jr. the benefit of the doubt, he must have made a grievous math error.
