Personal Finance

Will the Biden Social Spending Plan Raise Middle-Class Taxes?

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“President Biden said no one making under $400,000 will see their federal taxes go up. That’s a lie… In fact, under his plan, an average family who earns over $50,000 will see a tax increase.”

That is a quote from Republican House Minority Leader Kevin McCarthy on Sept. 30 while discussing the multi-trillion-dollar Biden Build Back Better plan now being debated in Congress.

Here’s a quote from Democratic President Joe Biden on Sept. 26:

“I give you my word as a Biden: If you make under $400,000 a year, I’ll never raise your taxes one cent. But, I’m going to make those at the top start to pay their share in taxes.”

One of these guys is lying. But as they say, there are three types of lies — lies, darn lies, and statistics.

While facts are always facts, politicians tend to manipulate statistics to fit their desired outcome.

Nonetheless, one of these guys is more right than the other. Should the proposal become law, either taxes are going to go up for the middle class, or they’re not.

That’s what this week’s “Money!” podcast is about: cutting through the rhetoric and finding out exactly what Biden’s Build Back Better social spending plan promises to do, who it will affect and who’s really going to pay for it.

As you listen, keep in mind this is a moving target. The bill is likely to have major changes and spending reductions before it passes, if it passes at all.

But if nothing else, we thought it would make for a fascinating glimpse at how something as seemingly simple as how public policies are paid for is often anything but.

As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman.

Sit back, relax and listen to this week’s “Money!” podcast:

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