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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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Show notes
Want more information? Check out these resources:
- House Ways and Means Committee Republicans: Analysis: Biden Tax Hikes Hit Middle Class
- Associated Press: AP FACT CHECK: GOP claim of broken Biden pledge not so clear
- Associated Press: What’s the price of Biden’s plan? Democrats drive for zero
- Heritage Foundation (conservative think tank): Will Biden’s Spending Bill Hike Taxes on Those Making Less Than $400,000?
- Heritage Foundation: 8 Things You Need to Know About Democrats’ Tax Increase Bill
- Tax Foundation (right-leaning): Placing the House Build Back Better Act Tax Increases in Historical Context
- Tax Foundation: Build Back Better Act: Details & Analysis of the $3.5 Trillion Budget Reconciliation Bill
- Center for American Progress (liberal): The House Ways and Means Build Back Better Bill Is a First Step Toward a Fairer Tax Code
- White House: The Build Back Better Agenda
- KPMG: “Build Back Better Act” tax proposals, as approved by Ways and Means: KPMG summary and analysis
- Washington Post: With big tax push, Democrats aim to tackle enormous gains of top 1 percent
- Subscribe to the Money Talks News newsletter
- Take our course The Only Retirement Guide You'll Ever Need
- Take our course Money Made Simple
- Miranda Marquit’s website
- Chris Orestis, Retirement Genius: RetirementGenius.com
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