![President Joe Biden repeated his big tax lie Tuesday night during his State of the Union address that individuals earning less than $400,000 per year would not pay more in taxes. [Screenshot Twitter Daily Wire]](https://images.dailycaller.com/image/width=960,height=411,fit=cover,f=auto/https://cdn01.dailycaller.com/wp-content/uploads/2023/02/Screenshot-2023-02-07-at-10.15.27-PM-e1675826177897.png "President Joe Biden repeated his big tax lie Tuesday night during his State of the Union address that individuals earning less than $400,000 per year would not pay more in taxes. [Screenshot Twitter Daily Wire]")
President Joe Biden repeated his big tax lie Tuesday night during his State of the Union address that individuals earning less than $400,000 per year would not pay more in taxes.
Biden was talking about climate change when he said in order to pay for investments in climate care “the biggest corporations” need to “pay their fair share.”
“I’m a capitalist, but just pay your fair share,” the president said. “The idea that in 2020, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes? That’s simply not fair. But now, because of the law I signed, billion-dollar companies have to pay a minimum of 15%. Just 15%. That’s less than a nurse pays. Let me be clear.” (RELATED: Watch Biden Pause SOTU Mid-Speech To Have It Out With Booing GOP)
“Under my plan, nobody earning less than $400,000 a year will pay an additional penny in taxes. Nobody. Not one penny,” Biden insisted.
Biden: “Nobody earning less than $400,000 a year will pay an additional penny in taxes. Nobody. Not one penny.” pic.twitter.com/SyLprTqtNk
— Daily Wire (@realDailyWire) February 8, 2023
Despite Biden’s promise, the so-called “Inflation Reduction Act,” which is set to soon take effect, will increase taxes on virtually every income bracket, data from the Congressional Joint Committee on Taxation (JCT) found. The JCT estimates that taxes will increase for middle-income Americans across the board as well as for those making under $10,000 and between $30,000-$40,000 while not a single income group will see cuts until 2031.
Overall, taxes would go up by a grand total of $16.7 billion for Americans who bring in less than $200,000 and by $14.1 billion for those making between $200,000-$500,000.
Senate Finance Committee Chair Ron Wyden’s spokeswoman Ashley Schapitl said the JCT analysis is incomplete since “it doesn’t include the benefits to middle-class families of making health insurance premiums and prescription drugs more affordable,” according to Politico.
White House press sec. Karine Jean-Pierre also pushed back against the report, arguing it is incomplete “because it omits the actual benefits that Americans would receive when it comes to prescription drugs, when it comes to lowering energy costs like utility bills.”