A post shared on Facebook claims Democratic presidential nominee Joe Biden plans to raise federal income taxes to 52 percent.
Biden’s tax plan does not call for raising the federal income tax rate to 52 percent for any tax bracket.
Biden has said he plans to roll back the tax cuts from President Donald Trump’s Tax Cuts and Jobs Act (TCJA) for those making $400,000 or more, according to CNBC. In recent weeks, some social media users have been sharing a post claiming that Biden plans to put a 52 percent federal tax on income.
“Biden’s tax rate for an individuals (sic) income is 52%…” one Facebook post reads. “That’s means $52 of every $100 goes to federal taxes. Once you subtract SSI, state tax, insurance and other deductions will leave you $12 for ever $100 earned.”
There is, however, no evidence that Biden plans to raise income taxes to 52 percent, even for the highest wage earners. A search of Biden’s platforms on his campaign website turned up no results for such a plan.
Under the current income tax brackets, the highest federal marginal tax rate is 37 percent for single