The tax policy of the Biden administration is apparently based on taxing those with higher incomes, but if you take a closer look at the matter, it looks quite different.
The tax for households earning less than $400,000 will not change, but if it is a married couple, the income of the two of them may exceed the limit set by the Joe Bidens.
"It would be a significant disadvantage for married couples. This is another penalty, not something new in the tax system," Timothy McGrath, managing partner of investment advisory firm Riverpoint Wealth Management, told Fox Business.
Married people are put under the same hat based on their income situation, and it doesn't matter if the income of two individuals, who normally do not have an income that falls into the top tax bracket, is combined, they still fall into the top tax bracket.
In addition to raising personal and household taxes, the Biden administration has also floated an increase in corporate taxes.
author: hirado.hu
Cover image: Illustration / goodfon.com
