President Joe Biden appeared at Tidewater Community College in Virginia as part of his promotion tour for his latest $1.8trillion investment into families, children, and education. But the head of state added to his long list of blunders when he suggested he would not make anyone earning less than $400,000 pay “a single penny in tax”. Critics and allies alike both mocked the President online praising him for his unintentional large tax break.
Discussing his latest investment plan, Mr Biden told reporters: “The reason I am bothered to do this is I keep hearing on the press that Biden is going to raise your taxes.
“Anyone making less than $400,000 a year will not pay a single penny in taxes.
“And we will not increase the deficit either online the last gigantic tax cut which increase the deficit by $2trillion.”
Many took to Twitter to mock the president, with Republican Senator Ted Cruz writing: [Democrats] accidentally calling for abolishing income tax for those making under 400k, I accept!”
Another wrote: “Oh nice, Joe Biden is setting the tax rate for folks earning less than $400,000 to 0 percent.”
The blunder was clarified after the speech where Mr Biden was referring to a promise which would not see tax increases for anyone earning less than $400,000 rather than paying no tax at all.
But those who are in the top 0.3 percent of US earners will see a rate hike and a hike on corporate tax too.
Corporation tax is set to be hiked from 21 percent to 28 percent with an introduction of a minimum global corporation tax.
Capital gains tax is also expected to nearly double to 43.4 percent which will help fund his $1.8trillion plan.
“A once-in-a-generation investment in our families, in our children that addresses what people care most about and most need.
“The investment we need to win the competition, the competition with other nations for the future because we’re in a race – we’re in a race.
“It all starts with access to a good education, as you all know.
“When America made 12 years of public education universal in America in the early 1900s it made us the best-educated nation in the world and you saw the benefits that came from that.
“But the rest of the world has caught up to us, they are not waiting and 12 years is no longer enough to compete with the world in the 21st century and lead the 21st century.”