On Wednesday, Donald Trump Jr. managed to shock both political parties with a tweet accusing Joe Biden of conspiring to raise taxes for 82 percent of Americans. And this would be extremely jarring — if it were true. Instead, Don Jr. mostly he shocked Twitter with his inability to do math and attempt to fear-monger the masses over Biden's tax plan.
Trump Jr.’s tweet referred to a comment made by Biden during his first joint interview with running mate Kamala Harris on 20/20 which aired on August 23. During the interview, Biden explained his reasoning behind his plan to raise taxes for corporations and anyone making over $400,000. “It’s about time they start paying a fair share of the economic responsibility we have,” Biden said. “The fact is, there are corporations making close to a trillion dollars that pay no tax at all. I’m not punishing anybody. This is about everybody paying their fair share.”
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In response, Trump Jr. tweeted that "Joe Biden wants to raise taxes on 82% of all Americans." But, there's one big problem here: 82 percent of Americans definitely do not make over $400,000 a year.
Joe Biden wants to raise taxes on 82% of all Americans.
— Donald Trump Jr. (@DonaldJTrumpJr) September 2, 2020
In order for a piece of tax legislation to affect 82 percent of Americans, it would need to start at all income made above $65,000, according to data on annual income from The Wall Street Journal. The median household income in the United States is just over $63,000. The rate of Americans living in poverty is currently 11.8 percent. The percentage of people this legislation would affect? Approximately one percent.
Despite Don Jr.'s alternative facts, Biden's plan has actually been fairly conservative among the left. The former vice president first promised to not increase taxes on individuals making less than $400,000 back in May and has held to that figure in recent interviews and his detailed 110-page policy document that he drafted with Senator Bernie Sanders. In reality, it would mean an increase for less than two percent, and that increase would be to a rate of 39.6 percent from its current rate of 37 percent. This hardly represents a tax increase for 82 percent of Americans. Also, like all money taxed in our current system, it only applies to taxable income exceeding $400,000.
Biden’s other proposed legislation applies to corporations and increasing payroll taxes. He also offered a variety of tax credits such as breaks for first-time homebuyers, refundable renter’s credit, and a tax credit for informal caregivers, reports the Washington Post.
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What is clear is that Trump Jr. is out of touch when it comes to understanding the type of legislation that affects the majority of U.S. residents. Good thing the internet can fact check in as little time as it takes to search how many people actually make over $400,000 a year.
I wish I was part of the 82% of Americans that make over $400,000 a year haha @DonaldJTrumpJr is an idiot. He is referring to the capital gains tax that will force companies to pay more than 15% of profits for taxes. Do your research!
— Themis (@themis1776) September 2, 2020
Me on the phone with my boss after being told 82% of Americans make $400,000 a year..... pic.twitter.com/cytrcZ0wBL
— News & Stuff (@YessGossip) September 2, 2020
This is a bald-faced lie.
— Matthew Chapman (@fawfulfan) September 2, 2020
Biden has called for raising taxes on people making over $400,000, which is about 1% of Americans. He has promised not to raise taxes on anyone making less than that. https://t.co/aee3Hf4e1G
A word of advice: Don’t ask Trump Jr. to make change. With coins or with countries.