Biden says he plans to raise taxes on those making over $400,000

Politics

(NBC News) — President Joe Biden said in an interview broadcast Wednesday that he plans to raise taxes on Americans making more than $400,000 a year as his post-stimulus legislative plans come into focus.

“Anybody making more than $400,000 will see a small to a significant tax increase,” Biden told ABC News. “If you make less than $400,000, you won’t see one single penny in additional federal tax.”

Speaking with NBC News, two administration officials earlier confirmed that Biden and top aides are discussing the framework to increase taxes on Americans making more than $400,000 and on large corporations. Bloomberg was first to report the news.

The officials stressed that the full scope of the package has not yet been finalized. Tax increases could be passed to help finance future Biden initiatives, such as a major infrastructure plan.

Read the full story on NBCNews.com.

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