In light of the high public spending policy carried out in the few months of President Joe Biden's administration and his intentions to continue along the same path, the administration has no other choice but to raise the tax burden in order to achieve a balance in federal finances.
The president has tried to make it clear all along that families earning up to $400,000 annually would not be targeted for tax increases, but it was unclear whether there would be a lower-income threshold for individual taxpayers.
Last week, White House press secretary Jen Psaki told FOX Business's Blake Burman at a press conference that the threshold would also be $400,000 for individual taxpayers. Psaki again gave the same answer when a reporter asked her for clarification on Monday, March 30, Fox News reported.
This measure implies that two people who earn just slightly more than half of the stipulated 400,000, but are united in marriage and therefore declare a joint income greater than $400,000, would be affected by the tax increase.