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Any economic problem will be immediately ascribed to a Biden tax increase. Under the current income tax brackets, the highest federal marginal tax rate is 37 percent for single filers whose income is greater than $518,400, per the Internal Revenue Service. A search of Biden’s platforms on his campaign website turned up no results for such a plan.. The post's author, who did not respond to a request for comment, claimed Biden was behind the tax increase, writing: "Social Security wasn’t Taxable until Joe Biden wrote a bill and passed it … “Democrats will not be pushing a major tax increase on corporations,” Girdusky predicted. Biden’s tax increases would raise taxes on middle-class families by over $2,000 a year, with a $1,300 annual tax increase on a median-income, single parent with one child. Joe Biden will eliminate step-up in basis and this will impose a steep tax increase and paperwork nightmare for middle class families and small businesses. Democratic presidential nominee Joe Biden’s tax and regulatory plan would act as a tax increase on the middle class, a new study revealed. Taxes. Biden tax hike plan causes wealthy Americans to panic over estate planning strategies Advisers see uptick in planning requests ahead of the election For that reason, Obama avoided them when at … There is, however, no evidence that Biden plans to raise income taxes to 52 percent, even for the highest wage earners. Democratic presidential nominee Joe Biden’s tax hikes will cause Americans to lose a third of their savings, founder of Americans for Tax Reform Grover Norquist said on Thursday. But those earning above that threshold could lose their tax cuts and pay a bit more. It is one of the many Biden tax hikes that violate his own pledge against raising any tax on any American making less than $400,000.. Biden has repeatedly said Americans earning less than $400,000 a year won’t pay a cent more in taxes. 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