Biden Administration

Biden Says He Plans ‘Small to Significant' Tax Hike for Those Making Over $400,000

"If you make less than $400,000, you won't see one single penny in additional federal tax," he told ABC News

U.S. President Joe Biden speaks while meeting virtually with Micheal Martin, Ireland's prime minister, not pictured, in the Oval Office of the White House in Washington, D.C., U.S., on Wednesday, March 17, 2021. House Republicans voted to allow their members to request dedicated-spending projects, known as earmarks, following that same move by Democrats, in a positive sign for Biden's hopes for a bipartisan infrastructure bill.
Erin Scott/The New York Times/Bloomberg via Getty Images President Joe Biden speaks while meeting virtually with Micheal Martin, Ireland’s prime minister, not pictured, in the Oval Office of the White House in Washington, D.C., on March 17, 2021.

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," he 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 his top aides are discussing the framework to increase taxes on Americans making more than $400,000 and on large corporations. Bloomberg was the first to report the news.

For more on this story, go to NBC News.

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