Expert: Watch Out for Biden’s ‘Undercover Tax on Just About Everybody’

DM

According to one expert, Americans of all socio-economic statuses should be cautious of President Joe Biden’s new tax plan. Rob Luna, the CEO and Chief Investing Strategist at Surevest, told Fox Business’ “Mornings with Maria” on Tuesday that Biden’s new tax proposals will implement an “undercover tax on just about everybody.” Biden plans to increase taxes on people making over $400,000 annually, as well as establishing a 15 percent minimum corporate tax applying to companies with an income of at least $100 million, according to Investopedia. However, Fox News host Maria Bartiromo brought light to a misleading part of the proposed policy — the $400,000 threshold. While initially appearing as a tax on individuals making as much annually, White House press secretary Jen Psaki clarified in a news conference last week that Biden’s tax hike actually applied to families, or married couples. This drops the income amount to just $200,000 a year per person.

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