U.S. President Joe Biden claimed on Sunday that the “Inflation Reduction Act of 2022” will not raise taxes on anyone earning less than $400,000 a year, but reports show that claim to be false.
“The Inflation Reduction Act of 2022 will lower health care costs for millions of Americans,” wrote Biden on Twitter. “And, for the first time in a long time, make the largest corporations pay their fair share without any new taxes on people making under $400,000 a year.”
That claim is false, as exposed by the non-partisan Joint Committee on Taxation (JCT), which showed that under the plan, taxes will increase in 2023 for everyone except those earning between $10,000 and $30,000 per year.
