Wall Street Journal: “In his successful 2020 presidential run, Biden pledged to protect households from tax increases if their income was below that threshold. He reupped the promise for his re-election bid and is planning to draw tax-policy contrasts with Republican rival Donald Trump in a Tuesday speech in Pennsylvania…”
“Notably, Biden isn’t adjusting the $400,000 to account for inflation during his first term, keeping the round number he started with. That amount in May 2020, when Biden articulated the plan, is equivalent to more than $487,000 now.”
“Because of inflation and economic growth, the pool of $400,000-and-up households increased to 3.4 million in 2022, up 33% from 2019.”
