On Tuesday, President Joe Biden said during a press conference at Tidewater Community College, “Anybody making less than $400,000 a year will not pay a single penny in taxes.”
Before his statement, Biden explained he heard rumors from the press that his administration wants to raise taxes.
Biden then went on to take a jab at former President Donald Trump’s tax cuts, where he claimed it raised the national deficit by $2 trillion, and his plan wouldn’t.
The plan, according to Biden, is to balance the inequities of how little the upper class pays in taxes, and to further close any tax “loopholes.”
At the 15 minute mark of his speech, Biden also said that a trickle-down economy doesn’t work. Under him, the U.S. will have an economy that “rewards work, not just wealth.”
Biden is set to unveil more details in his first presidential address on Wednesday as he will speak on his new tax plan.