Miscellaneous
President Biden said no one making under $400,000 will see their federal taxes go up. That's a lie... In fact, under his plan, an average family who earns over $50,000 will see a tax increase. That was a quote from Republican House Minority Leader Kevin McCarthy on September 30 while discussing the Biden $3.5 trillion Build Back Better plan now being debated in congress. Here's a quote from President Biden: I give you my word as a Biden: If you make under $400,000 a year, I'll never raise your taxes one cent. But, I'm going to make those at the top start to pay their share in taxes. One of these guys is lying. But as they say, "There are three types of lies -- lies, damn lies, and statistics." While facts are always facts, when things get complex, politicians tend to manipulate statistics to fit their desired outcome. Nonetheless, one of these guys is more right than the other one. Should the proposal pass, either taxes are going to go up for the middle class, or they're not. That's what this week's "Money!" podcast is about: cutting through the rhetoric and finding out exactly what Biden's Build Back Better social spending plan promises to do, who it will affect and who's really going to be on the hook to pay for it. As you listen, keep in mind this is a moving target. The bill is likely to have major changes and spending reductions before it passes, if it passes at all. But if nothing else, we thought it would make for a fascinating glimpse at how something as seemingly simple as how policies are paid for is often anything but. As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman. Want more information? Check out these resources: GOP: Analysis: Biden Tax Hikes Hit Middle Class Associated Press: What’s the price of Biden’s plan? Democrats drive for zero Heritage Foundation (Conservative Think Tank): Will Biden’s Spending Bill Hike Taxes on Those Making Less Than $400,000? Heritage Foundation: 8 Things You Need to Know About Democrats’ Tax Increase Bill Tax Foundation (right-leaning): Placing the House Build Back Better Act Tax Increases in Historical Context Tax Foundation (right-leaning) Build Back Better Act: Details & Analysis of the $3.5 Trillion Budget Reconciliation Bill Center for American Progress (Liberal) The House Ways and Means Build Back Better Bill Is a First Step Toward a Fairer Tax Code The White House: The Build Back Better Agenda KPMG: Legislative update: House Budget Committee’s report on “Build Back Better Act” Washington Post: With big tax push, Democrats aim to tackle enormous gains of top 1 percent Subscribe to the Money Talks News newsletter Take our course The Only Retirement Guide You'll Ever Need Take our course Money Made Simple Miranda Marquit's website Chris Orestis, Retirement Genius: RetirementGenius.com Become a member: https://www.moneytalksnews.com/members/ See omnystudio.com/listener for privacy information.