White House: No individual making less than $400K will pay more in taxes

White House press secretary Jen Psaki said Wednesday that neither individuals nor families earning less than $400,000 per year will see their taxes increase under President Biden’s tax plans.

“No individual making less than $400,000 will pay more in taxes,” Ms. Psaki told reporters at the White House.

“This is a commitment he made on the campaign trail, which he is committed to abiding by,” she said. “Once we propose a tax proposal, we’ll have more to discuss.”

Ms. Psaki and the White House had previously said this month that the president’s $400,000 threshold applied to households or families.

Mr. Biden said in a recent interview that people earning more than $400,000 per year can expect to see a “small to significant” increase in their taxes.