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Please note!
This fact brief was originally published as an experiment to test the concepts behind fact briefs.
Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.
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FACT BRIEF

Will taxes on Americans making less than $400,000 increase when the 2017 tax cuts expire?

By Austin Tannenbaum
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YES

Taxes are due to modestly increase across the board if Trump-era tax cuts are allowed to expire at the end of 2025.

The 2017 cuts reduced individual tax rates by up to 4%, depending on income levels. Legislators set an expiration date for the cuts because of Congressional rules designed to limit the long-term impact of tax and spending changes on budget deficits.

President Biden has pledged not to raise taxes on households making less than $400,000, suggesting that he will work with Congress to extend or offset the cuts before they expire. Temporary Bush-era tax cuts were extended in 2010 and made permanent in 2012.

The center-left Tax Policy Center noted that drawing additional tax revenue only from the 5% of Americans who make $400,000 or more could make it difficult for Biden to finance his infrastructure proposals.

This fact brief is responsive to conversations such as this one.
Sources
Tax Policy Center How did the Tax Cuts and Jobs Act change personal taxes?
CNBC Biden has promised not to raise taxes on people earning less than $400,000
CNBC Biden interview transcript, May 22, 2020: ‘Nobody making under 400,000 bucks would have their taxes raised...’
Tax Policy Center President Biden’s no tax hike pledge problem
The Balance The Bush tax cuts and their impact on the economy
ABOUT THE CONTRIBUTOR
Gigafact
Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.