Screenshot from official @POTUS Instagram
Donald Trump often said ahead of the 2020 election that if Joe Biden were elected, gains in the stock market would be destroyed. p If he is elected, the stock market will crash, Trump a href https://www.nbcnews.com/politics/2020-election/live-blog/2020-10-22-trump-biden-election-n1244210/ncrd1244450#blogHeader rel noopener noreferrer target blank said /a in a presidential debate on October 22, 2020, one of dozens of times he made the claim during the campaign, a href https://factba.se/trump/search#stock%2Bmarket%2Bcrash rel noopener noreferrer target blank according /a to transcripts gathered by Factbase. /p p Yet 72 days into Biden s first term as president, the stock market has not only gone up, but it has set multiple records, including on Thursday, when the S&P 500 a href https://www.cnbc.com/2021/03/31/stock-market-futures-open-to-close-news.html rel noopener noreferrer target blank surpassed 4
The assertion is true, depending on your definition of no one.
Biden repeated the claim when unveiling the American Jobs Plan in a Wednesday speech. The $2.3 trillion spending package includes funds for traditional infrastructure projects, affordable housing, clean-energy investments, and public-school renovations. The plan would be paid for with a higher corporate tax rate and a global minimum tax for US corporations operating outside the country, the president said. No one, let me say it again, no one making under $400,000 will see their federal taxes go up, period, Biden said.
But there s that no one again it s stretched, to say the least. White House Press Secretary Jen Psaki clarified in a March 17 press briefing that the $400,000 threshold applies to households, not individuals. That means, in instances where both heads of a household make $200,000, their taxes would likely climb under Biden s plan.