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I am the second

White House says Biden's $400,000 tax cap is for individual earnings, not joint ones

President Biden's promise not to raise taxes on Americans who make less than $400,000 only applies to individuals — not married couples filing jointly, a White House official clarified to Axios on Wednesday.

Why it matters: The declaration means a hypothetical couple, with each spouse making $399,999, would not escape the tax increase even though they individually earn less than $400,000.

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