A number of commenters to this post raise the possibility that Biden is lying when he says he won’t raise taxes on households making less than $400,000. He might be. Maybe as president he would propose a tax increase on people making more than that, watch congressional Democrats lower the threshold, and then say he tried as he signs the bill. Maybe he’d say that he had inherited a budget in worse condition than he thought, and had to go back on his word. Etc.
As I noted in the earlier post, other Democratic presidents have made similar promises and then found ways to raise taxes that hit the middle class. But the promises — or, perhaps more to the point, the political realities that caused them to make the promises — also seem to have constrained them. If you’re a House Democrat in a district that voted Republican until 2018, would you want to go into a midterm election having raised taxes with President Biden?