Joe Biden wants to not raise taxes for those making under $400,000

Former vice president Joe Biden, the presumptive Democratic nominee for president, said Friday that he would not raise taxes on anyone making less than $400,000.

“Nobody making under $400,000 bucks would have their taxes raised. Period. Bingo,” Biden said in an interview on CNBC, the business news channel.

The announcement from Biden is a firm line on where he defines middle class versus rich in the United States, and it is notably higher than former president Barack Obama’s promise on the 2008 campaign trail not to raise taxes on households earning less than $250,000. Biden has opted to hike taxes only on the top 2 percent of earners. Obama’s income threshold was roughly at the top 5 percent mark, according to U.S. Census data.