The White House denied Monday that the $700 billion climate change and tax package spearheaded by Sen. Joe Manchin, D-W.Va., will break President Biden's campaign pledge not to raise taxes on individuals making less than $400,000 annually.
White House press secretary Karine Jean-Pierre was by asked by Fox News' Peter Doocy about a new report by the nonpartisan Joint Committee on Taxation (JCT) analyzing the bill. The report shows that Americans making less than $10,000 annually and those making above $30,000 would see an uptick in taxes.
"It's not correct because it is incomplete," said Jean-Pierre. "The JCT report that we're currently seeing is incomplete because it omits the actual benefits that Americans would receive when it comes to prescription drugs [and] when it comes to the lowering energy costs, like utility bills."
Last month, Senate Democrats struck a deal to spend $433 billion over the next decade on climate change, while raising more than $739 billion in new revenue. The new money will largely come from a minimum 15% tax on corporations, strengthened IRS enforcement and cost savings from allowing Medicare to negotiate the price of some prescription drugs.
More than $300 billion of the new revenue is slated to go toward deficit reduction.
Democrats have heralded the deal as a huge win for Biden and Americans besieged by inflation and an economy many believe may have entered into recession.
The JCT, which is made up of bipartisan lawmakers from both the House and Senate, has a different view. The group found that Americans making less than $10,000 per year would see a 0.3% tax hike starting in 2023.
Overall, starting in 2023 taxes will increase by $16.7 billion for Americans earning less than $200,000.
"The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods," said Sen. Mike Crapo of Idaho, the top Republican on the Senate Finance Committee.
Republicans also note that the bill breaks a pledge Biden made while campaigning for the White House in 2020. During that campaign, Biden repeatedly stressed that he would not directly raise taxes on individuals making below $400,000. Instead, he claimed the tax burden would be borne entirely by those that could afford it most: the wealthy.
The president repeated that pledge last week when discussing the $700 billion climate bill.
"This bill will not raise taxes on anyone making less than $400,000 a year," said Biden. "And I promise — a promise I made during the campaign and one which that I ha- — that I’ve have kept."
FOX Business' Thomas Catennaci contributed to this report.