Fox News pundit slams Biden wealth tax: '$400,000 isn't what it used to be'
Sandra Smith speaks to Charles Payne (Fox News/screen grab)

Fox Business host Charles Payne on Wednesday complained about Democratic presidential nominee Joe Biden's promise not to raise taxes on people making under $400,000 a year.

During an appearance on Fox News, Payne argued that Americans have a "simple choice" because President Donald Trump wants to cut taxes for the richest Americans.

"He's not raising taxes for anybody making less than $400,000 a year," Fox News host Sandra Smith said of Biden's plan. "So who is winning this debate?"

"Biden and President Obama said the same thing in 2008," Payne replied. "By the way, $400,000 isn't what it used to be. And I'll give you a good example to put it against... The average existing home is worth $304,000. In November of 2008, it's was worth $180,000, right?"

"At least adjust it for inflation and say no one under 800 grand," he continued. "What they are saying is that we are going to raise taxes and that bar where we're going to start is relatively low because for all of the things that they are promising, they are going to have to raise taxes."

Payne added: "400,000, again, it's a lot of money but by the same token, it's going to hurt the progress that we've made and the progress most of us want to make."

Watch the video below from Fox News.