According to analysis by the Joint Committee on taxation, President Biden will break his promise and raise taxes on Americans making less than $400,000 a year by 2023, should Democrats pass their reconciliation bill.
CLICK HERE to read the full article. Key excerpts from the Washington Times:
- [A]nalysis by the Joint Committee on Taxation released Tuesday shows that the House version of Mr. Biden’s bill starts raising taxes as early as 2023 on middle-class families.
- The tax increases that Mr. Biden is backing that will hit the less-wealthy include a provision doubling the federal tobacco tax to more than $2 per pack, new taxes on income derived from small businesses, and the closing of hundreds of various “loopholes” and deductions.
- Fiscal watchdogs also say that many of the tax increases formally geared toward corporations, including a new 15% flat tax on profits, will trickle down to lower-income brackets.
- The JCT results pose bad news for the president and his social welfare bill, which has stalled in Congress. It also breaks a key promise from Mr. Biden’s 2020 presidential bid.
- While campaigning for the White House last year, Mr. 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 JCT analysis shatters that pledge. More troubling is that Mr. Biden’s tax increases fall heaviest on the lower and middle class, while the super-wealthy receive a generous tax cut until at least 2025.
- The reality stems from a proposal Democrats have included within the bill to expand the state and local tax (SALT) deduction.
- The impact will disproportionately benefit higher-income taxpayers, according to the JCT, while punishing those in the lower and middle class.
- Democrats’ Tax Cut for the Rich Prioritizes the Wealthy Over the Middle Class: The Committee for a Responsible Federal Budget found that the SALT tax carveout would “be nearly 50 times as large as the benefit of the expanded child tax credits for a typical family over five years.”
- …While Taxes Land on the Middle Class: Analysis from the Left-leaning Tax Policy Center (TPC) found that Democrats are providing a hefty tax giveaway to the top 5 percent, while hiking taxes on 20-30 percent of middle-income earners.
- American Families Are Already Suffering Under Bidenflation: Democrats’ tax increases and endless spending will worsen the deficit and inflation. According to Moody Analytics, consumer prices will rise 2.24 percent higher after the Biden infrastructure, American Rescue Plan, and Build Back Better spending than in a Biden-free economy.
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