With great fanfare, Joe Biden promised, repeatedly, during his campaign that he would not raise taxes on those making less than $400,000 a year.
We can skip over the time he’s lost his train of thought entirely and said those people wouldn’t pay ANY taxes, as obviously that was one of those times when his mouth got far ahead of his brain.
But the promise was made over and over that those Americans would not face any new taxes.
But that was then. This is now, and the Chuck Schumer-Joe Manchin spending scheme recently announced, oddly and incorrectly called the “Inflation Reduction Act,” is making Biden a liar.
According to a report from Fox Business, an analysis of the proposal which would spend hundreds of billions of dollars are green projects, would cost “individuals making less than $10,000 a year,” 3.1% more in taxes during 2023, “the year in which the legislation would increase tax revenue the most.”
For those making $20,000-$30,000, taxes would go up 1.1%. And overall, tax revenue collected from those making $100,000 per year or less would increase by $4.8 billion in 2023.
Even with those figures seen through the lens of government math, those income levels all are below the $400,000 mark that Biden established as a boundary for new taxes.
The Fox Business report said the “vast majority” of Americans would pay more taxes under the Democrats’ inflationary bill.
It would take another $16.7 billion from those making less than $200,000 a year, according to the number crunching done by the Joint Committee on Taxation.
“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,” Senate Finance Committee ranking member Mike Crapo, R-Idaho, said. “Nonpartisan analysts are confirming this bill raises taxes on the middle class and produces no meaningful deficit reduction when gimmicks are removed and the full cost is accounted for.”
Biden even doubled down on the claim last week when the Democrats were assembling their latest tax increase for Americans.
He claimed, “This bill will not raise taxes on anyone making less than $400,000 a year. And I promise — a promise I made during the campaign and one which that I ha- — that I’ve have kept.”
“Democrats are clearly trying to pivot this as only a tax like on the wealthy,” explained Mike Palicz, of Americans for Tax Reform. “But you look at any of these taxes — take something like the [corporate minimum tax]. That’s going to lower workers’ wages, it’s going to cost jobs.”
He went on, “There’s a $25 billion crude oil tax in this bill. That’s something that’s going to hit everyone. That’s a regressive tax increase on poor people that raises their energy costs, raises the price of gasoline.”
The New York Post reported besides the $16.7 billion the Manchin deal would cost those making under $200,000, those making from $200,000 to $500,000 would pay another extra $14.1 billion.
It said the assessment confirmed, “by 2031, new energy credits and subsidies would have people earning less than $400,000 pay as much as two-thirds of the additional tax revenue collected that year.”
A spokesperson for Senate Finance Chair Ron Wyden, D-Ore., claimed families “will not pay one penny in additional taxes under this bill.”
The scheme from Manchin and Schumer would bill taxpayers for $369 billion for climate spending, and another $64 billion to continue federal health insurance subsidies.”
It demands a minimum 15% corporate tax, which company customers, whether they are wholesalers, retailers or even consumers, would end up paying.
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