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The Tax Policy Center, in an analysis, has revealed that Joe Biden is trying to raise taxes on low and middle income households – as well as high income Americans.
Article by Bob Unruh from our news partners at WND News Center.
The analysis said, “Taking into account all major tax provisions, roughly 20% to 30% of middle-income households would pay more in taxes in 2022. … Among those with a tax increase, low- and middle-income households would pay an additional $100 or less on average. Those making $200,000-$500,000 would pay an average about $230 more.”
The results conflict directly with Biden’s promise, during his campaign and since, that he would not raise taxes on those making $400,000 or less.
In fact, he once blundered his way into saying those Americans would not pay any taxes.
Others, however, would see tax cuts, the analysis said.
“The exception: Those in the top 1%, who will make about $885,000 or more. They’d pay about $55,000 more than under current law. Those in the top 0.1%, who make about $4 million and up, would pay an additional $585,000 on average, a 5.9% reduction in their after-tax incomes.”
Other hooks built into Biden’s plan include that the Child Tax Credit is extended for 2022 only, and the corporate minimum tax on book income wouldn’t take effect until 2023.
“In general, the combined effects of these changes would result in many households paying higher taxes in 2023 than in 2022. They would shrink the average 2023 tax cuts for low-income households, raise taxes slightly for moderate-income households, and increase taxes significantly for the highest-income households,” the analysis found.
Future years would see additional changes, the report said, as “All of the individual income tax provisions of the 2017 Tax Cuts and Jobs Act currently are scheduled to expire at the end of 2025.”
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It continued, “When all major tax provisions of the BBB bill are included, every income group except those making about $28,000 or less would pay higher taxes on average in 2026 than under current law.”
The analysis said it was based “on the proposal that the congressional Joint Committee on Taxation analyzed on Nov. 4, though it includes the proposal to increase the SALT deduction cap to $80,000 (rather than the $72,500 cap in an earlier version).”
“Finally, analyzing the House Democrats’ plan is especially complicated because the effective dates of its many tax provisions vary widely. While TPC usually tries to show the effects of tax bills for a year when all tax changes are fully effective, there is no year when all of the BBB provisions would apply,” it warned.
The Daily Mail called it “Biden’s broken promise,” and warned his Build Back Better agenda would “force 30% of middle class families to pay higher taxes.”
It explained the analysis concluded while some households would have a tax increase, others would see their taxes decline slightly.
The Congressional Budget Office, a neutral authority on fiscal matters, is still conducting a review of the impacts of the sprawling spending plan.
Biden’s plan, now estimated by promoters to cost $1.75 trillion, actually could end up costing much more because of various budget gimmicks that Congress has at its disposal, such as setting up a program and funding it only for a short term, but fully expecting it to be renewed and continued.
The Western Journal reported when Biden added to his encyclopedia of gaffes with, “Anybody making less than $400,000 a year will not pay a single penny in taxes.”
Biden was lobbying an audience at Tidewater Community College in Yorktown, Virginia, when he said, “Anybody making less than $400,000 a year will not pay a single penny in taxes. And we will not increase the deficit either, unlike the last gigantic tax cut, which increased the deficit by $2 trillion.”
The WJ reported, “That’s some magic trick you’ve got there, Mr. President. Eliminating taxes for anyone under $400,000 and ensuring the deficit doesn’t go up by a single cent? Impressive.”
Many argue that Biden already has raised “taxes” on all Americans through the inflation he’s allowed to build, pushing the cost of a gallon of gasoline in some of the highest-cost locations in American past $7. Many food items are up in price by double-digit percentages in just months.
Those price increases, especially on energy for utilities and food, hit the poorest especially hard since they make up a larger share of those families’ costs.
Biden also has been openly ridiculed by economists for his claim that his plan to spend trillions of dollars won’t add to America’s deficit.
Image by Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0, via Wikimedia Commons.
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