After repeatedly saying on the campaign trail that he would only raise taxes on Americans making over $400,000 a year, even Democrat analysts are now finally admitting Joe Biden was wrong.
According to estimates released by the left-leaning Tax Policy Center last week, major tax provisions in the Biden Administration’s 2022 fiscal year budget proposal show that 60.7 percent of all tax filers and 75 percent of middle income filers will see an increase in their taxes.
“Biden’s tax plan, evaluated by the center-Left Tax Policy Foundation, will absolutely have consequences for millions of Americans,” said Orange County Congresswoman Michelle Steel, who has spent her entire political career fighting tax increases. “His plan of raising taxes is not a viable solution for helping families and businesses struggling to make ends meet.”
The Biden Administration also uses trickery to convince Americans that he will not be raising taxes on anyone making less than $400,000.
One form of this is his commitment to raise taxes on corporations from 21 to 28 percent. While the business will technically be paying for the increase in taxes, anytime corporations pay a tax, it always gets pushed on to some group of people connected to the organization.
This can be the customers; who will have the product cost increased, workers; who will see their hard-earned wages decline, or shareholders; who will see their holding in the company negatively affected. It can also be a combination of all three of these groups.
The result of this is why despite not raising individual and payroll taxes on Americans making less than $400,000, over 60 percent of tax filers will see their taxes increase under the Biden Administration.
The steep rise in taxes on Americans comes as a result of Biden’s trillions of dollars in unprecedented spending in just the first few months of his presidency, which will hurt many families and small business owners who are already financially affected by the COVID-19 economic shutdowns.
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