Biden's Campaign Lies DESTROY Middle Class

Written By BlabberBuzz | Monday, 21 June 2021 05:15

An analysis by the nonpartisan Tax Policy Center discovered that 60% of households would meet a higher tax burden under President Joe Biden’s plans.

"For those looking to see if Biden kept his promise to not raise taxes for those making $400,000 or less, the answer is: mostly, but not entirely," explained Tax Policy Center senior fellow Howard Gleckman. "Including corporate tax increases, most households would pay more in 2022. About three-quarters of middle-income households would face a tax increase averaging about $300. But nearly all would be a result of those higher corporate taxes."

Biden vowed throughout the 2020 campaign not to raise taxes on people earning less than $400,000, though the analysis confers the majority would see at least some raised taxes from his proposals. About three-quarters of households making between $75,000 and $100,000 would see their burden rise about $440, while 69% of those earning between $100,000 and $200,000 would witness a raise of $830 on average.

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The enhanced tax burden proceeds to rise the more a household makes, with 83.7% of households in the $200,000-$500,000 bracket seeing an increase averaging $2,040. The heaviest weight falls on those making more than $500,000, with 99.8% of those between $500,000-$1 million seeing an increase of $8,810 and those earning more than $1 million seeing an average increase of $265,939.

Biden’s proposed tax increases cover raising the corporate rate from 21% to 28% and the capital gains rate from 21% to 39.6%. The president has further called for raising the country's top rate back to 39.6% from 37%.

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Biden’s budget proposes making single individuals earning over $452,700 subject to the top rate, while married couples making more than $509,300 would likewise be subject to it. Heads of households earning more than $481,000 would be subject to the top rate as well, along with married individuals filing separately that make over $254,650.

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Biden’s proposal does not call for a direct tax rise for those making less than $400,000, though the analysis discovered that many low- and middle-income people would see a greater burden indirectly as a result of lower compensation and investment earnings stemming from the corporate tax hike.

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COURT PACKING ISSUES FORCE CONSERVATIVES OFF BIDEN COMMITTEE

Yet some of the losses for low- and middle-income households could be made up by increased tax credits in Biden’s plan, including the proposed expansion of the child tax credit. When factoring in those credits, a household earning between $100,000 and $200,000 would see its overall tax burden shrink by $110. Households earning between $75,000 and $100,000 would pay roughly $240 less, while those making between $50,000-$75,000 could save an average of $540.

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DESANTIS HAS A LAWSUIT READY FOR BIDEN

Biden’s proposed tax hikes are meant to pay for his plan to increase government spending on education, child care, and paid family leave. The plan, which calls for $1 trillion in new spending and $800 billion in middle-class tax credits, has been called a “once-in-a-generation investment” in the country’s future by the Biden administration.

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