“Tax the rich.” It has been the go-to slogan for the Biden administration and Democrat leaders throughout 2021, and many left-wing citizens are on board.
Biden plans to hike taxes on wealthy Americans and corporations, while at the same time promising not to hurt the working class. This is all supposedly part of his proposed $3.5 trillion infrastructure bill.
But a new report suggests that in fact, average individuals will feel the tax crunch as well.
Back in March, White House press secretary Jen Psaki made it plain: the President says nobody who makes less than $400,000 per year will see an increase in taxes.
However, since then, many angry Americans and Republicans on Capitol Hill have pointed out the rising cost of living, which is a tax in and of itself. And inflation continues to be a serious concern.
On top of that, though, it looks like the proposed tax hikes won’t only target the super rich.
This comes from a recent Joint Committee on Taxation (JCT) report, which includes a disturbing point. It’s not the $400K/year people that have to worry — it’s most people making a decent wage.
And it flies directly in the face of the Biden administration’s promises.
The Democrats’ $3.5 trillion infrastructure bill would break President Joe Biden’s pledge not to increase taxes on working-class Americans.
The Joint Committee on Taxation (JCT) found that the House Ways and Means Committee’s portion of the $3.5 trillion infrastructure bill would increase taxes on Americans making over $50,000 or more per year in the calendar year 2031, according to a Joint Committee on Taxation (JCT) report.
When Psaki made her claim, she did clarify that the $400,000/year number applied to families and not individuals.
But this is a far cry from not increasing taxes at all for most Americans. In fact, the JCT report said the Democrat bill would hike taxes on those making between $30K and $40K a year in calendar year 2027.
There’s more in the analysis to annoy GOP members, too.
For example, Rep. Drew Ferguson (R-GA) pointed out that this infrastructure bill would help far-left allies, and Breitbart News’ John Carney said there was a loophole that would aid billion-dollar hedge funds.
Throughout it all, Democrats maintain their “tax the rich” motto.
Except now, we’re starting to see that this massive infrastructure bill doesn’t only hold tax increases for the very rich. As many were concerned about, it seems to lower the boom on most average workers.
Said National Republican Congressional Committee (NRCC) spokesman Mike Berg:
Democrats have already broken their promise not to raise taxes on anyone making less than $400,000 per year.
Whether it’s higher prices or higher taxes, Democrats are taking a sledgehammer to Americans’ paychecks.
We have yet to see if the infrastructure legislation passes. Right now, though, it looks like it’s going to run into heavy Republican opposition in Washington.
And given what’s included — and perhaps hidden — in the bill, maybe it really needs to be retooled.