Biden’s social welfare bill breaks pledge- raises taxes | Beaufort County Now | Bill raises taxes on people making as little as $50,000

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Biden pledged that individual Americans who make less than $400,000 -- which is more than 90% of taxpayers -- "won't see one single penny in additional federal tax." https://abc7ny.com/biden-tax-income-taxes-400-000/10426545/

Reality

“The analysis also documents that the Administration’s pledge that ‘no one with income below $400,000 will see their taxes go up’ is not true,” said Sen. Mike Crapo of Idaho, the top Republican on the Senate Finance Committee.

Even after all credits are taken into account, taxpayers making between $50,000 to $75,000 annually would see a 0.3% tax increase starting in 2023. For those making between $75,000 and $100,000, the tax hike would be 2.9%.

Individuals making between $100,000 and $200,000 would see a net tax hike of 7.4% in 2023.

“This analysis proves that any suggestion this bill constitutes a broad-based middle-class tax cut is clearly false,” Mr. Crapo said.

By 2031, taxpayers in the $50,000 to $75,000 would see a net 1% hike in their taxes, while those in the 75,000 to $100,000 range would see a 2.9% increase. Meanwhile, those making between $100,000 to $200,000 see an overall tax hike of 11.3%.

https://www.washingtontimes.com/news/2021/nov/16/bidens-social-welfare-bill-breaks-pledge-not-raise/

More reality

President Joe Biden’s “Build Back Better Act,” a filibuster-proof $1.75 trillion budget reconciliation package, gives $625 billion in tax cuts to the nation’s wealthiest blue state residents.

A newly released analysis of Biden’s budget finds that plans to increase the State and Local Tax (SALT) deduction cap from its current $10,000 to $80,000 would effectively amount to a $625 billion tax for the wealthiest of Americans living in blue states.

The analysis reveals that “a household making $1 million per year will receive ten times as much from SALT cap relief as a middle-class family will receive from the child tax credit expansion.”

https://www.breitbart.com/politics/2021/11/15/joe-biden-democrats-seek-625-billion-tax-cut-for-wealthy-coastal-elites/

Didn't believe him when he said and not it is show if the bill passes, it was NOT true.  

 


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Comment

( November 18th, 2021 @ 3:08 pm )
 
This tax increase is part of Biden's War on the Middle Class. Bidenflation is another part of it. So are the measures he took to deliberately raise our gas prices. Of course, our own NC RINOs went along with their Green New Deal HB951 which will give NC huge electric rate increases in the coming years. Between Democrats and RINOs, the middle class is in real trouble.



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