Yet another one of Joe Biden‘s lies from the campaign trail is coming back to haunt him, as a new report reveals the truth about his call to “tax the rich”… It actually means increasing taxes on the average American.
The left’s constant sloganeering about taxing the rich is all talk. No matter how much they increase taxes on the wealthy on paper, there are easy ways for these people to avoid the tax increases: using tax shelters, loopholes, leaving the country, moving money into nonprofit foundations, etc. Instead, the only people who are hurt by these tax increases are the workers at the corporations who lose jobs or benefits because the company is hit by higher taxes, people who are effected by the inevitable cost of living increase, and the average Americans whose taxes are increased.
As part of his proposed $3.5 trillion “infrastructure” bill, of which only a tiny fraction actually goes towards projects that fall under the category of infrastructure, Joe Biden plans to increase taxes on the wealthy and corporations, but has promised not to hurt the working class. Now, we know that the promise was a lie.
The Federalist reports: “The $3.5 trillion document is a full-on attempt to remake the American economy, the labor markets, blow off our immigration laws, rewrite the tax code, impose a climate agenda, and profoundly alter the relationship between the government, and those it governs.”
The outlet also created a bullet point list of some of the provisions of this so-called infrastructure bill:
- Amnesty for illegal immigrants
- Rewrites Medicaid statutes to bypass the Hyde prohibitions on federal funding for abortion
- Universal pre-kindergarten for 3 and 4-year-olds
- Paid family and medical leave
- Tuition-free community college
- Medicare expansion for dental, hearing, and vision
- Expansive climate change programs
- Language similar to the PRO Act, which is a card-check program for labor organizing, making it easier to unionize
- Expansion of the SALT deduction
- Empowers the IRS with more enforcement capabilities
- Does not include an extension of pandemic unemployment benefits
- Does not include a debt limit increase, which sets up a September showdown
- Up to half of the $3.5 trillion is financed with new debt
According to a new report from the Joint Committee on Taxation (JCT), the House Ways and Means Committee’s portion of the bill will increase taxes on Americans who make $50,000 or more per year by 2031. The report also indicated that the bill would raise taxes on people making between $30,000 and $40,000 by 2027.
Conservatives, including National Republican Congressional Committee (NRCC) spokesman Mike Berg, are speaking out about Biden breaking his promise.
“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,” Berg said.
The bill is set to face heavy opposition from Republicans in Congress, with many hoping that there will be enough opposition to ensure that this monstrosity never passes.