The following article, Promise Broken: 60 Percent of Americans Will Suffer Tax Hike Under Biden’s Plan, was first published on Flag And Cross.
Biden ran for office repeatedly claiming that no one making less than $400K would pay more in taxes under his plan. We are now seeing that Biden lied.
The Tax Policy Center released new data on the realities of Biden’s tax proposals and found that Biden’s policies will slam middle and low-income taxpayers right where it hurts.
The organization says that 99.8 percent of Americans earning between $500,00 and $1million will pay an average of $8,810 more in taxes each year under Biden’s tax plan.
This might be in keeping with Biden’s campaign pledge that only “the rich” will pay more. But the TPC also found that people who make far less will also get hit under Biden.
The center says that people making between $75,000 and $500,00 will also get pinched. This is not as a result of direct taxes on income but of the impact of the other hikes in rates, such as the corporate tax rise.
According to the Daily Mail:
Three-quarters of households earning between $75,000 and $100,000 annually would face paying an additional $440 per year in taxes under Biden’s tax hikes, according to the data released last week.
About 69 percent of those earning between $100,000 and $200,000 would see their yearly tax bill rise by $830 on average, according to the analysis.
Meanwhile, 83.7 percent of those earning between $200,000 and $500,000 would see an increase of $2,040 on average.
But most Americans will be impacted indirectly by Biden’s giant tax hike.
“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,” wrote Howard Gleckman, a senior fellow at the Tax Policy Center.
“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,” he added.
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