He might as well have said, “Read my lips: No new taxes.”
Joe Biden didn’t claim he wouldn’t raise taxes when campaigning for president in 2020, but he did promise to only raise taxes on those making over $400,000 per year. Here’s the receipt from Washington Post:
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The Biden-Harris regime reiterated this promise last March when then-White House Press Secretary Jen Psaki discussed tax hikes that were being proposed at the time.
“Nobody making under $400,000 a year will have their taxes increased,” Psaki said.
If Democrats can pass their “Inflation Reduction Act of 2022” and if Biden signs it into law, that promise will not just be broken. It will be obliterated. It doesn’t just reduce the limit from $400,000/year down a tax bracket or two. It takes it all the way down.
From page 1 of their proposed bill [average tax rates highlighted]:
As the chart shows, the average tax rate for Americans making over $30,000 per year will go up across the board, and that’s just for 2023. The report continues into next decade, showing increases for most brackets in years to come.
Arguably the worst part about all of this is that the bill doesn’t match the name, as is often the case with legislation coming out of Democrat-run Capitol Hill. We have a near-consensus from economists on both sides of the political aisle saying this will not reduce inflation in the near-term and most are acknowledging that it won’t affect inflation long-term, either.
It seems like Senator Kyrsten Sinema is the only person who may stop this economic abomination, and that’s assuming Chuck Schumer can’t get a RINO or two in the Senate to back his plan.
Democrats have lost any hopes that Joe Biden could win reelection, and that’s concerning. It means any promises he made in 2020 can be broken without fear of election repercussions, and that makes his regime even more dangerous than they already are.
Article cross-posted from my Economic Collapse Substack.