This Is How Biden Will Break His Biggest Campaign Promise

By Emanuel Eisen | Tuesday, 02 August 2022 04:45 PM
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This Is How Biden Will Break His Biggest Campaign Promise

President Joe Biden is seemingly preparing to split his 2020 campaign promise to not raise taxes on American families making less than $400,000 — as the $433 billion Inflation Reduction Act will indeed raise taxes on middle-class workers to the tune of $16.7 billion over a decade.

The discovery arrives from the nonpartisan Joint Committee on Taxation's (JCT's) review of the latest proposed budget reconciliation bill as hashed out between Senate Majority Leader Chuck Schumer, D-N.Y., and moderate Sen. Joe Manchin, D-W.Va.

"While Republicans' pro-growth tax reform in 2017 reduced tax rates for all Americans in a way that increased the progressivity of the tax code and produced historic gains in job and wage growth, the Democrats' approach to tax reform means increasing taxes on low- and middle-income Americans to fund their partisan Green New Deal," Sen. Mike Crapo, R-Idaho, the ranking member of the Senate Finance Committee, wrote in a statement.

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"Americans are already experiencing the consequences of Democrats' reckless economic policies. The mislabeled 'Inflation Reduction Act' will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000."

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Crapo asked for a review of the bill from the nonpartisan JCT, which approximated the Democrats’ tax-and-spend proposal would raise taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year.

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Among the top-line conclusions from the JCT review authorized by the Senate Finance Committee Republicans, according to the release:

•    When the law is enacted in 2023, taxes will raise by $16.7 billion on taxpayers earning less than $200,000 — a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amid stagflation.
•    The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.
•    98% of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely at least half of all new tax revenue raised next year would come from those earning under $400,000.
•    By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year.

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"The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods," Crapo added.

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