Joe Biden promised middle-class Americans that he wouldn’t raise their taxes.
According to a study by the nonpartisan Tax Policy Center, 60% of American households will see a tax increase under the Biden presidency.
The Washington Examiner reports:
Biden pledged during the 2020 campaign not to raise taxes on people making less than $400,000, but the analysis shows the majority would see at least some increased taxes from his proposals. Roughly three-quarters of households earning between $75,000 and $100,000 would see their burden rise about $440, while 69% of those making between $100,000 and $200,000 would see an increase of $830 on average.
In an era characterized by spiking gas, food and commodity prices, the extra tax burden is just one more blow to the middle class.
The devil is in the details:
Biden’s proposal does not call for a direct tax increase for those making under $400,000, but the analysis found that many low- and middle-income people would see a higher burden indirectly as a result of lower compensation and investment earnings stemming from the corporate tax hike.
The lesson here is never to believe a Democrat when they say they won’t raise taxes. They will.