President-elect Joe Biden has big plans for American, and big plans mean big spending. The question, of course, is where will the money be coming from?
Breitbart reports Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, as stating that America will soon learn that Biden actually plans to “significantly raise taxes on working-class Americans.”
Working-class Biden voters didn’t see this coming
The reason that Americans will soon learn is that February 1st is the deadline for the incoming Biden administration to submit its budget for the 2022 fiscal years. This all comes from a letter that Smith recently sent to Biden’s transition chair, Ted Kaufman.
There, Smith noted that Biden’s budget will be the “first true chance for the American people to see how the Biden Administration plans to pay for campaign promises and its plan to significantly raise taxes on working-class Americans to fund its agenda.”
The purpose of the letter was specifically to ask Biden and his team if they plan on meeting the February 1st deadline. Smith implied that Biden is trying to hide something from the American people.
Smith also has been a vocal opponent of the Democrats’ recent decision to create an exemption to a long-standing budgetary restraint on excessive government spending, something that they did specifically to be able to push for their climate change proposals.
“On only day two of the 117th Congress, House Democrats are already attempting to strip Americans of the transparency they deserve in order to push through an expensive progressive wish-list,” Smith said. “This exemption was designed as a mechanism to ram through socialist policies like the Green New Deal and other ideas aimed at hurting American workers, families, and farmers.”
Small businesses will be targeted
The Washington Examiner reports that Biden’s tax increases are likely to hurt small businesses, which, of course, are already struggling as a result of coronavirus lockdowns. It will do so, according to the Examiner, in at least two ways.
One is the so-called tax increase on the wealthy that Biden plans to implement. The wealthy is defined by Biden as those making over $400,000. But, as the Examiner points out, that is a number that some small businesses, particularly in big cities, are likely to meet.
On top of that, there is Biden’s proposal to raise the minimum wage to $15 an hour. The Examiner noted a previous government report that found that “1.3 million workers who would otherwise be employed would be jobless in an average week in 2025.”
And, let’s not forget that Sen. Bernie Sanders (I-VT) will be heading the Budget Committee, while Sen. Ron Wyden (D-OR), another proponent of high taxes, will be leading the Finance Committee.
Get ready to open up your wallets!