President Joe Biden’s latest bill is expected to increase taxes on Americans making $30,000 or more per year despite his repeated promise that those making less than $400,000 will not pay a penny more.
Oddly, the new act that would increase taxes is called The Inflation Reduction Act.
Biden’s bill will raise taxes on anyone making over $30K a year despite YEARS of REPEATED promises that we won’t pay “a single additional penny” 😑 https://t.co/ez36k1u0Yo
— Not the Bee (@Not_the_Bee) August 1, 2022
“Nobody earning less than $400,000 a year would pay a single additional penny in taxes,” Biden said in February.
“You’ve heard me say it 100 times. You’ve got 55 companies in the Fortune 500 companies that paid zero taxes the last couple of years and made over $400 billion,” he added.
President Biden on BBB: “Nobody earning less than $400,000 a year would pay a single additional penny in taxes. […]. You’ve heard me say it 100 times. You’ve got 55 companies in the Fortune 500 companies that paid zero taxes the last couple of years and made over $400 billion.” pic.twitter.com/J5gm4JrPdK
— The Hill (@thehill) February 5, 2022
The tax hikes may only be a small amount for many Americans, but that’s not the point.
Instead, Biden is backing a bill that will do exactly what he said he would not do. How will he explain that one to the American people?
Reminder: that these tax hikes on families making $30,000/year are intended to fund tax credits so families making $300,000 can buy cheaper electric cars.
Dems really shoving that political realignment along. https://t.co/UGOV8AWGdn
— Matt Whitlock (@mattdizwhitlock) July 30, 2022
The talking points have now shifted to large corporations paying “their fair share.” Also strange is that the bill is a revised version of the party’s Build Back Better legislation that did not pass earlier in Biden’s term.
Unless Sinema stops it, the aptly named “Inflation Reduction Act” that will increase inflation and raise taxes on everyone making over $30K will pass Congress, which means Joe Biden will raise taxes on people making less than $400K, the one thing he promised to never do.
— Greg Price (@greg_price11) July 31, 2022
The new bill might look like a win for Democrats, but if it passes, will doom the party with a bill that clearly contradicts the president’s repeated past promises.