Biden’s bill will raise taxes on nearly all Americans despite his promise we won’t pay a ‘penny’ more

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.

The promise

“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.

The problem

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?

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.

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.

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