President Joe Biden came into office with the promise of unifying the country and a vow that ordinary Americans would not pay higher taxes.
As Fox Business reports, however, the president’s new tax plan includes proposals that would raise taxes on many individuals in order to fund his new massive American Families Plan over the course of the next decade. The plan includes a hike in the top tax bracket to 39.6%, which is the same level it was prior to the 2017 GOP tax break.
As the White House continues to assert: “No one making $400,000 per year or less will see their taxes go up.”
The end result
Analysts note that tax credits currently provided for child care begin to taper off for individuals making more than $75,000 per year or couples bringing home more than a combined $150,000.
It is clear that corporations and high-wage earners are already formulating ways to offset the additional tax burden possible. The end result, however, is likely to be additional costs passed on to middle-class Americans.
Biden’s tax plan has already drawn comparisons to those of democratic-socialist European nations with higher taxes funding social services like health care.
Critics are quick to note that the United States became and remained the world’s foremost economic success story without following Europe’s taxation strategies.
“More borrowed money”
Biden’s domestic plans strike many Republicans as an effort to expand big government at the taxpayers’ expense, not the vital assistance to American families and businesses that the White House demands it is.
Senate Republican Leader Mitch McConnell (R-KY) denounced Biden’s big-spending proposals in a statement to reporters earlier this year.
“It’s like a Trojan horse,” he said, according to CNBC. “It’s called infrastructure, but inside the Trojan horse it’s going to be more borrowed money and massive tax increases on all the productive parts of our economy.”
In the end, more government always means more taxes, plain and simple. The bigger the bureaucracy, the more we pay to keep it running.
If Biden’s agenda is to fund an ever-expanding federal government, this is a feature many Americans should rightly fear. Such a plan is not about putting America first, but rather putting Americans under the state’s control.