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Here’s the deal. If you had believed this was going to be an actual promise, you haven’t been following politics long. Joe Biden said no one making less than $400,000 will see their taxes go up. Well, when you propose $6 trillion in new spending, there’s no way the revenue structure can remotely work by not raising taxes on the middle class. It’s going to happen. One way or another the government will find a way to get their due on your labor. We noted before how Obama got the middle class to pony up more dough through payroll taxes. With Biden, he just going to let the Trump tax cuts for the middle class expire in 2025. So, there you have it again, folks. the Trump tax cuts did provide relief to most middle-income earners in America. It did create an environment for job growth. It allowed businesses to dole out bonuses to workers and re-invest in their establishment—but Joe Biden and the Democrats are coming to wreck everything (via WSJ):
Now it can be told? President Joe Biden has been saying over and over since he was merely a candidate for the nation’s highest office that his tax increases would only target corporations and rich people. The line was always disingenuous because even his old boss President Barack Obama acknowledged that workers suffer when corporate income tax rates rise. But now the New York Times is reporting that President Biden plans to support a direct tax increase on Americans who are not at all wealthy.
Jim Tankersley reports in the Times that the paper has obtained Biden budget documents and that “the documents forecast that Mr. Biden and Congress will allow tax cuts for low- and middle-income Americans, signed into law by President Donald J. Trump in 2017, to expire as scheduled in 2025.”
Don’t count on another roaring economy or a federal budget surplus if the Biden agenda is enacted. In the first year of his second term, President Clinton collaborated with House Speaker Newt Gingrich (R., Ga.) on a capital gains tax cut, slashing the rate to 20% from 28% and encouraging investment and the economic acceleration that followed. Team Biden now seeks to raise such taxes on the wealthy—and then, according to the Times, raise taxes on just about everybody else at the start of the next presidential term.
Taxpayers at all income levels, whether they own stocks or not, could be in danger of a Biden tax hike. A 2020 Tax Foundation report showed that the 2017 Trump tax reforms reduced effective tax rates for filers up and down the income scale.
I just like how we’re all admitting the Trump tax cuts were good. Hell, Biden was looking at making a good chunk of that law, the portion that benefits the middle class, permanent. Joe is screwing the middle class and he decided to drop this as scores of Americans hit the road for the Memorial Day weekend. It’s not immediate. He just backlogged it. Like a jack in the box, it’s set to pop out and slap everyone in the face come 2025. Let the word go forth that Biden is a tax and spend liberal. We knew this was true eons ago. The liberal media should have fun trying to spin this as a positive.
Joe Biden is a middle-class tax collector. Talk about a huge broken promise.