Biden’s First Budget Means 75% of Middle Income Households Face Tax Increases

Elect a clown, expect a circus America, that’s exactly what you’re getting with a Joe Biden presidency. Now while half the country or more thinks that Biden may not have won the 2002 elections, the fact remains he’s in the chair for now.

Under his lovely tax plan, as many as 75 percent of middle income households face a tax increase. Even though the highest-earning homes will pay the vast majority, everyone’s taxes are of course going up with a Democrat in office. Shocker, I know.

The pledge that Biden made to not raise taxes on American families earning less than $400,000 per year was an egregious lie, as most things he says are.

Now a new analysis suggests that more than 60% of taxpayers will face higher taxes and a burden under Biden’s first budget plan.

The following is from Reason.com

The Tax Policy Center (TPC), a center-left think tank based in Washington, D.C., reports that “nearly all” of Biden’s proposed tax increases would be borne by American households earning over $800,000 annually. But while the tax increases are undeniably concentrated in the upper echelons, most taxpayers would see at least a small increase in what they owe the federal government via income, payroll, and corporate taxes. In fact, three-quarters of households earning between $75,000 and $100,000 annually would face higher taxes under Biden’s budget—with an average tax increase of $440.

Reason continues…

Biden has called for raising the corporate income tax to 28 percent, up from the current level of 21 percent. His budget also calls for raising the top marginal income tax bracket—which applies to individuals earning over $452,000 and couples earning over $509,000—to 39.6 percent, up from the current level of 37 percent.

What this means is the average worker earning $80,000 annually would not see the government extract a larger share of his/her income via payroll taxes, which fund Social Security and health care entitlements, or via income taxes. But the higher taxes that Biden has proposed on corporations would, under the TPC analysis, be passed along to shareholders and workers int he form of lower investment earnings and compensation.

In a nutshell, you are still getting screwed America. That’s what happens every time people fall for the Democrat crap of how they care about middle America. They don’t, they will continue to crush you and cause cities like Detroit, Baltimore, Chicago, Memphis, etc.

“For those looking to see if Biden kept his promise to not raise taxes for those making $400,000 or less, the answer is: Mostly, but not entirely,” writes Howard Gleckman, a senior fellow at the TPC. As Gleckman explains, it depends whether you evaluate Biden’s pledge as a promise not to raise taxes directly on Americans earning less than $400,000 a year or whether you consider the full consequences of higher corporate taxes, which are ultimately paid by people.

What are your thoughts America? Anyone surprised?

3.4 5 votes
Article Rating

You Might Like

Leave a Reply

1 Comment
Inline Feedbacks
View all comments
Dee
Dee
3 months ago

Your retirement and home worth and inherited money ALL GET TAXED. If you bought yoyr hone fir 100,000 and it’s worth today say 200’000 you will be taxed xtra on the homes VALUE NOT IF YOU SELL, WHILE YOUR LIVING IN IT.
Same for ANY value of investments, NOT WHEN YOU SELL OR CASH OUT, WHILE YOUR INVESTED.
SOC SEC COLLECTORS WILL NOW BE TAXED ON PIDDLY AMOUNT.

Yeah, we are gonna be crushed.
Thanks .