Who remembers this campaign promise from now-President Joe Biden?
Let me be very clear: If you make under $400,000 you won’t pay a penny more in taxes under my administration.
— Joe Biden (@JoeBiden) October 16, 2020
It was only in March of 2021 that then-press secretary Jen Psaki said that the proposed $400,000 threshold for tax increases applied to “families” rather than individuals.
On Tax Day in 2022, Biden tried to dunk on Republicans but was reminded that his spiraling inflation was a tax on everybody.
John Hasson has taken a look at the Joint Committee on Taxation’s proposed amendment to the Inflation Reduction Act of 2022.
Biden promised no tax hikes if you make less than $400K per year
The “Inflation Reduction Act” raises taxes for everyone making over $30K per year pic.twitter.com/4D4gwsqjdu
— John Hasson (@SonofHas) July 30, 2022
Source: https://t.co/axVcyx0k9G
— John Hasson (@SonofHas) July 30, 2022
The average tax rate would rise from 20.3 percent to 20.6 percent in calendar year 2023, and to 21.4 percent in calendar year 2027.
https://twitter.com/Robot_Bastard/status/1553491997658419205
Don’t worry- he’s also going to end climate change.
— Lee Marcus, MD, FACC, FASPC (@pcny_nyc) July 30, 2022
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
No one actually believed that did they?
— SlimCargo 🇺🇸 (@slimcargo) July 30, 2022
— EmZed (@ZMichaelZ) July 30, 2022
Inflation is a tax on the poor and the middle class.
— Uncle Ray’s Pinky (@ddenean) July 30, 2022
Now they'll change the definition
— Jofbi (@Jofbi2) July 30, 2022
in before libs change the definition of taxes
— Melkor47 (@melkor47) July 30, 2022
They'll just change the definition of taxes, and the libs will go along with it. They're stupid.
— bonnydancingbird (@bonnydancingbi1) July 30, 2022
— Sharon (@shar55on) July 30, 2022
What, another lie from the perpetual liar, who lied his whole career about anything and everything and continues to lie? He lies about having lied. This is the epitome of a career politician and why there’s so much distrust and disgust in regards to politics and government.
— Eric Smith (@EricSmi03024221) July 30, 2022
The corrupt regime running this country wants you bankrupt and ruined so they can buy up everything you own for pennies on the dollar. https://t.co/sq1D32ioB6
— Sean Davis (@seanmdav) July 30, 2022
Biden and the democrats have completely screwed over America in under 2 years.
— 𓂀 Huff 'n' Doback 𓂀 🇺🇸 (@RealSomethingS1) July 30, 2022
Don’t believe Hasson? Here’s Sen. John Cornyn:
The partisan Manchin/Schumer/Biden bill aims to increase taxes on millions of Americans
The nonpartisan Joint Committee on Taxation (JCT): more than half of the Manchin/Schumer/Biden tax increases will hit Americans making less than $400,000 per year. https://t.co/ZaUCyXxTLn— Senator John Cornyn (@JohnCornyn) July 30, 2022
According to JCT:
•In 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation.— Senator John Cornyn (@JohnCornyn) July 30, 2022
◦The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.
◦According to JCT data, 98 percent of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning less than $400,000— Senator John Cornyn (@JohnCornyn) July 30, 2022
•By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year.
— Senator John Cornyn (@JohnCornyn) July 30, 2022
And in a surprising coup de grace, it raises taxes on those making less than $10,000 a year!
— Senator John Cornyn (@JohnCornyn) July 30, 2022
Related:
WATCH: Karine Jean-Pierre says Inflation Reduction Act will fight inflation (it’s right there in the name!) and that GOP opposition stems from ‘false rage’ https://t.co/icTXKIuiOc
— Twitchy Team (@TwitchyTeam) July 29, 2022
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