Biden’s New Bill Taxes the Middle Class More Than It Does the Rich

Biden's New Bill Taxes the Middle Class More Than It Does the Rich

( – When President Joe Biden sought his place in the White House, he promised middle-class America he would never raise taxes on anyone making $400,000 or less. With the $1.75 billion Build Back Better plan expected to become law very soon, many wonder if he is keeping his word. According to the Washington Times, a November 16 analysis by the Joint Committee on Taxation said he is not. In fact, they say the study has taxes for middle-class families going up as soon as 2023.

The Times said although there are tax credits people in the lower tax bracket can take, those making between $50,000 and $75,000 per year will have a 0.3 percent tax increase. Additionally, they said those earning between $75,000 and $100,000 would pay 2.9 percent more, while earners making between $100,000 and $200,000 annually will see an incredible 7.4 percent jump in their taxes in 2023.

Build Back Better Tax Impact

Senator Mike Crapo (R-ID), the top Republican on the Senate’s Finance Committee, said Biden’s promise that those with incomes below $400,000 would NOT see a rise in their taxes “is not true.”

Considering the proposed federal excise tax hike on nicotine, the senator has a point. That increment alone would affect everyone who uses a nicotine product, including those in the middle class.

Looking inside the social infrastructure package, you won’t find a section raising taxes for those making under $400,000. What you will find is an increase in the corporate tax rate. Once that goes into effect, lower and middle-class taxpayers are the ones who will bear the brunt of the hit. According to the analysis, the impact will affect 98.4 percent of taxpayers with incomes under half a million dollars.

Although there is no direct tax increase, Americans who already struggle to make ends meet in the current inflationary economy would still feel the impact of the tax burden.

According to Forbes, corporations aren’t going to be the ones that pay their increased tax levy. Instead, it will be consumers, shareholders and customers in all income brackets who will pay the price. Forbes went further to say low and middle-class wage earners would be the ones to fund the increase over the next 10 years.

Promises Made

Directly raising the income tax code rates isn’t the only way to suction money out of the middle class. Increasing indirect costs and taxes on businesses people use is Biden’s way to boost the tax burden on a section of the population while appearing to keep previously-made promises.

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