During the 2020 campaign, Joe Biden promised repeatedly that no one making under $400,000 would see a tax increase if he was elected.
Biden’s allies in politics and media repeated this line over and over.
Now we are finding out that -surprise!- it might not actually be true. Who could have predicted such a thing?
The Washington Examiner reports:
Despite campaign promises, 60% could see tax increase under Biden proposals
An analysis by the nonpartisan Tax Policy Center found 60% of households would face a higher tax burden under President Joe Biden’s proposals.
“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,” said Tax Policy Center senior fellow Howard Gleckman. “Including corporate tax increases, most households would pay more in 2022. About three-quarters of middle-income households would face a tax increase averaging about $300. But nearly all would be a result of those higher corporate taxes.”
Biden pledged during the 2020 campaign not to raise taxes on people making less than $400,000, but the analysis shows the majority would see at least some increased taxes from his proposals. Roughly three-quarters of households earning between $75,000 and $100,000 would see their burden rise about $440, while 69% of those making between $100,000 and $200,000 would see an increase of $830 on average.
The increased tax burden continues to rise the more a household makes, with 83.7% of households in the $200,000-$500,000 bracket seeing an increase averaging $2,040. The highest burden falls on those making above $500,000, with 99.8% of those between $500,000-$1 million seeing an increase of $8,810 and those making over $1 million seeing an average increase of $265,939.
This is not what the American people were told.
Biden’s Proposed Top Tax Rate On Capital Gains, Dividends, Would Make U.S. Highest In ‘Developed World’ https://t.co/KS2ACnxDGD
— Sean Hannity (@seanhannity) June 22, 2021
Joe Biden’s economic plan: Hike your taxes to enrich the Washington swamp.
— Ronna McDaniel (@GOPChairwoman) June 18, 2021
Biden's tax proposal means that 60% of Americans could pay more: Here's how muchhttps://t.co/TJBro5aKe6
— FOX Business (@FoxBusiness) June 19, 2021
Biden, Democrats, and their many friends in media, lied to the American people.
What a shock.