THE JOES MIDDLE CLASS TAX HIKE

Written by on August 4, 2022


THE JOE’S MIDDLE CLASS TAX HIKE

Shared By Peter Boykin – American Political Commentator / Citizen Journalist


THE JOE’S MIDDLE CLASS TAX HIKE

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The numbers are in on Democrats’ “Inflation Reduction Act” – Not only does it not reduce inflation, it increases taxes on middle-class Americans.

 

The details: According to the non-partisan Tax Foundation, the bill would end up reducing economic output by 0.1% and kill about 30,000 full-time jobs for Americans. Additionally, it will reduce the average after-tax income for Americans across every income bracket, rich and poor.

 

Increasing taxes: A big part of the ‘Inflation Reduction Act’ gives $80 billion to the IRS to do a better job of collecting taxes from you and me – with the goal of collecting an additional $200 billion over the next ten years.

 

According to data released by The Joint Committee on Taxation, here’s what that looks like in dollars, broken down by income:

 

Americans making less than $75k: 26.5%

Americans making $75k – $200k: 29.6%

Americans making $200k – $1 million: 24.1%

Americans making $1 million+: 19.8%

 

Increasing Inflation: The Tax Foundation also concluded that: “By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.”

 

Joe Biden broke his promise to middle-class Americans. On the campaign trail, Joe repeatedly said he wouldn’t raise taxes on Americans making less than $400k:

 

“I guarantee you, I promise, I’ve never broken my word. Anyone making less than $400,000 will not see one single penny in their tax raised.”

 

…promises made, promises broken.

 

Joe Manchin’s broken promise to West Virginians: The coal industry, which is very important in Manchin’s home state, blasted the Senator in a statement, saying:

 

“The more you read and digest the provisions found in over 700+ pages of legislative digest, the more it becomes abundantly clear this legislation will serve to severely threaten American coal and the $261 Billion of annual revenues that it produces for the nation’s overall economy and attendant 381,000 American jobs.

 

In related news: The numbers of this bill aside, it still needs to support of one hold-out Democrat Senator: Kyrsten Sinema. Sinema, who has historically opposed some key aspects of this bill, has not announced if she will give Democrats the 50th vote to pass this bill.

 

[Source: Heritage Foundation, Tax Foundation, Daily Signal, Hot Air]

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Shared By Peter Boykin – American Political Commentator / Citizen Journalist

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Each Month GoRightNews Spends Hundreds of Dollars and Hours To Run This Site and Podcast, with no sponsors or ads this comes out of our pockets, if you like what you see consider donating to the podcast. Thanks!

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