Biden’s Plan Raises Taxes on Most Americans
Meanwhile, it will cost over 103,000 full-time jobs and add $750 billion to the deficit.
Joe Biden’s “Build Back Better” social spending plan should really be called Biden’s Big Bilk, since that’s exactly what it would do to the vast majority of Americans. If the Democrats are able to pass their massive spending plan, Biden’s scheme to “pay for” the $1.75 trillion monstrosity would come via a major overhaul of the U.S. tax code — an overhaul that would effectively give America the highest personal income tax rate of developed nations in the world.
Remember those oft-repeated
promise lies of Biden’s about not raising taxes on anyone earning more than $400,000, all while keeping this spending scam at “zero dollars”? Well, not only will Biden break his promises, but a lot of folks will lose their jobs.
According to a recent analysis of the White House’s spending “framework” from the nonpartisan Tax Foundation, Biden’s $1.75 trillion spending plan will kill over 103,000 jobs while also adding $750 billion to the deficit. “We estimate that the House bill would reduce long-run economic output by nearly 0.4% and eliminate about 103,000 full-time equivalent jobs in the United States,” the Foundation contends. “It would also reduce average after-tax incomes for the top 80 percent of taxpayers over the long run.” In other words, 80% of Americans would be paying more in taxes.
Of course, Democrats, as Senator Joe Manchin (D-WV) recently charged, are using “shell games” and “budget gimmicks” to deceive the American people as to the real cost of their socialist spending plan. For example, Senate Majority Leader Chuck Schumer (D-NY) pointed to a plan to fix prescription drug prices as a cost-cutting measure: “Fixing prescription drug pricing has consistently been a top issue for Americans year after year. Today we’ve taken a massive step forward in helping alleviate that problem by empowering Medicare directly [to] negotiate prices … [and] make sure our country’s drug pricing system benefits patients, not corporations.”
But medicine isn’t free. Someone will have to pay for the costs, which if included in the final package will inevitably be American taxpayers. As The Washington Times reports, “If the prescription drug proposal winds up being included in the final package, it is estimated to send the overall price tag soaring.”
At the same time, Democrats are looking to restore the state and local tax (SALT) deductions that primarily benefit wealthy residents of high-tax blue states. Those deductions are all fine and dandy for the Democrat donors who benefit from them, but the residents of lower-tax states (which are often red) end up subsidizing those deductions.
Quite literally, this is Democrats working to prevent the rich living within Democrat-controlled high-tax states from having to pay their fair share. The Committee for a Responsible Budget notes: “Repealing the SALT cap would worsen, not solve, two of the biggest criticisms of the [2017 GOP tax cuts] — that it lost too much revenue and offered too much to high earners. It would also almost quintuple the size of the SALT tax break and add complexity by increasing the number of Americans who itemize their deductions.”
For Biden and the Democrats, however, they’ll sell their socialist spending plan anyway they can, all while playing coy about the real cost. Their real gambit is gaining increased government control over Americans’ lives. More government, not less, is the goal.
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