Never trust a Democrat with your money. The left’s idea of “helping” Americans involves taking your money and giving it to people who refuse to work. If you are hard-working and successful, the left will rob you blind.
That’s been the case with the Biden administration, which has bent over backward for illegal aliens but only hurt Americans. Biden once promised not to raise taxes on people earning less than $400,000. He claims the new spending bill coming out of Congress does not raise taxes on most Americans.
But he is lying.
The vast majority of Americans will pay more in taxes as a result of Democrats’ inflation bill despite President Biden’s pledge not to raise taxes on those making under $400,000 per year.
The Inflation Reduction Act — unveiled Wednesday by Sen. Joe Manchin, D-W.Va., and endorsed by Biden — would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year, according to a nonpartisan analysis from the Joint Committee on Taxation (JCT) published Friday. Nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick, the analysis showed…
In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023 under the Inflation Reduction Act. [Source: Fox Business]
Not only will taxes go up for all Americans, but those earning less than $10,000 a year (well below the poverty line) will see the biggest jump! They will pay 3.1% more in taxes in 2023. Can someone earning so little really afford any increase in taxes—as inflation already robs them of their income?
And that’s only for starters. The bill will levy a $25 billion crude oil tax. You know what that means, even higher prices for gasoline and electricity. The bill will also raise the minimum corporate tax rate, a tax companies will be forced to pay.
That will force companies to reduce pay for workers—and lay off many—just to stay afloat.
This always happens when Democrats take over. They are not interested in helping Americans succeed. They are crooks and con artists who punish hard-working Americans, so we are less competitive with other nations. All so that globalists (the people Democrats are actually concerned about) can make more money.
For Sen. Joe Manchin, a “moderate” out of red West Virginia, to support this tax is criminal. The man opposed numerous spending bills, saying they would only hurt inflation. But now he is happily signing off on a bill that will make inflation worse, as Americans will either lose their jobs or pay more in taxes.
How is that fair Manchin?
Author: Jim Stone