REPORT: Up To Sixty Percent Of Americans May See Tax Increases Under Biden, Despite Campaign Promises

The post REPORT: Up To Sixty Percent Of Americans May See Tax Increases Under Biden, Despite Campaign Promises appeared first on American Lookout.

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, Democrats, and their many friends in media, lied to the American people.

What a shock.

The post REPORT: Up To Sixty Percent Of Americans May See Tax Increases Under Biden, Despite Campaign Promises appeared first on American Lookout.

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Author: Mike LaChance


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