(NewsReady.com) – President Joe Biden is gearing up to violate another one of his election promises. The small print of a new spending bill would hit America’s already-struggling middle class with the tax hikes Biden promised we wouldn’t see.
Last year, Biden promised not to raise taxes on anyone earning less than $400,000 a year on the campaign trail. He doubled down on that this October, when he claimed his massive spending plans wouldn’t add to the deficit and repeated, “No one making under $400,000 a year will see a penny in their taxes go up.” Now, he’s about to break his word.
The Tax Policy Center (TPC), a non-partisan think tank, has examined the latest draft of Biden’s $1.75-trillion “Build Back Better” plan, and found that it contains tax increases the administration isn’t talking about. They estimate that 20-30% of middle-income households will pay more tax next year. The increases are small, but that’s because the bill extends this year’s expanded Child Tax Credits for one more year. When that lapses at the beginning of 2023, tax rises will bite a lot harder.
According to the TPC, by 2023, low-income households will be seeing their tax cuts eaten away, while the middle class will be paying “slightly” more tax. But, “slightly more” isn’t what Biden promised. He promised no more – and now he’s going back on that.
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