President Joe Bidenâs âBuild Back Betterâ agenda is supposed to tax the wealthy to help the middle class. If you donât believe me, just ask Biden, whoâs more than willing to tell you about it on his Twitter account.
To be fair, Iâm assuming the messages arenât written by Biden himself, a man who seems like his relationship with technology involves yelling at his phone, either asking Siri to find his slippers or telling Scotty to beam him up. However, whoever tweets for him stays on message when it comes to the presidentâs tax-and-spend plan.
âWeâre going to pass a historic middle class tax cut â and weâll do it by making those at the top pay their fair share,â one tweet from Sunday read. âI know the crowd on Park Ave might not like it, but itâs time we give people in towns like Scranton â the folks I grew up with â a break for a change.â
âFrom health care to child care, my Build Back Better Agenda will lower everyday costs for middle class Americans,â a tweet from this Monday read.
âIâm not looking to punish anyone, I just think itâs only fair that the wealthiest Americans pay their fair share once again. Then, weâll use that Money to invest in the middle class,â a tweet from last week reads.
âFor me itâs pretty simple: Itâs about time working people got the tax breaks in this country,â a tweet from the day before that read. âThatâs the Build Back Better Agenda.â
If someone has to repeat themselves this much, itâs usually because theyâre lying â and, lo and behold, the Joint Committee on Taxation seems to have confirmed that.
According to a media release from the Republicans on the House Ways and Means Committee on Tuesday, the Joint Committee on Taxation â a non-partisan congressional tax scorekeeper â found that almost every income level below the threshold the Biden administration said would be immune would take a hit.
Furthermore, the committeeâs analysis found the vast majority of taxpayers would see no benefit from the plan in its current form.
According to the analysis, by the calendar year 2023, nearly 5 percent of those making between $40,000 and $50,000 would see a tax increase. Nine percent of those making between $50,000 and $75,000 would see an increase, 18 percent earning between $75,000 and $100,000 would see their Taxes go up and 35 percent of those earning between $100,000 and $200,000 would be subject to a hike.
The media release also noted that the benefit most people see will pretty much be nil.
In 2023, two-thirds of all taxpayers wonât get see any kind of real benefit from the legislation, either seeing their tax bill changed by less than $100 or getting a tax increase.
By 2027, this number would balloon to 85.5 percent, with huge swaths of the middle class seeing a sizable tax increase; these numbers are projected to stay mostly steady until 2031.
Meanwhile, the Joint Committee on Taxation also found that hiking corporate Taxes would hit middle-class Americans hard, too.
âWithin 10 years of a corporate tax increase from 21 percent to 25 percent, 66.3 percent of the corporate tax burden would be borne by lower- and middle-income taxpayers with income well below $500,000,â an August media release from the Republicans on the House Ways and Means Committee read.
âThis statistic becomes only more striking in absolute number of taxpayers. Of the more than 172 million taxpayers who would bear the burden of the increased corporate tax rate, 98.4 percent, or about 169 million, have incomes under $500,000.â
Of course, the charge from the left would be that this doesnât take into account what the spending these tax hikes will pay for is going to buy for the middle class. Beyond the fact these âinvestmentsâ never bring back the kind of returns that are promised, Biden promised a middle-class tax cut. At least in the planâs current form, it doesnât look like itâll end up delivering â no matter what the president says.
Do you know who did lower Taxes on the middle class? Former President Donald Trump.
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Joe Biden may have spent much of the campaign whining about Trumpâs Tax Cuts and Jobs Act of 2017, which slashed Taxes across the board. Most of the outrage focused on the fact he didnât soak the rich: âTax experts estimate that over the long run, 83% of Trumpâs tax giveaway will flow to the top 1% of earners in this country,â Bidenâs campaign website read.
And yet, in March of 2020, MarketWatch reported that âAmericans paid almost $64 billion less in federal income Taxes during the first year under the Republican tax overhaul signed into law in late 2017 by President Donald Trump, with some of the sharpest drops clustered among taxpayers earning between $25,000 and $100,000 a year, even as the overall number of refunds dropped during a turbulent tax seasonâ in 2019.
Biden plans on taking that away. In return, heâs offered nothing of substance â except, as promised, heâs soaking the rich. And the upper-middle class. And some people in the middle class, too. But mainly the rich. See, priorities!
Biden may not be giving people in towns like Scranton â the folks he grew up with â a break the same way Trump did. But at least they can watch as his administration takes (and then squanders) Park Avenueâs Money. Heâll be squandering Scrantonâs Money, too, but at least they get the joy of class-based schadenfreude out of the deal.
This article appeared originally on The Western Journal.
