THE JOE'S MIDDLE CLASS TAX HIKE

THE JOES MIDDLE CLASS TAX HIKE

Written by Peter Boykin on August 4, 2022

THE JOE’S MIDDLE CLASS TAX HIKE

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

THE JOE’S MIDDLE CLASS TAX HIKE

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The numbers are in on Democrats’ “Inflation Reduction Act” – Not only does it not reduce inflation, it increases taxes on middle-class Americans.

The details: According to the non-partisan Tax Foundation, the bill would end up reducing economic output by 0.1% and kill about 30,000 full-time jobs for Americans. Additionally, it will reduce the average after-tax income for Americans across every income bracket, rich and poor.

Increasing taxes: A big part of the ‘Inflation Reduction Act’ gives $80 billion to the IRS to do a better job of collecting taxes from you and me – with the goal of collecting an additional $200 billion over the next ten years.

According to data released by The Joint Committee on Taxation, here’s what that looks like in dollars, broken down by income:

Americans making less than $75k: 26.5%

Americans making $75k – $200k: 29.6%

Americans making $200k – $1 million: 24.1%

Americans making $1 million+: 19.8%

Increasing Inflation: The Tax Foundation also concluded that: “By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.”

Joe Biden broke his promise to middle-class Americans. On the campaign trail, Joe repeatedly said he wouldn’t raise taxes on Americans making less than $400k:

“I guarantee you, I promise, I’ve never broken my word. Anyone making less than $400,000 will not see one single penny in their tax raised.”

…promises made, promises broken.

Joe Manchin’s broken promise to West Virginians: The coal industry, which is very important in Manchin’s home state, blasted the Senator in a statement, saying:

“The more you read and digest the provisions found in over 700+ pages of legislative digest, the more it becomes abundantly clear this legislation will serve to severely threaten American coal and the $261 Billion of annual revenues that it produces for the nation’s overall economy and attendant 381,000 American jobs.

In related news: The numbers of this bill aside, it still needs to support of one hold-out Democrat Senator: Kyrsten Sinema. Sinema, who has historically opposed some key aspects of this bill, has not announced if she will give Democrats the 50th vote to pass this bill.

[Source: Heritage Foundation, Tax Foundation, Daily Signal, Hot Air]

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