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Bidenflation Tax is Wiping Out Tax Reform’s Gains

April 12, 2022

Here’s another reminder to file your taxes ahead of the Monday, April 18 deadline. 

With prices up 8.5 percent, Bidenflation is wiping out the gains from the Tax Cuts and Jobs Act (TCJA), which improved tax filing for all Americans by reducing federal tax rates for households across every income level.

In fact, President Biden’s inflation tax costs the typical family at least $5,000 a year, according to analysis based on the Congressional Budget Office (CBO) and the Penn Wharton Budget Model.

Democrats are doubling down on crippling tax hikes, the last thing working families and local job creators need right now.

Here are some fast facts:

  • President Biden’s tax hikes hammer working families: Despite 40-year high inflation, President Biden’s latest budget proposal includes tax hikes that hit working families and Main Street job creators hardest.
  • President Biden’s tax hikes cut workers’ wages: President Biden’s tax hikes would slash family wages across income levels, while destroying at least 138,000 U.S. jobs.
  • President Biden’s spending has fueled the inflation fire: A new analysis from the San Francisco Fed found that U.S. core inflation is higher than other nations – and attributes a part of it to President Biden’s so-called “COVID stimulus.”

If Democrats get their way with crippling tax hikes, the gains from TCJA will be lost permanently. 

Stay tuned for more updates ahead of the 2021 tax filing deadline.

REMINDER: TCJA Improved Tax Filing Day for All Americans