After gaming out more gas gimmicks and spinning away negative economic growth, Democrats’ “new” plan to address Bidenflation is crippling tax hikes on Middle Class families and Main Street businesses.
Working Americans disagree, with the vast majority saying a tax hike would push prices up higher, according to a recent poll.
As put by the Washington Examiner editorial board:
“…Democrats want to ‘undo’ former President Donald Trump’s tax cuts. At the time they were passed, Democrats falsely claimed that the Tax Cuts and Jobs Act (TCJA) would only benefit the wealthy.
“The IRS has since released actual data on this, and it turns out they were not being truthful. As every objective observer recognized at the time, the Trump tax cuts have benefited all income groups.”
CLICK HERE to read the full editorial.
TCJA Worked for American Workers.
- According to analysis of CBO data by the Tax Foundation, TCJA reduced federal tax rates for households across every income level–while increasing the share of taxes paid by the top 1 percent.
- More than 6 million people were lifted out of poverty, dropping the poverty rate to 10.5 percent, the lowest level in U.S. history.
Democrats Are Seeking the Highest Sustained Tax Burden in American History.
- House Budget Committee Republicans’ analysis shows $58 trillion in tax hikes (an 80 percent increase over previous 10 years) that breaks President Biden’s tax pledge by hitting working families and Main Street businesses, and does even more socialist spending.
Democrats’ Crippling Tax Hikes Would Worsen Inflation and Destroy U.S. Jobs.
- Inflation is already 276 percent higher than predicted by Biden’s budget last year because of higher spending.
- Higher taxes will also result in higher prices for consumers. American families paid a $5,000 inflation tax in 2021 and view Washington spending as a big part of the problem.
- A study by the Tax Foundation found that President Biden’s tax hikes would destroy at least 138,000 U.S. jobs.
- A majority of small businesses fear Bidenflation will close down their business.
Americans Are Bracing for Higher Prices for Longer With U.S. Economy Headed Toward Recession.
- Between January and March, the U.S. economy shrunk.
- Experts are warning that the risk of recession is growing.
- More than half of Americans believe the economy is already in a recession or depression.
Bottom Line: The Last Thing American Families and Main Street Businesses Need is Higher Taxes.
- If Democrats want to get serious about addressing rising prices, they’ll stop threatening to make it worse with crippling tax hikes, more runaway spending, and a regulatory environment that will send energy costs higher.