New analysis from the left-leaning Tax Policy Center found that 75 percent of America’s middle-class families will see their taxes go up under President Biden’s plan. Maybe that’s why working American families are growing increasingly skeptical about President Biden’s tax and spending increases.
President Biden’s repeated promise not to raise taxes on Americans making less than $400,000 wasn’t true: 95 percent of middle-class families will face a tax increase by 2031. Yet President Biden hasn’t ruled out a special carveout for wealthy Americans, while still calling for a special tax credit for drivers of electric BMWs.
Here’s the reality: American families need good paying jobs, not more of Democrats’ prolonged emergency spending and endless government checks.
Democrats “Welfare Without Work” Harms Families and Kills Our Economic Recovery.
- The Child Tax Credit works best when it provides support while encouraging work for families.
- Democrats want to make their upended Child Tax Credit permanent, which will harm families, lose billions of taxpayer dollars in waste and fraud, and cost American jobs.
Liberals Agree: Middle Class Families Will Face Higher Taxes Under President Biden.
- Middle-Class families got a $2,000 tax cut under Republican tax reform.
- These tax cuts led to historic wage increases and jobs gains.
- President Biden would give up these benefits to do more government spending—his budget assumes a rollback of the middle-class tax cuts.
Democrats Want a Special Tax Carveout for the Wealthy.
- Democrats are fighting to repeal the cap on state and local tax (SALT) deductions, which the liberal Tax Policy Center has said benefits “high-income households.”
- Even Democrats’ Senate Budget Committee Chairman Sen. Bernie Sanders (D-VT) opposes efforts to repeal the SALT cap.
- According to one expert, repealing the SALT cap would widen income inequality.