Middle-class families with incomes under $50,000 anticipate a tax hike within a year and those making between $50,000 and $100,000 expect it to be even greater, according to a new report from the Survey of Consumer Expectations.
Middle-class families and Main Street businesses are right to be worried because experts ranging from the non-partisan Joint Committee on Taxation to the liberal Tax Policy Center show President Biden’s tax hikes land on the middle class and harm U.S. workers, retirees, and small businesses.
Middle-class families are right to be worried that President Biden will raise their taxes.
- Lower- and middle-income taxpayers with income well below $500,000 would carry two thirds of the corporate tax hike.
- Almost all (98.4 percent) of those impacted by the tax increase have incomes well under $500,000.
Democrats’ runaway spending is driving up inflation and costing middle-class families more every day.
- In the first six months of the Biden Administration, inflation increased every month, and it appears rising prices will continue to beat wage growth for a seventh consecutive month, meaning inflation under President Biden will continue to shrink the purchasing power of families.