Despite the repeated pledges to *only* raise taxes on the very wealthy and corporations, new analysis shows that President Biden’s recovery-killing tax hikes will land on more than one million Main Street businesses.
This comes after the Tax Policy Center found that President Biden’s pledge not to raise taxes on the middle-class doesn’t hold much water. The liberal group estimates that the President’s overall tax plan will raise taxes on 75 percent of middle-class families next year.
And while middle-class families see their paychecks shrink, consumer prices skyrocket, and good-paying jobs shipped overseas, Democrats will protect wealthy Americans against President Biden’s higher income and capital gains taxes.
The last thing Americans need is higher taxes to pay for Democrats’ runaway spending.
Biden’s Tax Hikes Will Hit Main Street Businesses.
- According to analysis by the U.S. Chamber of Commerce, 1.4 million small businesses will be negatively impacted by Biden’s tax hikes.
Even Liberals Admit Biden is Raising Taxes on the Middle Class.
- The left leaning Tax Policy Center found that Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031 – contradicting his pledge not to raise taxes on middle-class Americans.
The Biden Administration Won’t Rule Out a SALT Windfall Tax Shelter for the Wealthy.
- Democrats are fighting to repeal the cap on state and local (SALT) deductions, creating a tax shelter for wealthy Americans that protects against Biden’s higher income and capital gains taxes.
Democrats’ Second Death Tax Will Devastate America’s Family-Owned Farms and Ranches.
- The Family Business Estate Tax Coalition estimates Democrats’ death tax will destroy more than one million jobs over the next 12 years, slash paychecks for workers by $32 for every $100 in revenue raised, and shrink our economy by $100 billion over the next decade.
President Biden’s Global Tax Hike is An Economic Surrender.
- American companies would pay a higher global minimum tax for operating abroad while also paying Biden’s 28 percent rate for operating at home—making America even less competitive and driving jobs, manufacturing, research, and investment overseas.