Biden’s social welfare bill breaks pledge to not raise taxes on people making less than $400,000 President Biden’s multi-trillion-dollar social welfare bill breaks a key pledge from his 2020 campaign: that he would not raise taxes on individuals making less than $400,000 annually.
An analysis by the Joint Committee on Taxation released Tuesday shows that the House version of Mr. Biden’s bill starts raising taxes as early as 2023 on middle-class families.
“The analysis also documents that the Administration’s pledge that ‘no one with income below $400,000 will see their taxes go up’ is not true,” said Sen. Mike Crapo of Idaho, the top Republican on the Senate Finance Committee...............
............Even after all credits are taken into account, taxpayers making between $50,000 to $75,000 annually would see a 0.3% tax increase starting in 2023. For those making between $75,000 and $100,000, the tax hike would be 2.9%.
Individuals making between $100,000 and $200,000 would see a net tax hike of 7.4% in 2023.
“This analysis proves that any suggestion this bill constitutes a broad-based middle-class tax cut is clearly false,” said Mr. Crapo.
By 2031, taxpayers in the $50,000 to $75,000 would see a net 1% hike in their taxes, while those in the 75,000 to $100,000 range would see a 2.9% increase. Meanwhile, those making between $100,000 to $200,000 see an overall tax hike of 11.3%............
https://www.washingtontimes.com/news/2021/nov/16/bidens-social-welfare-bill-breaks-pledge-not-raise/
