Democrats love taxes. The never-ending promise that they won’t raise taxes almost always leads to more taxes. So why should we believe the Inflation Reduction Act won’t lead to a hideous tax burden on the American people? Well, we shouldn’t.
President Biden is apparently planning to break his 2020 campaign vow to not raise taxes on American families making less than $400,000 – as the $433B Inflation Reduction Act will indeed raise taxes middle-class workers to $16.7B over a decade. https://t.co/odJ3Fe5ijx— Newsmax (@newsmax) August 1, 2022
Joe Manchin, who voted against the Green New Deal, is now wholeheartedly supporting The Inflation Reduction Act. The bill includes prescription drug negotiations, climate change legislation, and tax reforms and would require a 50-50 Senate split between Republicans and Democrats. Sen. Kyrsten Sinema (D-AZ) might be the lucky charm Democrat who holds out on voting yes for this legislation. She and Manchin have separated from their party on other legislation, such as the Green New Deal and Build Back Better Act.
Please make no mistake about it; The Inflation Reduction Act is going to increase taxes on every American income tax bracket, large, or small, regardless of the lies told to us by the Biden administration and the arguments from Democrats that regular Americans will not see their taxes increase under this proposal, according to data from the Congressional Joint Committee on Taxation (JCT). The cap, we were told, was $400,000.00, but this is not the truth. This legislation is just the Green New Deal and Build Back Better repackaged into one colossal disaster.
President Joe Biden issued a statement last week saying that the legislation, includes “no tax increases for those making under $400,000.” But taxes will go up for middle-income Americans across the board and those making under $10,000 and between $30,000-$40,000, while not a single income group will see cuts until 2031, according to the JCT’s estimates.
…The Congressional Joint Committee on Taxation found that taxes would jump by $16.7 billion on American taxpayers making less than $200,000 in 2023…— Greg Karnes (@realGregKarnes) August 1, 2022
Schumer-Manchin deal raises taxes on earners under $400K, study shows https://t.co/fyOepr1Rxh
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According to the JCT, taxes would go up by an astounding $16.7 billion for Americans who earn less than $200,000 and by $14.1 billion for Americans who earn between $200,000 and $500,000.
Americans will begin to see tax increases as soon as 2023, according to the JCT. Americans who are earning less than $10,000 will see their average tax rate increase from 7.3% in 2022 to 7.6% in 2023, those earning between $30,000-$40,000 will see an increase from 7.8% to 7.9%, and those earning between $100,000-$200,000 will see an increase from 19.1% to 19.4%. With the rising costs of everything from food, clothes, gas, toys, and toiletries, how much more can middle-class Americans be expected to endure?
“Senate Democrats are trying to violate the cardinal economic rule to never raise taxes during a recession,” Alfredo Ortiz, president, and CEO of Job Creators Network, said in a statement.
According to Marc Lotter, the chief communications officer of the America First Policy Institute, not only will this legislation raise taxes on all Americans, but it will also kill an estimated 213,000 jobs.
“The National Association of Manufacturers says this bill will cost 218,000 blue-collar workers their jobs next year. Your electric and heating bills are going up, your gas is going to go up by $25 billion as a tax increase for oil companies that are going to get passed along at the pumps. This is just going to make the inflation problem even worse.”
Jay Timmons, the president and CEO of the National Association of Manufacturers, said, “This proposal is nothing more than a repackaging of the same bad ideas with a new name slapped on it. It is especially harmful because it will undermine manufacturers’ competitiveness at a time when the industry is reeling from supply chain disruptions and record inflation.”
It is an absolute mess that we hope doesn’t get passed on the Senate floor. Do your thing, Kristen Sinema. Every American taxpayer is depending on you to do the right thing once again.