President Joe Biden wants to raise taxes more than any president in decades, and a recent comment from the White House indicates that will hurt more people than perceived.
White House press secretary Jen Psaki clarified that Biden’s proposed tax plan would increase federal income taxes on those making over $400,000 a year, but that figure could include couples that make that amount total.
If you make under $400,000, you will not pay a penny more in taxes when I’m president.
The super-wealthy and big corporations will finally pay their fair share — and we’ll invest that money in working families.
We’re going to reward work — not wealth.
— Joe Biden (@JoeBiden) September 17, 2020
Even with this considered, it might sound like this only impacts those that view money as no object.
These people may be more affluent, but a tax hike could definitely make a noticeable dent in their wallets, particularly those that live in areas with high local taxes and cost of living.
In short, it would be an attack on the upper-middle class.
The most interesting aspect of this group is that some of them were responsible for Biden’s victory in the first place. Biden’s improvement among the educated, white upper-middle class compared to 2016 Democratic nominee Hillary Clinton helped him win key swing states, according to Business Insider.
The goal of Biden’s tax plan is to repeal certain aspects of the Republican-led Tax Cuts and Jobs Act of 2017, and raising the income tax and raising the corporate tax rate would certainly do that.
Critics of the tax cut argue that it exclusively benefitted that wealthy, but that is far from the truth. The Tax Policy Center determined that an estimated 65 percent of people got paid less in taxes after it was enacted, the New York Times reported.
Low corporate tax rates might not sound sexy to progressives, but Biden raising them in addition to the income tax would be another job-killing move from this administration.
President Biden shouldn’t try to ram through massive tax spending increases that crush #AmericanWorkers.
I stand opposed. He should be forced to make his case & allow Republicans to offer amendments.
Nancy Pelosi’s closed-door jamming of their big government agenda must end. pic.twitter.com/7NfGYtz3wk
— Rep. Nancy Mace (@RepNancyMace) March 19, 2021
The Tax Foundation estimates that 159,000 jobs could be lost in the long term as a result of the proposal, as businesses would have to deal with an additional financial burden.
The next item on the Democrat’s agenda is bound to be a disastrous move for the already fragile economy. An endless pursuit to make people and businesses pay their “fair share” is going to come back to bite hardworking Americans who have already suffered enough in the last year.
This article appeared originally on The Western Journal.
CORRECTION, March 23, 2021: This article originally claimed that President Biden would be the first president in decades to raise taxes. In fact, this would not be the case, as former President Barack Obama also raised taxes. However, Biden is pushing for the largest tax increases since the early 1990s, and we have updated our article to note as such. We apologize to our readers for the error.