With Tax Day here, millions of average Americans are facing higher levies under President Biden's tax proposals. A detailed analysis by the Tax Policy Center shows that his tax increases would cost U.S. taxpayers an average of $2,300 next year.
The President constantly claims that his tax increases would only affect the richest Americans and the largest corporations, and that no one earning less than $400,000 would pay a penny more in new taxes. The aforementioned study refutes his claims.
According to the analysis, 110 million taxpayers earning less than $400,000 a year would see tax increases next year. The majority of taxpayers making between $30,000 and $400,000 would see higher taxes under the Biden proposals. More than 75% of middle-income taxpayers with income between $60,000 and $107,000 would face higher taxes.
The Tax Policy Center analysis shows how a corporate tax rate increase affects average working people and retired Americans at most income levels, not just giant corporations. These hikes would be paid by workers, consumers, and shareholders, including the millions of retirees living off their retirement savings.
The study states that the Biden corporate tax increases would “affect workers and shareholders by lowering their wages and investment income.” As a result, these tax increases would reduce after-tax incomes for nearly two-thirds of American households. For those making less than $400,00, nearly all of the decline would be due to their share of the corporate tax hikes.
These tax increases are the last thing we need in a slowing economy. The America people are already drowning in Biden’s tax and spending increases. They need tax relief not new tax increases.
