Yup, Your Taxes Are Going Up
After Obama’s “if you like your doctor, you can keep your doctor” lie about Obamacare and the Democrats other lies about the effects of their policies millions of Americans decided they wouldn’t be suckered by them again – but that doesn’t mean Democrats won’t keep lying.
The Democrats latest “big lie” (aside from the claim there was no fraud in the 2020 election) is that their inaptly named "Inflation Reduction Act" will not raise taxes on American families making less than $400,000.
The nonpartisan Joint Committee on Taxation's (JCT's) review of the latest proposed budget reconciliation bill as hashed out between Senate Majority Leader Chuck Schumer, D-N.Y., and flip-flopper Sen. Joe Manchin, D-W.Va. concluded that the bill will indeed raise taxes on middle-class workers to the tune of $16.7 billion over a decade.
Sen. Mike Crapo, R-Idaho, requested the review of the bill from the nonpartisan JCT, which estimated the Democrats' tax-and-spend proposal will increase taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year.
You read that right: the Democrats’ "Inflation Reduction Act" will increase taxes on millions of Americans across every income bracket.
According to reporting By Eric Mack of NewsMax, among the top-line findings from the JCT review commissioned by the Senate Finance Committee Republicans:
When the law would take effect in 2023, taxes will increase by $16.7 billion on taxpayers earning less than $200,000 — a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amid stagflation.
The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.
98% of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely at least half of all new tax revenue raised next year would come from those earning under $400,000.
By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year.
"The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods," Crapo said.
Exactly what kind of bill of goods are the Democrats trying to sell us?
According to Washington Post columnist and former President George W. Bush White House staffer Marc A. Thiessen, the purpose of the bill is to address climate change, not inflation. A full 85 percent of the bill’s spending — $369 billion — goes toward climate or clean energy.
Thiessen quotes the Wall Street Journal’s analysis the bill would subsidize “wind, solar, critical minerals, biofuels, hydrogen, carbon capture, nuclear, ‘sustainable’ aviation fuel, lithium-ion batteries, electric-vehicle charging stations and more.” Thiessen says it also provides $20 billion in cheap federal loans for automobile manufacturers to build “clean vehicle” factories and removes the cap on $7,500 tax credits for affluent Americans to buy electric vehicles. The New York Times calls it “the most ambitious climate action ever taken by Congress,” while climate activists praised it as the “largest climate investment in American history by far.”
Marc Thiessen’s conclusion about what the Democrats are really up to is worth repeating here:
Biden is not trying to reduce inflation; he is trying to pump up deflated liberal voters, disappointed by his failure to enact their radical climate agenda, before the midterm elections. And he is trying to pull the wool over the eyes of the rest of Americans by cynically wrapping this left-wing climate, tax and spending monstrosity in the guise of fighting inflation.
Americans are not stupid. They know what he is doing. There have been 10 recessions since World War II, yet Biden is less popular than any of the presidents who led us through them going all the way back to Harry S. Truman. Why is that? Because Americans know that Biden is not only failing at his job but also constantly lying to them. And the only thing Americans hate more than a failing president is a dishonest, failing one.
Elitist Democrats, always immune to the real day-to-day impact of their economic follies, are on a path to reestablish the economic disaster of Jimmy Carter’s stagflation. Nothing but turning Democrats out of office in November’s midterm election will save much of middle-class America from the economic death sentence Democrats are intent upon imposing on them.
Biden Build Back Better
Inflation Reduction Act
Joint Committee on Taxation JCT
Sen. Joe Manchin
Joe Biden administration