The Western Journal posted an article today about the tax-and-spend bill the Biden administration is trying to push through Congress.
The article reports:
According to a media release from the Republicans on the House Ways and Means Committee on Tuesday, the Joint Committee on Taxation — a non-partisan congressional tax scorekeeper — found that almost every income level below the threshold the Biden administration said would be immune would take a hit.
Furthermore, the committee’s analysis found the vast majority of taxpayers would see no benefit from the plan in its current form.
According to the analysis, by the calendar year 2023, nearly 5 percent of those making between $40,000 and $50,000 would see a tax increase. Nine percent of those making between $50,000 and $75,000 would see an increase, 18 percent earning between $75,000 and $100,000 would see their taxes go up and 35 percent of those earning between $100,000 and $200,000 would be subject to a hike.
The media release also noted that the benefit most people see will pretty much be nil.
In 2023, two-thirds of all taxpayers won’t get see any kind of real benefit from the legislation, either seeing their tax bill changed by less than $100 or getting a tax increase.
By 2027, this number would balloon to 85.5 percent, with huge swaths of the middle class seeing a sizable tax increase; these numbers are projected to stay mostly steady until 2031.
The article concludes:
And yet, in March of 2020, MarketWatch reported that “Americans paid almost $64 billion less in federal income taxes during the first year under the Republican tax overhaul signed into law in late 2017 by President Donald Trump, with some of the sharpest drops clustered among taxpayers earning between $25,000 and $100,000 a year, even as the overall number of refunds dropped during a turbulent tax season” in 2019.
Biden plans on taking that away. In return, he’s offered nothing of substance — except, as promised, he’s soaking the rich. And the upper-middle class. And some people in the middle class, too. But mainly the rich. See, priorities!
Biden may not be giving people in towns like Scranton — the folks he grew up with — a break the same way Trump did. But at least they can watch as his administration takes (and then squanders) Park Avenue’s money. He’ll be squandering Scranton’s money, too, but at least they get the joy of class-based schadenfreude out of the deal.
Any Congressman who votes for President Biden’s economic proposals needs to be voted out of office as quickly as possible. I am not sure we can afford the current President.