The Tax Policy Center, in an analysis, has revealed that Joe Biden is trying to raise taxes on low and middle income households – as well as high income Americans.
The analysis said, “Taking into account all major tax provisions, roughly 20% to 30% of middle-income households would pay more in taxes in 2022. … Among those with a tax increase, low- and middle-income households would pay an additional $100 or less on average. Those making $200,000-$500,000 would pay an average about $230 more.”
The results conflict directly with Biden’s promise, during his campaign and since, that he would not raise taxes on those making $400,000 or less.
In fact, he once blundered his way into saying those Americans would not pay any taxes.
Others, however, would see tax cuts, the analysis said.
“The exception: Those in the top 1%, who will make about $885,000 or more. They’d pay about $55,000 more than under current law. Those in the top 0.1%, who make about $4 million and up, would pay an additional $585,000 on average, a 5.9% reduction in their after-tax incomes.”
Other hooks built into Biden’s plan include that the Child Tax Credit is extended for 2022 only, and the corporate minimum tax on book income wouldn’t take effect until 2023.
“In general, the combined effects of these changes would result in many households paying higher taxes in 2023 than in 2022.