House Democrats’ plan to pay for their $3.5 trillion expansion of the federal socialist giveaway violates President Biden‘s pledge not to raise taxes on individuals making less than $400,000 annually.
An analysis by the Joint Committee on Taxation, a special congressional panel made up of 10 senior lawmakers from both chambers of Congress, found that individuals making above $200,000 would see their tax burden increase. The Joint Committee includes three Democrats from the House Ways and Means panel, who helped author the tax changes meant to pay for the $3.5 trillion “human infrastructure” spending package, The Washington Examiner reports.
This is a killer for small businesses that have to report their earnings as standard income tax.
People who make a million dollars a year will see a 10% increase.
In New York, with all the new $2.9 trillion in taxes, people with higher incomes will pay at least 61% in state and federal taxes before real estate, sales, and all the other taxes.
Taxpayers making between $500,000 to $1 million annually would see a 1.6% hike in the amount of taxes they owed to the federal government. Individuals making between $200,000 to $500,000 would also see an increase of 0.3% per year.
That’s only the beginning. If the Biden cabal is already breaking their pledge, as they want more and more money for more and more giveaways, the taxes will seep down to the middle class and lower middle class.
In some states, like New York, $200,000 isn’t that much.
While campaigning, Biden said, “Nobody making under 400,000 bucks would have their taxes raised, period. Bingo.”
Nothing Biden or the Democrats say can be trusted. These people are communists with no regard for earned or inherited personal wealth or property.