The Democrats’ $3.5 trillion infrastructure bill would break President Joe Biden’s pledge not to increase taxes on working-class Americans.
The Joint Committee on Taxation (JCT) found that the House Ways and Means Committee’s portion of the $3.5 trillion infrastructure bill would increase taxes on Americans making over $50,000 or more per year in the calendar year 2031, according to a Joint Committee on Taxation (JCT) report.
The JCT’s analysis of the infrastructure bill would serve as a significant break from Biden’s promise not to raise taxes on Americans making less than $400,000 per year.
“The President remains committed to his pledge from the campaign that nobody making under $400,000 a year will have their taxes increased,” White House press secretary Jen Psaki said in March. Psaki clarified that this figure applies to families, not individuals, but the infrastructure plan would still raise taxes on most Americans.
The JCT analysis even found that the proposal would increase taxes on Americans in calendar year 2027 for those making between $30,000 to $40,000 per year.
The House Ways and Means Republicans noted many of the ways that the Democrat proposal would subsidize American families making more than $800,000 annually:
— Mark Bednar (@MarkBednar) September 14, 2021
Rep. Drew Ferguson (R-GA), the chief deputy House Republican whip, said the Democrat proposal would benefit Democrats’ leftist allies.
Breitbart News’s John Carney noted that House Ways and Means Committee Chairman Richard Neal (D-MA) also left in the carried interest loophole that would benefit billion-dollar hedge funds.
Rep. Thomas Suozzi (D-NY), a moderate Democrat, has demanded that Democrats repeal former President Donald Trump’s limitation of the state and local tax (SALT) deduction. The SALT deduction primarily benefits wealthy, blue states such as New York, New Jersey, and Connecticut.
Democrats remain poised to increase taxes on most Americans with their $3.5 trillion proposal as Rep. Alexandria Ocasio-Cortez (D-NY) wore a dress with the message “tax the rich” to the 2021 Met Gala on Monday.
National Republican Congressional Committee (NRCC) spokesman Mike Berg said in a statement Tuesday, “Democrats have already broken their promise not to raise taxes on anyone making less than $400,000 per year. Whether it’s higher prices or higher taxes, Democrats are taking a sledgehammer to Americans’ paychecks.”
Despite his party’s proposal to raise taxes on most Americans, Biden said Tuesday that the “super-wealthy” and “big corporations” should pay more in taxes.
It’s time the super-wealthy and big corporations pay their fair share in taxes.
— President Biden (@POTUS) September 14, 2021
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.
Author: SEAN MORAN
Source: Breitbart : Joe Biden Breaks Pledge: Raises Taxes on Americans Earnings over $50k
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