Looking back at the Joe Biden campaign, and since he didn't speak much, using a line from Seinfeld, "you know how to -make- a campaign promise, you just don't know how to keep it"!
And that is exactly what Biden has done on many issues, including raising taxes. Remember the quote? "Under my plan, if you make less than $400,000, you won't pay a single penny, more in taxes. You have my word on it."
Unfortunately, that will not hold true.
According to the latest numbers, at least 60% of Americans will likely end up paying more in taxes. The reason? It's simple. The Biden administration's massive spending over the last 5 months.
"Those promises are a lot easier to make, than they are to keep" said Brandon Arnold, Executive Vice President of the National Taxpayers Union. "He's got this very ambitious 6-trillion dollar spending plan, and so he wants to raise taxes, not only to collect revenue, but also to address what he believes are inequities in the tax code."
The other problem is, even though 'taxing the rich' looks good on paper, it doesn't really work. The Biden bill is so big, there aren't enough rich people to cover it. So what does that mean? It means everybody has to chip in to pay for it.
"It's not just the wealthy, and corporate America" Arnold told KTRH, "Those taxes begin to fall on everyday Americans. I could have told you that months, if not years ago, but that is exactly what's taking place here."
And as for that number of 60% of Americans paying higher taxes? Arnold thinks that's putting it mildly. "Obama faced this problem, so Joe Biden should know it well. I think the big guys are going to survive, but the little guys? I don't know."
Rising inflation, soaring gas prices, and a tax hike. And that's just the first 5 months.