"I will not raise taxes on anyone making less than $400,000 a year" said Joe Biden. Remember? That was one of his big campaign promises?
I guess if you're a Biden supporter, you could make the claim that he never said he would not raise your taxes forever! But that tax increase is on the way.
According to the details that are starting to emerge from the Biden administration's massive $3.5 trillion dollar so-called 'infrastructure' bill, the Democrats want to raise the corporate tax rate from 21% to 26.5% to help pay for it.
"There's no secret that corporate taxes, when they're raised that burden gets passed on to everyday Americans" said Brandon Arnold, Executive Vice President with the National Taxpayers Union, "It gets passed along to a lot of people that don't make more than $400,000 that are really burdened by these tax increases."
While the phrase "tax the rich" may sound good to someone who is not rich, the reality is 'big corporations' are filled with 'little' people. So the corporations pass along the higher taxes to their workers, who also lose out on higher wages. It also leads to less jobs, and higher prices.
As for the nobody under $400,000 promise? This new Biden plan will actually start higher taxes with people making $30,000 a year!
"The notion that people making under $400,000 would somehow be exempt from tax hikes is ludicrous" Arnold told KTRH, "We know that there will be tax hikes on people up and down the economic ladder if this bill does in fact become law, and that's not even the worst of it."
As bad as these 8 months have been under Biden, unfortunately the worst is yet to come.