Is everything Biden says a lie? Back when he was trying to bamboozle people into voting for him, he vowed not to raise taxes on working and middle class Americans. In fact, he said only those earning $400,000 a year would see their taxes go up. Everyone else, could breathe easy.
Of course, anyone with half a brain didn’t trust Joe. He claims he is pushing an agenda that will help struggling Americans and force the rich to pay their “fair share.” But already we’ve learned that Biden’s signature bill, the bloated “Build Back Better” plan, is nowhere near what he promised.
In fact, the richest Americans will actually see their taxes go down. Big surprise.
President Joe Biden’s “Build Back Better Act” is set to give a tax cut to about 67 percent of the nation’s richest Americans — those earning more than $885,000 every year.
A new analysis from the Committee for a Responsible Federal Budget reveals that the filibuster-proof reconciliation package will give a tax cut to two-thirds of the top one percent of earners even as the top one percent now hold more wealth than the entire American middle class…
In effect, those in the top one percent would receive an average tax cut of more than $16,000 in 2022 under Biden’s plan. The tax cuts for the wealthy would be a result of the plan’s increasing the State and Local Tax (SALT) deduction cap.
As Breitbart News has reported, the plan amounts to a $625 billion tax cut for the wealthiest of Americans living primarily in blue states. [Source: Breitbart]
Once again, we see Democrats are doing the opposite of what they promised. They often slander the rich, saying they will finally get them to pay their share of the tax burden. Democrats say they only need to tax the richest more, to pay for their social programs. But every time Democrats have a chance to pass spending bills, what do ya know, the rich get all the breaks.
That’s not to say we want people paying more taxes. It should be the opposite. But what Democrats are doing is increasing government spending by trillions but making sure rich people won’t be paying for it. Meanwhile, working and middle-class Americans will find their taxes going up sky-high, without any of the deductions and breaks the rich are getting.
Ironic, huh? When Trump passed his tax cuts bill in 2017—Democrats claimed it only helped the wealthy. Not true. The biggest tax cuts went to middle and working class folks. Yet today, Democrats are poised to dump massive burdens on most people, while their rich buddies get off scot-free.
Suddenly, it makes sense why so many rich, entitled celebrities support Democrats. Why Silicon Valley and big businesses give so much to Democrat candidates. Because they know when Democrats are in charge, the rich get richer, and poor get poorer.
Author: Peter Jameson