Remember when Joe Biden promised that he would never seek to raise taxes on those earning less than $400,000 yearly? Yeah… so do I.
While I’m at it, do you remember Joe Manchin denouncing raising taxes whenever the economy is wallowing in a recession? Yeah… so do I.
Turns out that reporter Nick Arama of RedState.com remembers all this as well.
In a first-rate piece just published, Arama hits every nail right on the head (emphasis mine);
Sen. Joe Manchin (D-WV) hit the Sunday shows, trying to convince people that his deal with Senate Majority Leader Chuck Schumer (D-NY) was a good thing.
But as we’ve previously explained, slapping the name “Inflation Reduction Act” on it doesn’t mean that it reduces inflation. Indeed, as the Penn-Wharton Budget Model explained, it does no such thing. It even raises inflation in the first couple of years.
But there’s another problem with it, and that’s what Fox’s Bret Baier tried to get at when he was questioning Manchin on his show — that it’s going to raise taxes. Manchin tried to insist it did not.
Manchin talks about the 15 percent minimum corporate tax provision in the bill. That’s likely to cost everyone, as businesses are then going to pass along anything more they have to pay to the consumers.
There are also going to be changes to the carried interest provision that are going to increase taxes on people.
Perhaps one of the more concerning things is the more than 80,000 new IRS agents, who aren’t just going to be going after billionaires. Sen. Ted Cruz (R-TX) and Dana Loesch explained what a problem that’s going to be.
On top of that, prepare for your taxes to go up.
U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) explained what the Joint Committee on Taxation found.
According to the JCT:
- In 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation.
- The $17 billion hit alone is confirmation that the Biden pledge to not raise taxes on anyone earning less than $400,000 is shattered by the latest tax-and-spend bill.
- The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.
- According to JCT data, 98 percent of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely that at least half of all new tax revenue raised next year would come from those earning under $400,000.
- Throughout the ten-year window, the average tax rate for nearly every single income category would increase.
- By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year.
The graph used in the below tweet can be seen in its entirety in a report from the US Senate’s Joint Committee on Taxation.
Biden promised no tax hikes if you make less than $400K per year
The “Inflation Reduction Act” raises taxes for everyone making over $30K per year pic.twitter.com/4D4gwsqjdu
— John Hasson (@SonofHas) July 30, 2022
Below video tweet catches Manchin in an obvious and blatant lie. Either that, or he doesn’t know what he just agreed to with Chuck Schumer,
Fox News’ @BretBaier confronts Democrat Joe Manchin on him saying in 2010, “I don’t think during a time of recession you mess with any of the taxes or increase any taxes.”
Baier: “According to multiple different organizations, this [Bidenflation Act] does raise taxes.” pic.twitter.com/Z3UFUqrw8X
— RNC Research (@RNCResearch) July 31, 2022
Sen. Ted Cruz warns of Democrat drea, of 80,000 MORE IRS agents.
Democrats want 80,000 more IRS agents.
That’s like asking for an infestation of locusts and lice!
Instead, we should ABOLISH the IRS! pic.twitter.com/IpSXYDlRVN
— Ted Cruz (@tedcruz) July 29, 2022