Get Ready For a Massive Tax Hike Amid A Possible Recession If This Bill Goes Through
(TargetLiberty.org) – Senate Democrats have agreed on a new spending package to pay for their healthcare and energy plans. They say the bill won’t raise taxes for ordinary Americans, but is that true? A bipartisan congressional committee says otherwise.
On July 27, Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) agreed to a compromise spending plan to invest over $400 billion in climate issues and federal healthcare subsidies. A moderate Democrat, the Kentucky lawmaker refused to back any expenditure that could push inflation even higher. Now, he says he’s satisfied this package will cut inflation by bringing down medical and energy costs.
Joe Biden said he wouldn’t raise your taxes.
He lied. Again. https://t.co/KAIVwJeHAV
— House Judiciary GOP (@JudiciaryGOP) August 1, 2022
More controversially, Manchin also said the deal wouldn’t “put a burden on any taxpayers whatsoever,” but the bipartisan Congressional Joint Committee on Taxation has analyzed the proposals and found the bill would raise $16.7 billion from those who earn less than $200,000 a year and an additional $14.1 billion from those who’s yearly earnings fall between $200,000 and $500,000.
While the proposal doesn’t target taxpayers directly, it promotes higher corporation taxes, that pass through to people in all brackets. Do Democrats think they can increase tax levies on businesses without the cost transferring to ordinary Americans in the form of lower wages and higher prices? If this compromise passes, we might all find out the answer.
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