Washington, D.C. – A leading liberal think tank analysis shows the Biden overall tax plan would shred the president’s 2020 campaign pledge that taxes would not be increased “by one thin dime” for anyone making less than $400,000 a year.
According to the Tax Policy Center, if Biden’s combined tax initiatives became law this year, 75 percent of middle-class families would see the amount they pay in taxes increase in 2022, and that 95 percent of middle-class families would pay more in taxes by 2031. At the same time, Biden Treasury Secretary Janet Yellin is refusing to rule out the restoration of special interest tax breaks that would disproportionately benefit the ultra-wealthy.
Testifying recently before the House Committee on Ways & Means, Yellin refused to say whether the president and his advisers would move ahead on demands by Democratic governors like Andrew Cuomo (NY) and Phil Murphy (NJ) and members of Congress from the blue states that state and local tax payments be made fully deductible on federal returns once again. The provision known as SALT was capped from the tax code in the 2017 Tax Cuts and Jobs Acts as a “pay for” that made it possible for other rates to be reduced.
When asked whether Biden would support eliminating the cap if it was included in any compromise infrastructure package. Yellen said, “I’m not going to negotiate here on behalf of the president.”
Biden policies, some lawmakers say, are forestalling the onset of a full-blown recovery caused by the pandemic-related lockdowns that plunged the U.S. closer to financial disaster than at any time since the so-called great recession of 2008.
“Through the first five months of this year, the Biden Administration added 500,000 fewer jobs than the last five months of 2020 – some of which were during the height of Covid cases and deaths. A half-million jobs short. And due to inflation, real wages have declined since President Biden took office,” Brady said in a statement.
The White House has repeatedly denied this is because the enhanced unemployment benefits authorized at the beginning of the lockdown period have been allowed to continue. A study recently published by the Committee to Unleash Prosperity’s Steve Moore, Casey Mulligan, and E.J. Antoni shows the relationship between the two to be direct and economically harmful, a view shared by Federal Reserve Chairman Jerome Powell who has made clear he believes these benefits have discouraged workers from returning to work and harmed recovery.
While Biden policies may be cooling job growth here at home, they’d incentivize job creation and fuel an expansion overseas – especially if the president’s agreed-upon among the G-7 plan for a global minimum corporate tax is eventually adopted.
The 15 percent GMT, which must be approved by Congress before becoming law, would make it better to be a foreign worker or company than an American one. If it’s imposed, it would incentivize U.S. companies to move U.S. jobs overseas and to “offshore” themselves which, before the 2017 Tax Cuts and Jobs Act’s creation of a global intangible low tax income provision was a common occurrence in the American market.
The proposal the Biden administration has endorsed holds out the prospect of a global tax code in which American companies operating overseas have to pay higher taxes than their foreign competitors. This would give foreign competitors an advantage to target American companies and jobs and erode the U.S. tax base. As Brady described it, The White House is “leading a global race to the bottom” for America’s competitiveness and our workers.
Peter Roff is a former U.S. News & World Report contributing editor now affiliated with several Washington, D.C. public policy organizations. He appears regularly as a commentator on the One America News network. Reach him by email at [email protected]. Follow him on Twitter @PeterRoff.
Peter Roff
Peter Roff is affiliated with several Washington, D.C. public policy organizations and is a former U.S. News and World Report contributing editor who appears regularly as a commentator on the One America News network. He can be reached by email at [email protected]. Follow him on Twitter @PeterRoff.
Liberals promising to not raise taxes are like alligators who pledge to eat vegan: It ain’t happening. One glaring example of this trait would be our governor, Gavin Newsom. Our state passed a measure that would limit property tax increases to 1% annually. From the moment the ink dried on that measure, democrats have orchestrated all kinds of means to recoup the revenues lost. Biden is a liberal. When they’re campaigning against tax cutting conservatives, they must bite their lips and adopt the notion that voters don’t want their taxes raised. If those voters had the brains God gave a goat, they wouldn’t put A’holes like Biden in office, who’ll quickly eschew complying with such promises.
The cheaters put the asshole in office
True, this was a coup. Possibly the main purpose of the 2020 election was to put a woman in the White House. After Hillary lost her 2016 bid, the effort to exact ‘payback’ against Trump must have reached a fever pitch among liberal political organizations. As we’re aware now, the media is completely in their corner.
I don’t approve of Biden anyway. That’s not the only thing he’s messed up. Keystone?
Why does it surprise you all demon-crates are liars and anti-American
They’re definitely Anti-Constitutional. From Free Speech, Religious Freedom, and other elements of our Bill of Rights, these people are out to dismantle our nation’s charter.
Remove EVERY and ANY totalitarian, socialist under the label democrat
There’s a few more rotten apples on Capitol Hill who claim they’re Republicans. This dog and pony show keeps Americans at each other’s throats while those parasites live high on the taxpayer-funded hog.
What do you expect from a liar, cheat, crook, creepy molester, pedophile, philanderer, plagiarist, bungling idiotic mental midget and the father of Hunter?
If I had a son turned out like Hunter I’d blow my brains out with shame! But you see, the apple falleth not far from the tree.
Yes look at the fine example he has for a father figure!!!
Now will you biden/harris supporters, people that voted for these COMMUNISTS, SEE, biden/harris both, LIE, DECEIVE, COVER UP!!! We now have to deal with their CATASTROPHIC FAILURES, so, liberals, commies, marxists are you now happy with your vote??? Just wait, biden is just getting started. Oh yeah, 1 more thing: biden says he won’t raise taxes for “regular” people, guess what, see how he has already raised the taxes for “regular” people, taxes ARE GOING UP AGAIN!!! THANX biden, you really do SUCK!!!
You do remember how the liberal attitudes toward Obama flourished? My take on that disastrous reign was in the form of a cartoon. As each of our Civil Rights were systematically crossed out by that commissar, liberals replied “Thank you sir! May I lose another?”
He weaponized each branch of law enforcement and the IRS against his political rivals!! Oh heaven forbid we have to evenly compete!! What a piece of work, and now it’s his much desired “third term” for the fear of OUR country!!
He (Odumbo) arrived in the Oval Office with so much fanfare and political capital, he felt he could bypass both Congress and the American people to enact any legislation he desired. Personally, the sole ‘benefit’ of his presence was to shut the minorities up. The same will hold true for Harris. I just wish the American people would put their collective feet down when these tyrants take liberties with our Bill of Rights, while cramming canards like “Global Climate Change” down our throats to justify expanding the scope, authority, size and costs of our government.
This is and has always been the Democrats way…Trump did exactly what he said he would do…America first…Build a wall….Hold China accountable for it’s lies and anti American policy…Withdraw from NATO because we pay to much compared to others…Support police and our military…The Biden administration has gone out of it’s way to tare us under….Open arms of love and compassion for illegals while our own women and children sleep under bridges and veterans sleep in the woods….How can you possibly square that ???
Arrest Jill Biden And Joe Biden For Treason To The USA
What? obiden lied? Say it’s not so!
I would be more amazed when he tells the truth… but that would be a slip by him…
It always work out to be the same old bait and switch….promise them anything they want to hear until after the election, then do whatever you want because voters are stupid.