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Tampa, FL — Over the past few days, the mainstream media has been reporting on Joe Biden’s tax increase that he is planning. Nothing in the tax increase should come as a surprise, since Joe Biden claimed he was going to raise taxes during his campaign. He clearly said that he intended to raise taxes on anyone that made over $400,000.
While the tax plan has not been made public, one key detail is missing. Biden has said that he wants to fully repeal the Trump tax cuts, which would raise taxes on many Americans. He also said that no one that makes under $400,000 would see a tax increase. I’m not quite sure how he plans to repeal tax cuts but not raise taxes, but we will be watching for that.
The mainstream media has launched into a lie about Biden’s tax plan though, that everyone needs to be paying attention to. The latest lie is that the new tax hike, the largest since 1993, will be passed in order to pay for new economic initiatives.
According to the Tax Policy Center, the plan that Biden proposed would only generate $2-4 trillion in new revenues for the treasury over the next decade. So while the media and the Democrats parade around this plan to continue to make business owners and high income earners evil, the truth is that their plan will barely cover the cost of the garbage COVID relief bill they just passed.
The estimated revenue figure is glaringly absent from any mainstream media reports about the tax hike. As has been reported many times, it does not matter how much you tax the rich it will not cover the radical plans of the Left.
Biden is planning a wide array of tax law changes, from removing deductions to creating refundable credits. All which will continue to further the divide between societal groups and make the US tax code even more difficult to understand.
Any additional economic initiatives that Biden is planning, well they will fall dramatically short of what is needed to cover the expense of the plans. Some of the initiatives still being talked about are those like student debt forgiveness. That plan would be in the trillions as well.
The Left likes to talk a big game about how they are working to benefit the American people. It all sounds good when you hear it from the mainstream media. But when you get into the details, there are a lot of things left out. In the end, no one benefits as our nation continues to fall further into debt.
JD Washington is the Editor-in-Chief at The Liberty Loft and host of The JD Washington Show. Be sure to subscribe to The Liberty Loft’s daily newsletter. If you enjoy our content, please consider donating to support The Liberty Loft so we can continue to deliver great content.