Joe Biden’s Massive Tax Hikes Are Coming for the Middle Class

When unveiling his new infrastructure bill Wednesday, President Joe Biden said, “we’re going to rebuild the middle class — and this time, we’re going to bring everyone along.” However, he conveniently left out details regarding how he plans to pay for his $2 trillion proposal: by implementing the “first major federal tax hike since 1993” that would actually hurt the middle class.

According to several media reports, hardworking Americans are set to bear the brunt of Joe Biden’s plan to raise taxes. This is in stark contrast to Biden’s rhetoric on the campaign trail, promising to not raise taxes on anyone making less than $400,000.

Bloomberg: “A top White House economist made clear on Monday that Biden doesn’t want to impose costs on anyone earning less than $400,000 per year. At the same time, the White House is likely to push for a higher corporate tax rate. These goals are incompatible. If the corporate rate goes up, it will reduce the incomes of the middle class.”

Wall Street Journal: “The great political fakery here is that corporate taxes merely fall on CEOs and rich shareholders. But as everyone knows, corporations don’t really pay taxes. They are vehicles for collecting taxes that are ultimately paid by some combination of customers in higher prices, workers in lower wages, and shareholders in lower returns on investment.”

Washington Examiner: “The Tax Foundation estimates that Biden’s corporate tax hike would slash 159,000 jobs and that an average 0.7% wage reduction would harm the bottom quintile of workers, who would see a 1.45% decrease in after-tax income. Prices would likely go up, and retirement accounts would be smaller than otherwise.

“That’s a middle-class tax hike.”

Even now, blue-collar workers like Bo Copley — a former coal miner in West Virginia — are worried about the implications President Biden’s tax hikes could have on jobs across the country.

“The Trump administration lowered that tax from 35 to 21. We saw an increase and a rise in different types of jobs in those industries like the automotive industry,” said Copley. “And I’m afraid that raising it back up to 28 percent is going to do the exact opposite. It’s going to kill certain jobs.”

Whitney Robertson, America Rising PAC: “President Biden may claim that his policies will only tax the rich, but basic economics prove that Joe Biden’s tax hikes are coming for middle-class Americans.”