The Schumer-Manchin Democrat tax deal, commonly described as the “Inflation Increase Act of 2022”, will wreak all sorts of economic havoc.
Manchin’s false claims that it will fight inflation is being justified by “increased” IRS enforcement. And the result will be higher taxes for most Americans.
As Senator Mike Crapo reveals.
The nonpartisan Joint Committee on Taxation (JCT) shows that “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.
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.
Green energy is a scam that largely rewards wealthy lefties. There aren’t a lot of working-class people driving Teslas.
The JCT estimate of the Schumer-Manchin “Inflation Increase Act of 2022” shows even low-income people paying out more with percentage increases beginning for people earning $30-$40K.
Democrats will contend that their tax hikes on the vast majority of Americans are not all that “substantial”, but the bottom line is that they’re hiking taxes on Americans and increasing inflation as yet another payout to their green investors and to wealthy electric car owners.
Why are Democrats willing to raise taxes on the working class to provide more subsidies for Tesla owners?
That’s class warfare. Lefties accuse conservatives of engaging in class warfare, when class warfare is all that they do.