I doubt if Biden really understands what he is saying. He simply reads (badly) off a teleprompter.
Biden has repeatedly claimed that no new taxes on anyone making less than $400,000. Remember, he has repeatedly said “You have my word as a Biden.” Which is worthless, by the way.
There are TWO taxes that are hitting people making under $400,000 per year. First, the INFLATION tax coming from Biden’s/Congresses spending binge, The Fed printing gobs of money, and insane regulations.
Biden and his mouthpieces like Karine Jean Pierre (KJP) claim that Biden inherited inflation from Trump. FALSE. Inflation was only 1.3% YoY in December 2020. Inflation was 3.5% YoY in March 2024, an increase of 166% over Trump’s final month in office. THAT is one heck of an inflation tax.
In House testimony, Treasury Secretary Janet Yellen (falsely) claimed that Biden’s massive tax increase won’t hit middle class households. That is a plain lie. the Tax Foundation said that someone who’s married, two kids, making $85,000 would pay $1,700 more in taxes. A married couple with two children making $165,000 annually would pay $2,450.50 more than in the previous year, while a family with three kids pulling in $200,000 per year will shell out almost $7,500 more per year.
So much for Biden’s “No one making under $400,000 will pay and additional penny of tax.” Between the inflation tax and Biden letting Trump’s Tax Cuts and Jobs Act’s (TCJA) expire, people making under $400,000 per year will get scalded. All so Biden/Congress can keep spending on Ukraine, fund endless wars, and buy countries cooperation with the US.
