Biden Breaks $400K Tax Pledge, Middle-Class Hit Hardest by IRS Audits

In the 2020 election, Joe Biden made a promise not to raise taxes on individuals earning less than $400,000 a year. However, his recent actions and proposals have broken that pledge. Despite his assurances, President Biden’s policies have led to contradictory results.

The Internal Revenue Service (IRS) recently conducted an audit, revealing discrepancies in Biden’s plan to hire more tax collectors and target the ultrawealthy. The report shows that the IRS is still focusing on auditing middle-class taxpayers, with 63% of new audits targeting those earning less than $200,000. This goes against Biden’s promised goal to audit more ultrawealthy individuals.

Furthermore, Biden has announced plans for a significant tax increase, affecting many non-rich Americans earning less than $400,000. This contradicts the claims made by Democrats about the 2017 Trump/GOP tax cuts, which benefited all income groups and the overall economy. The Trump tax cuts, which Biden wants to let expire, would result in a $2 trillion tax increase for many non-rich Americans.

The White House’s messaging on tax cuts is inconsistent, as they simultaneously claim deficit savings from the expiration of tax cuts while also pledging to renew 98% of the tax cuts to avoid significant tax increases. This erratic approach has led to confusion and dishonesty in their communication.

Overall, Biden’s proposed tax increase and the inflation crisis have caused a 19% price hike since he took office. This broken promise and misleading messaging raise concerns about the impact of Biden’s tax policies on ordinary Americans.

Written by Staff Reports

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