Letter: Your higher taxes will pay for Biden’s spending spree

Published 7:00 am Saturday, October 30, 2021

“I give you my word as a Biden: If you make under $400,000 a year, I’ll never raise your taxes 1 cent.” Did President Joe Biden lie?

This pledge fails close review and fact-checking by official nonpartisan scorekeepers.

Nearly 6 million taxpayers earning under $100,000 per year will see their taxes go up in 2023 under Biden’s tax legislation. Hundreds of thousands of families earning under $20,000 also will take a hit.

By 2027 more than 50% of all families earning $75,000-$100,000 will see their taxes increase by $3 billion.

If Biden had confiscated 100% of the income from everyone earning more than a million dollars a year in 2018, when the economy was flying at full throttle, it wouldn’t cover half of his government expansion.

Currently, the top 10% of high-income Americans earn 48% of all income and pay 71% of all income taxes. The bottom 50% of earners pay 3%. Biden’s expansion of government will require higher taxes on middle-income Americans because his spending spree is paired with the highest tax increases in 50 years — $2 trillion.

If Biden and his handlers view a trillion dollars as mere chump change, obviously they aren’t working for me. How about you?

Grant Darrow

Cove

Marketplace