Joe Biden is scrambling to fund his massive federal spending projects. And as most Democrats do, he’s planning to hike taxes to levels not yet seen in almost 30 years.
According to an independent analysis, Biden’s campaign tax plan would raise nearly $2.1 trillion over the next 10 years – barely enough to cover his expansive COVID stimulus bill.
Sources close to the Biden administration reveal massive tax hikes will likely be crow-barred into the Democrats’ next massive spending bill on infrastructure. The bill will likely abolish Trump’s immensely successful tax cuts that incentivized much of the manufacturing boom during his administration.
During last year’s presidential debates Biden repeatedly raised interested in raising taxes for everyone, including the middle class, as well as for the wealthiest Americans.
“That’s why I’m going to eliminate the Trump tax cuts,” Biden revealed during his first debate wit President Trump. Again he blurted, “I’m going to eliminate those lousy tax cuts.”
Despite skyrocketing pandemic-related unemployment, Biden’s likely tax hikes would occur sometime in 2022. This measure would target middle class families while they struggle to rebuild their lives after the endless lockdowns. The wealthiest Americans, oftentimes fairing well during the pandemic, would face a raise in their taxes as well.
At least 10 Republicans would need to be swayed by the Democrats for a tax raise to pass in the Senate. But the GOP is ready to fight Biden’s tax hikes:
“We’re planning a robust discussion on the appropriateness of a tax hike for middle class Americans,” Senate Minority Leader Mitch McConnell said. Republicans are anticipating Democrats’ slimy plan to push a budget reconciliation bill to bypass any required GOP support and raise taxes higher than anticipated.