By The FirstA new report from the Daily Mail claims taxes for folks earning less than $400,000 will rise in 2023, a direct rebuke of comments repeatedly issued by President Biden and the Democratic Party.
From the Daily Mail:
Democrats claimed the Inflation Reduction Act would help ordinary Americans, but new analysis suggests people making less than $400,000 a year could end up paying $20 billion of the new tax revenue it brings in.
President Joe Biden signed the act into law in August, injecting $473 billion of new spending on climate and healthcare, yet there are strong concerns it will do little to reduce inflation.
In fact, middle class Americans will pay new taxes – directly contradicting Biden’s promise to not raise penalties on people earning under $400,000.
The bill includes $430 billion in spending, raises $737 billion over a decade in revenue, and is projected to shave about $300 billion off the deficit.
The House passed the bill 220-207 on a party-line vote after it squeaked through the Senate 51-50 with all Democrats and Vice President Kamala Harris voting for it.
It jettisoned many of the key social programs from Biden’s original Build Back Better proposal.
