Middle class tax hikes, increased prices, slower growth, and fewer jobs … that’s what Joe Biden and Democrats have in store with their new Bidenflation Scam bill.
- The Joint Committee on Taxation – This bill breaks Biden’s promise to not raise taxes on Americans making under $400,000.
- Americans making as little as $30,000 would pay more in taxes.
- Over half of the estimated new tax burden in 2023 would be paid by Americans making under $400,000.
- The Penn Wharton Budget Model – The PWBM estimates the bill would have no impact on inflation. It would in fact likely increase inflation before 2024. (So much for the bogus “Inflation Reduction Act” name).
- The Tax Foundation – Democrats’ “book tax” would shrink the economy and destroy 27,000 jobs.
- The National Association of Manufacturers – Democrats’ “book tax” would crush American manufacturers. This tax would lower economic growth by $68 billion, kill over 218,000 jobs, and shrink workers’ wages by over $17 billion in 2023.
And that’s just the start. Industry experts warn the methane tax in the bill would increase natural gas costs by 17%, or $100 a year for the average American family.
Biden and Democrats created a recession, and now they want to make things even worse for the American people.
