As If Things Aren’t Bad Enough, Biden Is Proposing The Largest Tax Hike In History And A Supercharged IRS To Inflict Even More Damage On Americans’ Pocketbooks
AMERICANS ARE SEEING HIGHER TAXES UNDER BIDEN
- Today is one of the most stressful and frustrating days of the year for Americans: Tax Day.
- As taxpayers deal with IRS bureaucracy and struggle to find a way to make ends meet while paying their taxes, it’s a reminder that Biden and Democrats want to make things even worse.
- Biden’s latest budget proposal includes a $4.9 trillion tax hike – the largest in history.
- Biden is already responsible for billions in tax hikes under the so-called “Inflation Reduction Act.”
- Adding to outright tax hikes, Bidenflation has been a hidden tax costing American families thousands of dollars.
- Inflation will cost the average American family an extra $12,590 over the next year, according to Congress’ Joint Economic Committee.
- Americans have lost over $4,170 from higher energy costs alone since Biden took office.
- Low-income Americans have been hit the hardest by inflation.
BIDEN WANTS THE LARGEST TAX HIKE IN HISTORY
BIDEN WANTS TO SUPERCHARGE IRS TAX AUDITS
- While Americans get crushed with higher taxes, Biden gave $80 billion to the IRS for additional audits and an army of 87,000 new IRS agents.
- These new IRS agents would disproportionately target poorer Americans.
- After Republicans successfully reigned in billions, Biden’s most recent budget proposed giving an additional $104.3 billion to an already bloated IRS.
- Biden also wants to make it easier for IRS agents to stack up questionable penalties against taxpayers by expanding approval authority.
BIDEN WANTS TO WASTE TAXPAYER DOLLARS ON AN UNNECESSARY AND FLAWED TAX PREPARATION PROGRAM
BIDEN IS COMING FOR YOUR VENMO ACCOUNT
- While implementation has been delayed another year, Biden’s plan to go after Americans who collect at least $600 from payment apps like Venmo is still on the books.
- Small business owners are concerned the extra paperwork could lead to mistakes and prompt costly penalties.
- Maryland furniture maker Dennis Turbeville: "Small businesses don't have the resources to understand how to do things properly … A $2,500 penalty for a business that's doing $2 million a year, not a big deal. For somebody like me, that's a big deal."
- Experts are "expecting the worst," warning that this form could mistakenly be sent to people that use Venmo for personal transfers.
- Compounding the problem, 47 percent of Americans say they are using apps like Venmo more frequently to split bills because of Bidenflation.
BIDEN’S HIDDEN TAX ON AMERICAN FAMILIES
- Inflation has been a "hidden tax" hitting Americans' pocketbooks and leading to smaller paychecks.
- Prices have risen by 19.4 percent since Biden took office – with Americans still reeling from inflation’s lasting effects.
- On a year-over-year basis, inflation under Biden has averaged 5.5 percent – more than double the level of inflation seen under any of the last four presidents.
- Grocery prices are up 21.1 percent, rent is up 20.9 percent, and electricity is up 29.3 percent since Biden took office.
- Inflation outpaced wages for a majority of Biden’s presidency – both year-over-year real average hourly earnings and real average weekly earnings were negative for 25 months.
- Real wages remain lower than when Biden first took office.
- Inflation-adjusted average weekly wages were $397.90 when Biden took office and are now $382.20 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 3.9 percent pay cut under Biden.
- Inflation has disproportionately hurt low-income households, as low-income Americans allocate a “bigger share” of their spending on high-inflation goods like food, gas, and housing, making them more vulnerable to rising prices.
- In a response to Bidenflation, the Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – predominantly hurting the middle class in the process.
- From March 2022, when the Fed started raising interest rates, to July 2023, the middle class lost more than $2 trillion in wealth.
- In 2023 alone, the average real wealth of the American middle class fell more than $33,000.