Biden Said His Tax Hikes Would Only Affect the Rich. He Can’t Keep That Promise.
Politicians betray their campaign promises all the time. So, it’s no surprise to see President Joe Biden go back on his word that, in spite of his plan to significantly hike taxes to pay for a portion of a massive increase in spending, nobody earning less than $400,000 annually would suffer a tax increase. But this flip-flop is just the tip of the iceberg.
During the presidential campaign, then-candidate Biden declared that if someone makes less than $400,000, they wouldn’t face any tax hikes. His campaign website reinforced this promise: “Joe Biden will not raise taxes on anyone making less than $400,000. Period.” The president recently reiterated his promise on “Good Morning America” when he said, “Anybody making more than $400,000 will see a small to a significant tax increase,” and “You make less than $400,000, you won’t see one single penny in additional federal tax.”
But then his press secretary, Jen Psaki, announced during a press conference that the threshold of $400,000 refers to family income. She contradicted herself a few days later, saying, “The president remains committed to his pledge from the campaign that nobody making under $400,000 a year will have their taxes increased.”
Either the administration still isn’t fully clear on where it stands, or some taxpayers may be in for a big surprise—or both.
Either way, the sad truth is that with this president’s insane propensity for unconstrained government spending, he shouldn’t make such a promise in the first place. He has already added $1.9 trillion to the enormously inflated federal credit card and is planning on throwing another almos
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