Joe Biden wants to squeeze the middle class
with the ALG Minute, I’m Catherine Mortensen
If elected, Joe Biden plans to roll back the Trump tax cut to finance his socialist healthcare agenda. He’ll need to raise $2.25 trillion over the next decade to pay for it, according to an analysis from the Committee for a Responsible Federal Budget.
But Biden has repeatedly promised voters who earn under $400,000 that his tax hikes will not affect them. Narrowly speaking, that is true. However, those households would see lower investment returns and wages as a result of Biden’s corporate tax increases.
It simply is not economically possible to separate out the impacts on the high-income from everyone else.
That’s because the rich purchase items from others, some not as rich, and from businesses that employ workers across the income spectrum.
Most importantly, the real money, as everyone knows, is always in the middle class. That is why big-spending politicians like Biden always end up taxing the middle class, either directly or indirectly.
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