President Biden is now conceding that a tax increase is coming to pay for all of his new spending. With today’s ALG Minute, I’m Catherine Mortensen. Initially Biden said it would only apply to those making over 4-hundred thousand dollars a year. Here’s what he told ABC News’ George Stephanopoulos this week:
“Anybody making more than $400,000 will see a small to a significant tax increases. If you make less than $400,000, you won’t see one single penny in additional federal tax.”
White House press secretary Jen Psaki later conceded that the $400,000 threshold was for “families,” not individuals. So if you’re a two-income household making $200,000 each, you could get whacked.
Former Republican presidential candidate Steve Forbes says the Democrat’s tax grab won’t stop with the wealthy.
“Big tax increases convoluting the code and hurting economic growth. All this happy talk about ‘great economy ahead,’ I take it with a grain of salt, you might say.”
The middle class is where the real money is, and sooner or later they’re coming after you.
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