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President Biden ran for office promising not to raise taxes on anyone earning less than $400,000. But a new analysis provides yet more proof that the president’s actual tax plans belie his rosy rhetoric.
According to the Tax Policy Center, more than 60 percent of Americans would see their taxes increase under Biden’s proposals. The average increase would come out to $2,930 per year.
It is true that wealthy Americans would bear much of the tax increase. However, the middle class doesn’t escape the burden: 75 percent of households earning $75,000 to $100,000 would see a tax increase, in the amount of roughly $440 annually. Similarly, nearly 70 percent of those families earning $100,000 to $200,000 would see tax hikes. The increases would average about $830 per year.
Clearly, these figures debunk Biden’s promise not to increase middle-class taxes. However, there’s more here than just a politician caught in a campaign fib. (That’s not exactly earth-shattering news). There’s an important lesson here on the difference between the nominal assignment of taxes and who really bears the costs.
“It is the operation of the market,” wrote Austrian economist Ludwig von Mises, “and not the government collecting the taxes, that decides upon whom the incidence of the taxes falls and how they affect production and consumption.”
“Who pays the tax?” economist Murray Rothbard asked. “It would seem that the answer is clear-cut, since the government knows on whom it levies a tax. The problem, however, is not who pays the tax immediately, but who pays it in the long run.”
In other words, nominally assigning a tax to someone doesn’t mean they ultimately pick up the tab.
President Biden’s plans do say they won’t increase taxes on those earning less than $400,000. However, many of the increases included such as corporate tax increases are in reality mostly borne by workers because they lead to decreased investment, lower productivity, and thus lower wages.
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So don’t fall for the president’s spin. Biden can insist until his face turns blue that he won’t raise middle-class taxes, but the reality that his tax hikes will hit everyday Americans remains unchanged.
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Brad Polumbo (@Brad_Polumbo) is a libertarian-conservative journalist and Policy Correspondent at the Foundation for Economic Education.
This article was originally published on FEE.org. Read the original article.
New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Protect your wealth from Joe Biden, Klaus Schwab, or any of the globalists who want you to own nothing. Our Gold Guy is the American patriot who can help you buy physical precious metals.
Thank you and God Bless,
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We just launched a GiveSendGo page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.
Thank you and God bless!