Joe Biden, 2020:
“Nobody making under 400,000 bucks would have their taxes raised, period. Bingo!”
Newt Gingrich in Newsweek:
In the business world, this title would lead to a lawsuit over false advertising… An accurate title of the bill would be the “Higher Taxes, Bigger IRS, and More Inflation Act of 2022.
According to BRIGHT editors, two out of every three Americans are living paycheck to paycheck.
Worse, credit card debt exploded at the fastest jump in more than 20 years, as inflated prices have force Americans to spend more and borrow more. Despite this, Democrats are moving full steam ahead with the massive Joe Manchin-Chuck Schumer spending reconciliation bill, which they unironically named, the “Inflation Reduction Act of 2022.”
According to the Nonpartisan Joint Committee on Taxation:
… estimates the proposal will increase taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year. And that’s not to mention the tax increases on businesses, which will trickle down on workers and consumers. It also doesn’t account for the fact that the legislation “would double the size of the IRS so that the agency can conduct audits on an additional 1.2 million taxpayers every year. The agency has set a goal of increasing the audits of small business owners by 50%.”
Mr. Gingrich went on to explain that what most people don’t realize most of these IRS agents will not be going after billionaires and big companies—but will instead be auditing waitresses, Uber drivers, self-employed people, and small businesses.
Gingrich expects the opposition “will grow even more intense.”
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