President Joe Biden gave a speech on Thursday about the economy, claiming that Americans making under $400,000 would not see a tax increase despite the ‘infrastructure’ bill raising tax brackets over time if passed.
During Biden’s speech about the economy, he thanked the Democrats for “working hard to advance” his economic plans in Congress, mentioned that the taxes for Americans that make under $400,000 per year would not be raised, without mentioning that the ‘infrastructure’ bill would do if enacted.
First, my plan is paid for it’s fiscally responsible. Because our investments are paid for my making sure corporations, wealthy Americans pay their fair share. Second, we’re not going to raise taxes on anyone making under $400,000. That’s a lot of money. Some of my liberal friends are saying it should be lower than that. But, only corporations and people making over $400,000 a year are going to pay any additional tax. And third, not only will no one making under $400,000 see their taxes go up, the middle class are going to get some tax cuts, some breaks. My plan benefits ordinary Americans. Not those at the top that don’t need help. It’s a historic middle class tax cut, cutting taxes for over 50 million families. [Emphasis added]
However, Breitbart News’s Sean Moran previously reported on the analysis from the Joint Committee on Taxation.
They found the Democrats’ partisan $3.5 trillion infrastructure bill, if enacted, would increase taxes on Americans making over $50,000 or more per year in the calendar year 2031, in addition to increasing taxes on Americans who make between $30,000 to $40,000 per year in the calendar year 2027 contradicting what Biden said during his speech:
The Joint Committee on Taxation (JCT) found that the House Ways and Means Committee’s portion of the $3.5 trillion infrastructure bill would increase taxes on Americans making over $50,000 or more per year in the calendar year 2031, according to a Joint Committee on Taxation (JCT) report.
The JCT’s analysis of the infrastructure bill would serve as a significant break from Biden’s promise not to raise taxes on Americans making less than $400,000 per year.
The JCT analysis even found that the proposal would increase taxes on Americans in calendar year 2027 for those making between $30,000 to $40,000 per year.
In addition to Biden, White House press secretary Jen Psaki said in March that “The President remains committed to his pledge from the campaign that nobody making under $400,000 a year will have their taxes increased.” She eventually clarified that the figures she talked about represent families, not individuals, making over $400,000 a year.
On Tuesday, the National Republican Congressional Committee spokesman Mike Berg told Breitbart News in a statement that the “Democrats have already broken their promise not to raise taxes on anyone making less than $400,000 per year. Whether it’s higher prices or higher taxes, Democrats are taking a sledgehammer to Americans’ paychecks.”
Follow Jacob Bliss on Twitter @jacobmbliss.