For months, President Biden and Speaker Pelosi have been claiming that their Far-Left Socialist spending spree would not raise taxes on middle-class Americans. This is a LIE.
A new study from the left-leaning Tax Policy Center found that Biden and Pelosi’s Far-Left Socialist spending spree would raise taxes on middle-class Americans by 30%.
“Taking into account all major tax provisions, roughly 20 percent to 30 percent of middle-income households would pay more in taxes in 2022,” the left-leaning Tax Policy Center’s analysis found
The analysis also found that the SALT deductions, “would benefit wealthy families in high-tax states like New York and California, while providing almost no benefit to the middle class.”
This is the second analysis that has Pelosi lying about the impact of their Far-Left Socialist agenda.
Last week, the University of Pennsylvania's Wharton School of Business released a model showing that the Democrats' package will cost more than DOUBLE the bill's reported cost.
Biden and Pelosi are still trying to ram through their Far-Left Socialist spending spree without having a detailed score from the Congressional Budget Office (CBO), making it impossible to know how much it will cost.
The Bureau of Labor Statistics reported that the consumer price index grew by 0.9 percent in October and 6.2 percent over the past 12 months - surging way past expectations.
Annualized since Biden’s first month of office, inflation is on track to be 7.4 percent - which is the highest rate since February 1982.
Real wages have fallen 7 out of 9 months since Biden’s first full month in office.
- Real wages declined by 0.5 percent over the last month. On an annualized basis, workers are on track to lose 2.6 percent of their real wages by the end of Biden’s first full year in office.
- Median-income households are on track to lose $1,755 in purchasing power.
President Biden’s crippling tax and spending bill will blow out the deficit by $1 trillion.
- The first year of the bill runs a $120 billion deficit that's in the red, and Democrats have said they want these provisions to be permanent.
- That means over 10 years, just from that part of the bill, this bill adds $1 trillion to the deficit.
BIDEN’S THANKSGIVING TAX BY THE NUMBERS:
- The price for a 15 pound turkey is UP 27%.
- The price for a Costco pumpkin pie is UP 17%
- The price for a three-pound bag of Russet potatoes is UP 13%.
- The price for a two-pound bag of carrots is UP 47%.
- Apples are UP 6.7%
- The price for cranberries are UP 5.2%.
- The price for biscuits are UP 4.8%.
- That's not all as the price for a gallon of gas is UP 61% nationally from a year ago.