Joe Biden has been lying. Yes, it is more than one lie. He has told many lies. One lie that keeps popping up in almost all of his comments is that he doesn’t plan to increase taxes on those who earn less than $400,000 per year.
We’ve seen the effects of inflation on our lives, and Biden also claimed that it was temporary. His Build Back Broke plan would have created $2.5 trillion in new taxes to give the U.S. one of the highest or closest-to-the-highest tax rates among the developed countries. It didn’t pass. However, the part about raising taxes might not have died yet.
Joe Biden claims that Congressional Republicans will increase taxes and eliminate Social Security and Medicare. Another big lie is Sen. Mitch McConnell (R.KY), who has stated that Republicans will not pass such legislation.
It turns out that you can’t make the same statement about Democrats. Senator Majority Leader Chuck Schumer, D-NY, has admitted that they are still pushing for higher taxes despite the defeat of the BBB. They will put more money in their pockets and help Americans get crushed by inflation.
Listen, Schumer claims they will do that but also lies about Trump’s tax cuts.
— RNC Research (@RNCResearch) April 26, 2022
From The Blaze
Schumer replied, “Reconciliation is very important.” “If you want inflation to stop, the only way is to reverse a lot of Trump’s tax cuts and increase rates”.
“No Republican is going to do that.” He said reconciliation is the only way to eliminate inflation.
This means that Republicans would not vote to increase tax rates on the people. Democrats will have to attempt to get it through reconciliation so that they can pass it without receiving any Republican votes.
Democrats caused inflation by following Biden’s spending sprees. Now, they would make matters worse by increasing taxes if they continue with this plan.
They’re also lying about Trump’s tax cuts. This was one reason that the economy did so well under Donald Trump. Contrary to what the Democrats claim, the tax cuts were beneficial for most Americans.
The Blaze piece went on:
“The evidence is clear: Based upon tax data from 2017 and 2018 the Tax Cuts and Jobs Act decreased taxes for the vast majority, led to substantial improvements to upward economic mobility, and disproportionately benefit working- and middle-class households, many of which experienced tax cuts of 18% to 20%,” Heartland Institute analysis explained.
Ironically, the San Francisco Federal Reserve has blamed the inflation crisis in part on Biden’s COVID relief legislation, which injected trillions into the economy.
McConnell made it clear that Democrats are coming after your wallets big time.
A) McConnell: This is literally Democrats’ economic agenda for your family: High prices and less money.
Republicans’ 2017 tax cuts just about doubled the standard deduction for households.
— Chad Pergram (@ChadPergram) April 28, 2022
The Wall Street Journal stated that Schumer is completely wrong about tax increases and reducing inflation.
This theory is similar to the one that said the government could spend as much as it wanted and not have to worry about rising prices. The Federal Reserve can keep interest rates low and finance any spending by politicians. The Fed and Congress followed Ms. Kelton’s advice and we now have the highest inflation rate in 40 years.
The inflation problem is exactly reversed by the raise-taxes strategy. The Federal Reserve and Congress pumped up the demand for two consecutive years until the supply could not keep up. The Fed is now doing its part by slowly raising interest rates and reducing its balance sheet. Better monetary policy is the main way to stop inflation.
Tax increases could make inflation worse, as they would further reduce the supply side. This is especially true for the corporate tax increases Mr. Schumer is promoting. They would suppress productive investment when the economy requires it to offset tighter money. This was what happened in the 1960s and 1970s when higher taxes on individual incomes and corporate profits contributed to inflation and depressed investment and productivity growth.
Schumer would not only take our money, but he’d also make inflation worse since Democrats don’t understand the economic policy.