Democrats, and especially Joe Biden, always talk about wanting to tax the rich more, while promising that middle class taxpayers won’t ever see their taxes go up. It is always a lie, and a lie that has been exposed by Jason Furman, who was the head of the National Economic Council in the Obama Administration.
When it comes to the preposterously named “Inflation Reduction Act,” which was really a giant green energy subsidy bill, ask yourself who stands to benefit the most from the various subsidies and tax credits the bill produced. Not hard to guess that the right answer is “the rich.” Here’s how Furman calculates the distributional net tax reductions from the IRA:
Furman comments: “Note—this is roughly equivalent to a tax cut that is roughly one-third corporate income tax reduction and two-thirds payroll tax reduction.” Also this:
Chaser—The Tax Foundation notes that if Biden’s proposed tax increases in his current budget were enacted, the U.S. would have the highest income tax burden of any OECD country:
Notice: All comments are subject to moderation. Our comments are intended to be a forum for civil discourse bearing on the subject under discussion. Commenters who stray beyond the bounds of civility or employ what we deem gratuitous vulgarity in a comment — including, but not limited to, “s***,” “f***,” “a*******,” or one of their many variants — will be banned without further notice in the sole discretion of the site moderator.