Biden did not campaign on a pledge to raise taxes on the majority of Americans, comprising every income group. And yet, he is baking in a massive lower- and middle-income tax increase into his budget plans. Why is Biden counting revenue he promised not to collect from working-class Americans in his budget? Because, according to Riedl, “the president has already used up nearly everything from his campaign tax hikes in his current proposals.” Even with a lower- and middle-income tax increase, he is still short of revenue to pay for all the $6 trillion in spending he admits to in his budget — leaving him with no way to pay the additional $5.8 trillion in spending he has pledged. That means, despite already proposing the highest levels of taxation in a century, he will have to raise taxes even more.

Source: Washington Post June 01, 2021 19:30 UTC