Tax increases are never good news; however, they’re especially troublesome when the U.S. economy is working on coming back from shutdowns, business closures, and the like.
President Biden claims that no one making under $400K annually will experience higher tax rates under his proposals; however, this is simply not accurate.
Whenever Democrats talk about taxing the rich, it always trickles down to the middle class and lower income Americans. This is due to the fact that there isn’t enough money to go around to pay for all the proposals Democrats want passed.
Yesterday, GOP Rep. Lauren Boebert warned that with Biden’s tax increases will come higher living costs, per Newsmax.
Higher Costs of Living Under the Biden Administration
Boebert’s claims about higher living costs under the current White House administration should not be ignored. Right now, Biden is already looking to take the rate of corporate taxes from 21% to 28%.
This would increase the cost of living in several ways. Firstly, it would cause Americans to lose employment as corporations take their businesses elsewhere. Secondly, increasing the rate of corporate taxes would engender higher prices (hence higher living costs) and fewer hours for employees of these businesses.
Biden isn’t just raising taxes on the rich. He is raising taxes on everyone. The $400,000 number has been proven to be a lie. Be prepared. The cost of living is about to soar.
— Lauren Boebert (@laurenboebert) May 4, 2021
Whenever Democrats allege that they will only increase taxes on the wealthy, they’re doing a bait and switch that Americans must be cognizant of. Increasing taxes on individuals solely due to the economic success they’ve achieved is unethical; however, to feign as if the middle and working class will not feel the impacts of higher taxes is duplicitous.
Can the Economy Withstand the Whims of the Biden Administration?
Right now, the policies coming out of the White House are at direct odds with economic recovery. Therefore, it’s fair to question whether or not the U.S. economy has the power to weather the whims of this administration.
In actuality, the answer will largely boil down to the states. For instance, states like Florida and Texas are thriving due to the leadership of their GOP governors; however, the same story is not true in states like Oregon, California, and New York.
DEMOCRAT HYPOCRISY ALERT:
Hey look, here is a picture released today of the Biden's with the Carter's — tell us again why schoolchildren are still forced to wear masks? pic.twitter.com/FuaXnQl6Lp
— Lauren Boebert (@laurenboebert) May 4, 2021
In some cases, the Biden administration will present a negative compound impact on blue states already suffered due to failed leftist policies. Although, red states with strong Republican governors will have a greater shot at full economic recovery, even with the Biden administration in the White House.
Are you concerned about living costs rising under the Biden administration? Let us know down below in the comments section.
