In pushing his massive $3.5 trillion expansion of the social welfare state, President Joe Biden maintains that any tax increases will not hit those making less than $400,000 a year.
U.S Senator Rick Scott, a Florida Republican, in a relatively polite manner is calling BS.
In a statement this week, Scott said it was a “complete lie” for Democrats to argue that their tax plan will sock only those making more than $400,000. Congress’ Joint Committee on Taxation, or JCT, tends to agree with the freshman senator.
Six months ago, Biden told ABC News, “If you make less than $400,000, you won’t see one single penny in additional federal tax.”
The budget projections on the whopping spending plan are carried out over the next few years.
Accordingly, the JCT report spelling out the effects over the next decade notes that those making between $200,000 and $500,000 a year would start paying higher taxes by 2025.
But by 2027, the increases would reach down to those who make $40,000 a year, the report shows. Albeit small for those groups, around 1 percent, the tax hike would definitely mean that those in the lower-income brackets also would see more than a “single penny” in income taxes.
In his comments, Sen. Scott argued, “Joe Biden and Democrats in Washington are shameless. Once again, they have shown they will do anything it takes to get their liberal, reckless multi-trillion-dollar tax-and-spend wish list, even if it’s at the expense of the American people.”
Scott added that as “inflation rages and families across the nation struggle to keep up with skyrocketing prices, all Democrats want is to spend and tax more.”
“Democrats claim their $2 trillion tax hike will only hit those making over $400,000 — it’s a complete lie,” said Scott.
He cited the JCT projections, and noted they are based on more than 40 proposed tax hikes.
“Adding insult to injury, the Democrat tax plan hammers small businesses and family farms with a double death tax and hikes the corporate tax rate, stunting American competitiveness on the global market,” Scott said.
“Of course, while Democrats are happy to punish hardworking families and job creators, they’re working hard to protect their rich friends and donors in blue states.”
Scott was referring to the Democrats’ plan to resuscitate the federal tax break for those who pay state and local taxes, also known as SALT.
President Donald Trump and Republicans in Congress capped such claims with the tax reforms enacted in 2017.
“That’s right,” Scott said, ‘while small businesses get hammered, Democrats in Washington are bringing back the SALT carve out to let the wealthy in high-tax states like New York and California write off their sky-high state and local taxes, relying on taxpayers from Florida to bail them out.”
“It’s insane,” he added. “I will not let Florida taxpayers foot the bill to bail out blue states from their own failed policies.”
“We need to call this out for what it is: pure and unadulterated systemic socialism from Biden and the Democrats,” said Scott.
“I won’t stand for it and will keep fighting every day to defeat the big government, high tax and debt-boosting plans of socialist liberals in Washington.”
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