I’m leaving room open for being wrong, but from best that I can tell this does not directly raise incomes taxes on people under $400. I tried to look through the bill, but its a monster.
"The JCT report simply does not find this at all. The false assertion that Manchin’s deal raises taxes on the middle class combines a series of fallacies.
First, the study, performed at the behest of Senate Republicans, analyzes only a portion of the bill. It omits all the benefits from the tax credits for health care, green energy, and lower prescription drug savings. I will explain the importance of this omission in a bit.
Second, and far more importantly, the partial analysis does not actually find that the plan increases taxes on the middle class. It is an analysis of the burden of a proposal, which would establish a 15 percent minimum corporate income tax on firms with income over $1 billion.
The complication that enters the picture is that the JCT, like other economic modelers, tries to project how the burden of a tax increase is borne. The agency used to assume that corporate tax increases are borne entirely by shareholders in the firms that pay the tax. In 2013, the agency changed its modeling assumptions and now assumes that corporate tax increases are not borne entirely by shareholders. Instead, firms respond to tax increases in part by reducing wages for their employees and reducing investment, which ultimately leads to slightly lower wages.
Did he specifically say income taxes or did he say he wouldn’t raise taxes? It’s semantics I know, but it’s a game politicians on both sides routinely play. There are a myriad of other taxes on people besides income tax. It’s why I call BS on anybody who claims someone pays nothing in taxes. Even poor people, who don’t pay income tax, make up for it by paying other taxes.
Considering he said that corporations are going to pay more taxes and the JCT claim of an increase of individual’s taxes is passed on those corp taxes being passed down would make his statement self-contradicting. I think one could also argue that he was referring to income taxes, which was how I interpreted it.
I kind of don’t care though… I mean he’s going to break campaign promises regardless, all politicians do. My argument in this thread is against the claim that this bill will directly raise income taxes on those making under 400k.
I voted for Biden to not be Trump, and he’s been doing a great job at that.
Isn’t the way to fight inflation to find that slim zone where we slow consumer spending and decrease the money supply, but not so much that we completely tank the market?
Your income taxes will go up and significantly at that before Biden is done. But you keep on carrying water for him until then, watching your disposal income diminish more and more until even you can’t deny the pain, and then I’ll bet a million dollars you still will make excuses for him.
But you keep on carrying water for him until then, watching your disposal income diminish more and more until even you can’t deny the pain, and then I’ll bet a million dollars you still will make excuses for him.
Blah blah blah. I could go all “Brandon brandon brandon” and talk about how terrible Biden is and you’d still accuse me of carrying water for him.
I don’t think he’s done anything terrible, but I do think he’s done a poor job at the border and I don’t think they should be shipping illegals around the country and just dropping them off. There’s a list of things he said he’d do on the campaign trail that he hasn’t, which I’m not crazy about, but he still has two years.
