{"id":828437,"date":"2021-09-29T16:29:18","date_gmt":"2021-09-29T20:29:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=828437"},"modified":"2021-09-29T16:29:20","modified_gmt":"2021-09-29T20:29:20","slug":"federal-analysis-shows-democrat-tax-bill-will-break-bidens-promise-to-not-raise-middle-class-taxes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-analysis-shows-democrat-tax-bill-will-break-bidens-promise-to-not-raise-middle-class-taxes\/","title":{"rendered":"Federal Analysis Shows Democrat Tax Bill Will Break Biden\u2019s Promise To Not Raise Middle-Class Taxes"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffederal-analysis-shows-democrat-tax-bill-will-break-bidens-promise-to-not-raise-middle-class-taxes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=828437&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-484588011.jpg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>A report from Congress\u2019s nonpartisan scorekeeper for tax policy reveals that the Democrats\u2019 pending tax bill will raise taxes on the middle class \u2014 breaking one of President Biden\u2019s key campaign promises.<\/span><\/p>\n<p><span>The $2.9 trillion tax hike would <\/span><a href=\"https:\/\/www.dailywire.com\/news\/how-the-democrats-new-tax-hike-will-impact-your-wallet\"><span>raise<\/span><\/a><span> the income tax, corporate tax, and income tax in order to fund the Democrats\u2019 pending $3.5 trillion social welfare bill. Indeed, the <\/span><a href=\"https:\/\/gop-waysandmeans.house.gov\/alert-congressional-scorekeeper-dem-tax-hikes-hit-middle-class-earners-between-40k-and-400k\/\"><span>Joint Committee on Taxation<\/span><\/a><span> \u2014 composed of five members from the House Ways and Means Committee and five members from the Senate Finance Committee \u2014 confirmed that in the long-term, over 85% of taxpayers will witness a meaningful tax increase or receive no benefit whatsoever from the Democrats\u2019 tax bill.<\/span><\/p>\n<p><span>By 2023, taxpayers of virtually every income level will see sbstantial tax hikes:<\/span><\/p>\n<ul>\n<li><i><span>Nearly 5% of taxpayers earning between $40,000 and $50,000;<\/span><\/i><\/li>\n<li><i><span>9% of those earning between $50,000 and $75,000;<\/span><\/i><\/li>\n<li><i><span>18% of those earning between $75,000 and $100,000;<\/span><\/i><\/li>\n<li><i><span>35% of those earning between $100,000 and $200,000; and<\/span><\/i><\/li>\n<li><i><span>59% of those earning between $200,000 and $500,000.<\/span><\/i><\/li>\n<\/ul>\n<p><span>By 2031, over three-quarters of taxpayers earning between $100,000 and $200,000 will see higher tax expenses.<\/span><\/p>\n<p><span>\u201cThe Tax Cuts and Jobs Act cut taxes across all income groups, especially for the middle class,\u201d commented Sen. Mike Crapo (R-ID) in a Senate Finance Committee <\/span><a href=\"https:\/\/www.finance.senate.gov\/ranking-members-news\/analysis-house-tax-bill-offers-scant-relief-and-breaks-biden-tax-pledge\"><span>press release<\/span><\/a><span>. \u201cThis nonpartisan analysis shows that less than a third of all Americans will benefit from Democrats\u2019 tax plans, with more than two-thirds either experiencing no benefit or facing immediate tax hikes. The middle class and small businesses, in particular, will be getting very little \u2014 except for more taxes.\u201d<\/span><\/p>\n<p><span>Although Democratic lawmakers are marketing the legislation as an attempt to make wealthy Americans \u201cpay their fair share,\u201d an Americans for Tax Reform analysis found that the bill\u2019s burden would <\/span><a href=\"https:\/\/www.dailywire.com\/news\/analysis-democrats-say-theyre-taxing-the-rich-but-theyre-actually-crushing-small-businesses\"><span>fall<\/span><\/a><span> largely upon the middle class \u2014 for example, by hiking taxes for 95% of small businesses, which are organized as \u201cpass-through entities\u201d that pay the income tax.<\/span><\/p>\n<p><span>Likewise, boosting the highest corporate tax rate from 21% to 26.5% would harm roughly 1.4 million small businesses currently operating as C-corporations.<\/span><\/p>\n<p><span>Another recent <\/span><a href=\"https:\/\/www.dailywire.com\/news\/in-2020-americans-paid-more-in-taxes-than-they-spent-for-health-care-food-entertainment-and-clothing-combined\"><span>analysis<\/span><\/a><span> from the Media Research Center shows that the typical American household spent $17,211 in taxes last year. However, their combined expenses for food, healthcare, clothing, and entertainment equated to $16,840 \u2014 meaning that Americans spent more on taxes than many of their core living expenses.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report from Congress\u2019s nonpartisan scorekeeper for tax policy reveals that the Democrats\u2019 pending tax bill will raise taxes on the middle class \u2014 breaking one of President Biden\u2019s key &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-828437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/828437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=828437"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/828437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=828437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=828437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=828437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}