It's even worse. Inflation automatically leads to a "wage-price spiral." At 10% per annum inflation, the purchasing power of a dollar is cut IN HALF in only six years. So wages will have to double to maintain your earnings in real terms.
But tax brackets won't be adjusted for inflation (or will slowly adjust), so you will be pushed into a higher tax bracket. The people Biden says won't pay any new taxes will find inflation and the wage-price spiral has pushed them into the new brackets where you are heavily taxed.
The bastard is evil. He knows exactly how this inflation will hit the poor, the middle class, and how people will be shoved into higher tax brackets.
Well, people will only go into higher tax brackets, if they have higher taxable income.
Based on the 0bama years, I don’t expect there to be any discernible wage increases for years. The prices will all rise, and the entitlements will all rise. But for those in the middle class, paying taxes, they will just see a decreasing standard of living for the foreseeable future. JMHO