Posted on 09/17/2020 11:50:52 AM PDT by karpov
Presidential candidate Joe Biden has pledged that his administration will impose no new taxes on Americans making $400,000 or less and that there will be “no raising taxes . . . on mom and pop businesses.” Both his policy platform and his record belie that promise.
During their first campaign for the White House, the Obama-Biden ticket “firmly” pledged that “no family making less than $250,000 a year would see any form of a tax increase.” They soon pushed through the Affordable Care Act, which included a tax penalty for failing to purchase health insurance, paid primarily by people earning less than $50,000 annually. Though that levy is gone, the ACA still includes a poorly implemented tax on medium-size and large employers that don’t offer health insurance to most of their workers. I estimate that this penalty, if enforced, would cost low-income families an average of about $700 a year, including in the average those whose employers aren’t penalized. The penalty’s effect on job availability would make its cost felt by a wide swath of workers.
The ACA also included many other significant taxes that were so well hidden that the Congressional Budget Office overlooked their effects when it originally scored the bill 2010. Later CBO had to backtrack.
Today Mr. Biden takes a similarly veiled approach to advancing the “clean energy revolution and environmental justice” outlined in his platform. Instead of using a carbon tax, which would use market forces to reduce the economic damage but also obviously violate his tax pledge, he would apply the force of regulation. He aims, for example, to eliminate emissions for passenger vehicles, which would make buying a new car thousands of dollars more expensive. As President Trump is apt to explain, regulations are “stealth taxation, especially on the poor.”
(Excerpt) Read more at wsj.com ...
Trillions in new taxes, six times as much in new spending.
But let’s not talk about math, let’s talk about feelings...
If business taxes go up like he says so will taxes paid by consumers who’s incomes are under 400k. He’s telling yet another lie of omission.
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