President Donald Trump blasted the Democrats’ plan to increase taxes on American families right as the country enters a recession.
Trump warned on Truth Social, “Wow, the Tax increase for middle income families in New Democrat Bill is staggering. We are in a recession. This is no time to raise taxes. U.S. manufacturers will flee, and quickly.”
The 45th president also noted the hypocrisy of Biden’s so-called “Inflation Reduction Act of 2022.” “Big Tax increase for all Americans being pushed by Democrats,” he said. “This is the opposite of the Biden pledge!”
According to Fox Business, the Joint Committee on Taxation examined the bill and discovered that it would cause Americans making under $10,000 per year and those making above $30,000 to experience a 0.3 percent tax increase in 2023.
The JCT’s finding contradicted Joe Biden’s statement last week. Regarding the proposed legislation, Biden said, “This bill will not raise taxes on anyone making less than $400,000 a year, and I promise — a promise I made during the campaign and one which that I’ve have kept.”
According to Fox Business, the Democrats’ bill would increase taxes on corporations by establishing a 15 percent minimum tax on each corporation. The bill would also increase taxes for most Americans and significantly expand the power of the IRS.
Sen. Joe Manchin, D-W.Va., has expressed his approval of the bill, stating, “Tax fairness is vital to our nation’s economic future. It is wrong that some of America’s largest companies pay nothing in taxes while freely enjoying the benefits of our nation’s military security, infrastructure and rule of law.”
Despite the detrimental effects the Democrats’ legislation could have on the U.S. economy, Manchin, Biden, and other lawmakers have defended the bill and denied the reality of tax increases.