Re: Biden Bites

Detroit MI

Description

Not looking good for sleepy or Nancy Antoinette. After they touted TRUST THE EXPERTS....the experts are touting (all 3) that democrat policies are going to cost the lower and middle class BIG TIME in taxes. The Tax Policy Center found that "most households would pay more taxes in 2022" and that "about three-quarters of middle-income taxpayers would face a tax increase" due to the Biden corporate tax increase. A Federal Reserve Board study found that a corporate tax rate increase would lead to "significant reductions" in workers' incomes. Based on their estimates, the Biden corporate tax rate increase could cost a household earning $80,000 as much as $3,360 a year in lower wages. A 25% tax rate would cost this family nearly $2,000 a year. A National Bureau of Economic Research paper found "significant effects of corporate taxes on prices" and that approximately 31% of corporate taxes fall on consumers. Corporate tax hikes will also raise energy bills for households. Higher tax rates on utility companies will be passed on to consumers in the form of higher utility bills every month. Finally, corporate tax increases will have a negative impact on the stock market and the retirement savings of millions. More than 100 million people have 401(k)s, over 60 million people have IRAs, including millions of retirees, and millions more have pension plans. All of these people could see their retirement savings decline due to the corporate tax increases. The claim that no one who makes under $400,000 will be hit by the Biden tax increases is simply not correct. Under the Biden tax increases, millions earning much less will face lower wages and income, higher prices on basic household goods and services, and lower retirement savings in their 401(k)s and pension plans.