President Joe Biden is reportedly working on a new tax plan that could cost Americans up to 60 percent more, according to a new Tax Policy Center study.
Biden has long repeated that taxes will not increase for Americans making $400,000 or more annually according to his plan. However, the new study highlights the impact could be much more serious for all Americans.
“Three-quarters of households earning between $75,000 and $100,000 annually would face pay an additional $440 per year in taxes under Biden’s tax hikes, according to the data,” said Fox Business.
“At the same time, about 69% of those earning between $100,000 and $200,000 would see their tax bill rise by $830 on average, while 83.7% of those earning between $200,000 and $500,000 would see an increase of $2,040 on average,” it added.
In addition, Biden has often left unclear the fact that his plan includes higher taxes for individuals filing separate tax returns with income over $254,650, according to the report.
The report also does not include indirect cost increases due to rising inflation. Under Biden’s term, inflation has risen faster than any time in more than a decade.
One CNN report noted last week the “housing market is on fire.” Single family home prices soared by 20 percent over last year.
Biden’s tax plan may sound good, but there is much more to it that would negatively harm many Americans that is often left out of the discussion.