ICYMI - Analysis of President's Budget Shows Major Tax Hikes for Americans Making Under $400kThe left-wing Tax Policy Center has released their analysis of the President’s Budget. The report is about how high-income people would pay more. But the real story is that Biden has been caught once again violating his repeated promise that no one making under $400,000 would suffer under his tax hikes.
Yet, Director of the Office of Management and Budget (OMB), Shalada Young, is misleading the American people on this fact. During the Budget Committee's hearing "President's Fiscal Year 2024 Budget Request", she claimed that with President Biden's budget proposal, no one making under $400,000 would see an increase in their taxes:
"The President's 2024 budget details a blueprint to build on this progress and finish the job. It's built around four key values: investing in America, lowering costs for families, protecting and strengthening Social Security and Medicare, and reducing the deficit. And it does all of this while ensuring that no one earning less than $400,000 per year will pay a penny more in new taxes."
The Tax Policy Center Report shows how many taxpayers would see tax increases and tax decreases as a result of the major Biden budget tax proposals. The data shows that more than 111 million taxpayers under $400,000 will see tax increases in 2024. The majority of taxpayers making between $31,000 and $400,000 would see tax increases next year.