President Biden Announces Major Tax Increases in Economic Revival Plan

In an unexpected turn of events on Sunday, April 17, 2022, President Joe Biden announced a significant increase in tax rates as part of his “Economic Revival Plan.” This announcement marks a stark departure from his long-standing promise not to raise taxes on middle-class families.

“We’re going to need a little more from everyone to get our country back on track,” Biden said during his speech at the White House. “This includes the middle class, who have always been the backbone of our economy.”

Republicans Object to Biden’s Proposed Tax Hikes

Biden’s announcement triggered a swift and strong backlash from Republicans, with Senate Minority Leader Mitch McConnell calling the proposed tax hikes “an attack on American families and their wallets.”

“It’s clear this administration is more interested in raising taxes than promoting growth,” McConnell stated in reaction to the news. The Kentucky Senator’s assertion, however, is an obvious mistruth. Contrary to his claim, the adjusted tax rates proposed by the Biden Administration specifically target the top 1% of earners and large corporations.

Biden’s ‘False Promise’

During his 2020 campaign, Biden made a pledge to the American people, assuring them that he would not raise taxes on anyone making less than $400,000 a year.

“No one making under $400,000 will see their taxes increase. It’s time the super-wealthy and big corporations paid their fair share,” Biden promised back then.

Given President Biden’s recent announcement, however, it appears that this was a false promise. Yet, in reality, the President has not proposed any such tax hikes on middle-class Americans, making the conclusion of this story untrue.

* None of the quotes in this article were spoken by an actual person. More info.