The Schumer-Manchin Democrat tax deal, commonly described as the “Inflation Increase Act of 2022”, will wreak all sorts of economic havoc.
Manchin’s false claims that it will fight inflation is being justified by “increased” IRS enforcement. And the result will be higher taxes for most Americans.
As Senator Mike Crapo reveals.
The nonpartisan Joint Committee on Taxation (JCT) shows that “in 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation.”
The $17 billion hit alone is confirmation that the Biden pledge to not raise taxes on anyone earning less than $400,000 is shattered by the latest tax-and-spend bill.
The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.According to JCT data, 98 percent of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely that at least half of all new tax revenue raised next year would come from those earning under $400,000.
By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year.
Green energy is a scam that largely rewards wealthy lefties. There aren’t a lot of working-class people driving Teslas.
The JCT estimate of the Schumer-Manchin “Inflation Increase Act of 2022” shows even low-income people paying out more with percentage increases beginning for people earning $30-$40K.
Democrats will contend that their tax hikes on the vast majority of Americans are not all that “substantial”, but the bottom line is that they’re hiking taxes on Americans and increasing inflation as yet another payout to their green investors and to wealthy electric car owners.
Why are Democrats willing to raise taxes on the working class to provide more subsidies for Tesla owners?
That’s class warfare. Lefties accuse conservatives of engaging in class warfare, when class warfare is all that they do.
Don McKellar says
The Middle Class is always punished the most by socialism. Of course this is a scam.
Probably through other unrelated factors that develop, inflation may drop off and then they’ll try and take credit. They’ll try and spin it and take credit for something anyway.
Will the American people really rise up and vote as many of these left-fascists out as possible? Have they had enough yet or is more punishment required?
mortimer says
The Dems are rewarding their wealthy patrons … the WELL-TO-DO GODLESS BOLSHEVIKS.
Grace says
Shame on Manchin. He’s been ‘had’ by his own party. They have been mad at him for holding up the expansion bills, They finally got their revenge. None of his constituents will ever trust him again and he may lose his seat. I just hope and pray Christin Cinema holds strong.
Manchin spent all day Sunday on the Sunday News Shows talking up the values of this monstrous tax bill. Act in haste, Joe, you will repent in leisure..
mortimer says
Manchin is now a REVERSE ROBIN HOOD ! Take from the poor and give to the rich!
Infidel says
Thank you, West Virginia, for voting him in! Despite your state being arguably one of the reddest states in the nation
Somehow, none of the Dems know the first thing about economics – that too much money in the system would drive currency inflation
Wellington says
In defense of West Virginia, Infidel, a state I know well because my wife and her many relatives live there and which I have traveled throughout extensively—indeed, my three favorite states are Pennsylvania (though I wish Philadelphia city and county {same thing since 1854} was not part of said Commonwealth), New Hampshire and West Virginia. And of the three, WV is easily the most reliably conservative. Trouble is many older conservatives in WV remain Truman type Democrats (but this is changing fast) and Manchin, the first Roman Catholic elected Governor of West Virginia, has deftly played this up to the hilt except when he hasn’t, like now.
I don’t blame West Virginians, whom, as I have a few times before mentioned at JW, I would far rather have the some one and a half million people there run America for the next ten years rather than the some one and a half million people who live in Manhattan, which I long ago began calling “the Isle of Fools.”
Count on it, i.e., Manchin’s deception in WV is just about the last of its kind. Just as Vermont has flipped from utterly reliably conservative to stupid Leftist and where a RINO can still be elected to office, an example being the current Governor of Vermont, Phil Scott, so can someone posing as an old-fashion Democrat, as Manchin has, be elected in wonderfully conservative West Virginia—but these days are closing fast on such people as Manchin. Real fast.
gravenimage says
So sad to see.
Infidel says
Yeah, that was the state that had so much pork thrown at it by ex Klansman Robert C Byrd that it got a good deal of prosperity from that route. I once drove from Virginia into W Virginia, and the difference once I crossed state lines was stark: On the Virginia side, Charlestown Pike is a narrow, single lane highway, but once one crosses into WV, it becomes multilane – almost like one is entering a major city. Everything that Virginia gets from DC seems to be in the beltway region – Fairfax, Arlington, Prince William, Loudoun, et al, and that seems to be enough for the Dems in Richmond
Wellington says
I will not dispute you about Byrd, Infidel, who gets a pass to this day because he was a Democrat (Klansman too as you mentioned and someone Biden, when he still had what little mind he had in the first place, sided with). Yes, from the very party that pulled for rebellion. against the three Reconstruction Amendments, authorized the KKK and Jim Crow, voted in greater percentages against the landmark 1964 Civil Rights Act than did Republicans, etc.
The wonder of it all is that black America still votes overwhelmingly for Democrats—which is stupid in the extreme. Yes, I am stating point blank that the vast majority of blacks still voting Democratic is foolish beyond any measure. Ten years of Ronald Reagan conservatism, if embraced by 99% of black Americans, would do far more for black America and all of America than another stupid 100 years of Democratic policies. Besides, the Republican Party was born out of opposition to slavery and which the Democratic Party still endorsed. Hell, it still does in the form of substituting the white plantation master for the Democratic plantation master. A la the dismal Biden in 2020, you’re not black if you ain’t votin’ for me—immensely condescending.
But on the matter of West Virginia, it’s a beautiful state. The people are far more sensible collectively than those in states like Massachusetts, California, Delaware and New York. Easily so and why I hope Manchin is the last Democrat ever elected to statewide office in West Virginia, a state I could live in for the rest of my life, never leaving it and with no regrets.
somehistory says
He should have listened to Tucker Carlson.
and he was quoted as saying that he ‘hopes he’s not wrong again.’ bah, humbug.
they don’t care. As long as they get to live in mansions, drive whatever they want to, eat out at the best places as often as they want to, have all of their expenses for paper, stamps, phone calls, a cushy chair and big desk paid for by others, and have reporters hang on their every word, that’s all they care about. Just as the Psalm says, “They are all alike corrupt; there is no one doing good.”
Infidel says
Manchin is one of those establishment types. His daughter Heather Bresch was the CEO of Mylan and involved in the controversy over EpiPen pricing. Don’t look to him to salvage the country any more than you’d look at other Dems such as Schumer or Durban
somehistory says
I don’t look to any of them. There are a couple of decent people in government, but they don’t stand much chance of making any difference in the corruption flowing freely…along with the money gouged from those who actually do hard work.
If I had any trust in the government, I would need to be locked up for profound ignorance bordering on complete mental emptiness. I may be crazy, but I’m not stupid.
Walter Sieruk says
“Big Brother Biden “ is a villain and traitor to America and the American people. So much so, let us not be naïve about him, that if possible he would inflect upon American and Americans a socialist /Marxist tyranny if he could.
As the type of tyrannical government as in, the classic novel 1984 by George Orwell that was later made into a movie. In which , is headed by “Big Brother,” who issued a new speak dictionary with taught “Peace is war” and “Love is hate” and “Freedom is slavery” as well as “Ignorance is strength” and that the State headed by Big Brother declared that if it say “2+2 = 5 then it is 5.”
Likewise Big Brother Biden, first declared,” Inflation is strength.”
Now Big Bother Biden proclaims the Economic failure is “Economic success.”
Walter Sieruk says
What lying gall Joe Biden has. It is Biden and his left- wing Democrats supporters who are against things.
When Biden spoke of his Republican opponents being against “everything” he should first look into the mirror.
Biden must be against low gas prices.
Biden is against American being oil independent.
Biden is against the American free enterprise system.
Biden must be against low food prices
Biden must be against the American worker because of his socialist economic policies
Biden is definitely against a strong firm secure US/Mexican border.
Biden is against funding and supporting the police force
Biden is against supporting our only one good friend in the Middle East the State of Israel.
Biden is against putting the hostile vicious anti. America “mullah regime” of Iran in its place by giving those in power in that Islamic tyranny everything they demand.
Biden is the negative one.
Walter Sieruk says
The bad economy is because of Joe Biden with is socialist economics meddling and interfering in and destroying the American free enterprise system
For Biden is the epitome and personification of America’s economic disaster in the United States.
High prices for fuel and the gas station and at the grocery store are terrible, and, still prices are growing higher. Things will get worse – “thanks” to Biden.
All because of that awful Biden with his socialist economics, he is a disaster for both America and the American people.
That fiend Biden worked against the American oil industry and likewise shut down the American oil pipeline therefore costing US citizens to lose their much need jobs. All of this has to be part of Biden sinister scheme to make the United State dependent on foreign oil.
Biden is, truly, a traitorous treasonous villain.
Walter Sieruk says
Joe Biden isn’t even man enough to accept that he is the one responsible for the very high gas and grocery store prices , therefore Biden tries to shift the blame on Vladimir Putin, when in reality inflation increase before Putin used the Russian military to invade Ukraine. There are many things Putin is guilty of but the high cost for things in American isn’t one of them.
Joe Biden is responsible for the terribly high cost of gas and groceries with his constant socialist meddling and interfering in the American free enterprise system is only harming America and the American people.
Likewise “President” pretender Biden when he shut down the Northern oil pipeline industry causing many American workers to lose their much need jobs is a disaster but to make this terrible situation even worse this results to two awful related things.
It made the United States once against dependent on foreign oil and likewise this added to the already rising prices fuel at the gas station.
That subversive horrible Biden and those “behind the curtains.” Who uphold their stooge in the Office of the US Presidency must have insidious sinister subversive intentions.
They have Biden as their tool for the degradation and debasement of the United States in the Red/Green agenda.
They are a dangerous as they are also despicable.
Walter Sieruk says
Joe Biden with his constant socialist meddling and interfering in the American free enterprise system.is wrecking the economy of this nation.
Biden even destroyed the business of that northern oil pipeline causing many American workers to lose their much-needed jobs. Likewise making the United States once again dependent on foreign oil.
That was one of many factors that contributed high price of gas and groceries.
It was reported on the news the this very high price of fuel .cost men driving trucks for a living so spending as much a one thousand dollars to fill up the gas tanks of their truck, causing many of them to go out of business thus losing their jobs . This is one reason foe high food prices and barren shelves at the grocery market.
Related to this is that by Biden pushing and even attempting to force socialism of the United States economic system also inflection at the grocery store and because many empty shelves, People never saw empty shelves during the Trump administration.
This Bogus US “President” must be deliberately attempting to harm this nation. What a treasonous villain he is.
Other villains who ,”behind the curtains ,” are other treacherous dangerous villains who use this puppet “president” as their useful idiot and tool as one of their weapons against America.
Walter Sieruk says
The ancient Greek Philosopher, Plato, did have a good valid point when he had written “The measure of a man is what he does with power.”
When applying that wise statement to Joe Biden, his “measure” is more than lacking, it’s outright terrible.
From his wrecking the economy of the United States with is socialist economics he keeps attempting to push on the United States and his always striving against the American free enterprise system. As seen in his shutting down the much needs oil pipeline and at the same time causing many American workers to lose their much needed jobs and likewise creating a drastic rise in the price of gas.
The true “measure” of Biden on America regarding fuel costs as well as on many other important subjects is nothing less than a horrendous economic catastrophe.
gravenimage says
Manchin’s ‘Inflation Increase Act’ Raises Taxes on Most Americans to Fund Teslas for the Rich
…………………………..
Just awful.
We’ve considered getting solar panels–we have a roof with a gentle pitch, no overhanging trees, and a fair amount of sunshine every year. But there are huge tax breaks and other incentives through PG&E–why should people, some of whom can barely pay their energy bill, have to subsidize our going solar?