Rep. French Hill (R-Ark.), was discussing the Democrats’ massive spending plan and argued that President Biden had already broken his campaign promise not to raise taxes on those earning less than $400,000.
REP. FRENCH HILL SAID: If Joe Biden and Bernie Sanders are successful in getting the $3.5 trillion-plus infrastructure bill through Congress, Americans are going to see higher taxes.
Small businesses, families up and down the income line, you’re going to see enhanced cost everywhere. And some of the offsets they’re talking about in the $3.5 trillion resolution, they say they’re going to raise a minimum of 1.5 or so trillion dollars in taxes, but that’s a minimum.
And you have Democrats in Congress now calling for it to be fully paid for or they’re not going to vote for it. So you expect to see the top rate raise, you expect to see a top rate raised on capital gains, the estate tax rate will go up, the estate tax exclusions will go down. There may be a tax on IRAs of Americans over a certain amount. You’re going to see the corporate tax rate go up. You’re going to see deductions for expensing of investments by small businesses eliminated.
And Joe Biden campaigned on this. He said he wanted to repeal the Trump tax reforms. And you’re going to see that effort. So Joe Biden has already broken his promise about not raising taxes on those making under $400,000.
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