Senator Todd Young (R-Ind.) has introduced S. Amdt #3444 to S.Con Res. 14, the Fiscal Year 2022 Budget Resolution. This amendment would ensure Democrats keep the Biden pledge to not raise taxes on Americans earning less than $400,000. ATR urges Senators to support and vote YES on this amendment.
President Joe Biden and Vice President Kamala Harris have repeatedly pledged to every American making less than $400,000 that they would not raise a single penny of their taxes. Biden and Harris made the pledge at least 60 times.
Unfortunately, the $3.5 trillion reckless, tax and spend plan being pushed by Biden and Senate Democrats raises taxes on Americans earning less than $400,000 per year.
A new report by the Joint Committee on Taxation released earlier this week found that raising the corporate tax rate to 28 percent, as proposed by Democrats, would raise taxes on American workers and retirees.
Almost 60 percent of the tax would be borne by taxpayers making less than $500,000. Of those impacted by a 28 percent corporate income tax hike, 98.4 percent earn less than $500,000.
The analysis also detailed how low- and middle-income Americans have a stake in the success of U.S. corporations through ownership of stocks, bonds, pensions, IRAs and other retirement accounts. There are 107.8 million U.S. taxpayers with ownership stake in U.S. corporations, 97.7 percent of which earn less than $500,000 a year.
In addition, an analysis by the left-of-center Tax Policy Center found that the tax hikes proposed in President Biden’s budget will raise taxes on 74.1 percent of middle income-quintile households in 2022.
Clearly, Democrats are lying when they claim their tax hikes will not impact Americans earning less than $400,000. Raising the corporate tax would harm millions of middle-class American families by increasing the cost of goods and services, decreasing wages and the availability of new jobs, and reducing the value of stocks, 401(k)s, and other investments. ATR urges all Senators to vote YES on Senator Young’s important amendment.