Biden Endorses Another Tax Hike on the Middle Class

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Posted by John Kartch on Sunday, April 5th, 2020, 12:00 PM PERMALINK

Joe Biden has endorsed yet another tax increase on middle class households. The tax will impose tax increases on every homeowner in the Milwaukee school district.

As noted by the Milwaukee Journal Sentinel, the tax hike measure endorsed by Biden imposes the following tax hike:

If passed, the district's tax rate — the taxes owed per $1,000 of property value — would rise from $9.58 to $11.18. The average rate in Wisconsin is $9.37 for the 2019-20 school year.

A homeowner would see their taxes raised by $1.60 for every $1,000 of their home's value.

This means a typical homeowner in Milwaukee -- where home values averages $123,300, -- would  face a tax hike of $200 per year.

A homeowner with a house worth $300,000 would face a tax hike of $500 per year.

Biden went so far as to say that this is something that he would consider implementing on a national level.

According to a statement put out by his campaign:

"These are the ideas we'll build on in a Biden Administration —we'll triple funding for Title I schools and give teachers a raise, and replace Betsy DeVos with a Secretary of Education who's been in a public school classroom,"

Biden also wants to raise income taxes on middle class households by "eliminating" the Tax Cuts and Jobs Act. Biden's repeal would impose an annual tax hike of $2,000 on a median income family of four and a $1,300 annual tax hike on a single parent with one child.

Biden has endorsed a doubling of the capital gains tax -- to 40 percent -- for "every single solitary person."

Biden has endorsed tax hikes on the American people totaling about $4 trillion. See details at www.atr.org/HighTaxJoe

 

Photo Credit: Gage Skidmore/Flickr

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