Thursday, December 8, 2022
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‘Read my lips’: Experts say Biden inflation bill raises taxes

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‘Read my lips’: Experts say Biden inflation bill raises taxes

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READ MY LIPS

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“O come, let us worship and bow down: let us kneel before the LORD our maker.”  Psalms 95:6 (KJV) 

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Listen to the article below

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[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=”” text_color=””]R[/fusion_dropcap]esident Biden repeatedly has promised not to raise taxes on the middle class, but experts say the Democrats’ new “inflation bill” effectively does just that.

Most recently, Biden declared in a statement after the Senate passed the Inflation Reduction Act on a 51-50 party-line vote that the legislation “does not raise taxes on those making under $400,000 a year – not one cent.”

However, Biden, Just the News reported, is poised to repeat the mistake President George W. Bush made when he accepted the 1988 Republican president nomination and declared: “I’m the one who will not raise taxes. … My opponent won’t rule out raising taxes. But I will. And the Congress will push me to raise taxes, and I’ll say no, and they’ll push, and I’ll say no, and they’ll push again, and I’ll say to them, ‘Read my lips: No new taxes.’”

In June 1990, however, amid a slowing economy, Bush gave in to the Democrats and agreed to what he called “tax revenue increases” as part of a plan to reduce the deficit.

“Read My Lips: I Lied” a New York Post headline blared, providing fodder for Democratic nominee Bill Clinton, who made Bush a one-term president.

Three decades later, history is poised to repeat itself, with the de facto tax hikes on those making less than $400,000 buried in the Inflation Reduction Act.

Douglas Holtz-Eakin, president of the American Action Forum, explained to Just the News that while there are no income or sales taxes in the bill directly levied on middle-income Americans, the legislation creates a 15% minimum tax for corporations.

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