Middle Class Families Brace for President Biden’s Tax Hikes

New data from the Survey of Consumer Expectations shows middle-class families preparing to be hit by Biden’s tax hikes
August 10, 2021 — Blog    — Press Releases    — Select Revenue Measures   

Middle-class families with incomes under $50,000 anticipate a tax hike within a year and those making between $50,000 and $100,000 expect it to be even greater, according to a new report from the Survey of Consumer Expectations.

Middle-class families and Main Street businesses are right to be worried because experts ranging from the non-partisan Joint Committee on Taxation to the liberal Tax Policy Center show President Biden’s tax hikes land on the middle class and harm U.S. workers, retirees, and small businesses.

Key Takeaways:

Middle-class families are right to be worried that President Biden will raise their taxes.

  • Lower- and middle-income taxpayers with income well below $500,000 would carry two thirds of the corporate tax hike.
  • Almost all (98.4 percent) of those impacted by the tax increase have incomes well under $500,000.

Democrats’ runaway spending is driving up inflation and costing middle-class families more every day.

  • In the first six months of the Biden Administration, inflation increased every month, and it appears rising prices will continue to beat wage growth for a seventh consecutive month, meaning inflation under President Biden will continue to shrink the purchasing power of families.