FOLLOW US

At this point in time, Congress is working on passing a $3.5 trillion spending bill. The bill is being sold to Americans as an infrastructure package; although, there is much more than what meets the eye here.

The Democrats' work to pass this bill comes at the behest of President Biden who has already done quite a bit of spending and more since getting into office. In fact, Biden's spending is why the United States is now wrestling with an economic inflation crisis.

However, Biden isn't done yet. He's trying to get this spending bill through Congress; nevertheless, doing so may be easier said than done. This past weekend, Democrat Sen. Joe Manchin confirmed his refusal to vote for the package.

In an evenly split Senate, Manchin's vote is a must if Democrats want this package to land on Biden's desk for a signature. Amid this development, new reports confirm that if Biden's $3.5 trillion spending package goes into law, Americans will be paying more in taxes for years to come.

A guaranteed tax increase

Biden has asserted previously that he won't increase taxes on anyone who earns below $400K on a yearly basis. However, a probe from the Joint Committee on Taxation (JCT) into Biden's expensive spending bill determined this was a lie.

Per the discoveries from the JCT, if Biden's spending bill passes, Americans making over $50,000 will start losing more money to taxes by 2031. The breaking news doesn't stop there, however. The passing of the $3.5 trillion spending bill will additionally ensure that annual earners of $30,000 to $40,000 lose more of their income to taxes by 2027.

The numbers do not lie. Biden's plan will increase taxes on the American public. This comes on top of the present inflation that's projected to last for years on end, thanks to Biden.

Preventing a complete economic breakdown

Ensuring that the $3.5 trillion spending package doesn't make it through Congress is imperative to preventing a complete economic breakdown. Moreover, if Sen. Manchin holds firm and does not vote for this bill, it will not make it onto President Biden's desk.

Right now, Democrats are presently irate with Manchin for having the audacity to say no to Biden's fiscal proposal.