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.
