(The Center Square) â Republicans developed a new line of attack against President Joe Bidenâs infrastructure bill that could become the rallying point for the opposition to his major spending plans.
In an interview Sunday, House Minority Leader Kevin McCarthy, R-Calif., blasted Bidenâs infrastructure bill and pushed back against Bidenâs claim that only wealthy Americans will be taxed to pay for it. Anybody making less than $400,000 a year will not pay a single penny in taxes, Biden said in a speech touting his plans last week.
Biden has stressed the $400,000 figure in his speeches and messaging.
McCarthy pushed back against Bidenâs claim in an interview with WABC 770 AM-N.Y.
House Minority Leader Kevin McCarthy (R-Calif.) slammed President Biden’s $2 trillion infrastructure proposal for what he said were misplaced priorities.
House GOP Leader: Biden Infrastructure Plan Will Bring Inflation ‘Tax’ to Lower-Earning Families
House Minority Leader Kevin McCarthy (R-Calif.) said President Joe Biden’s infrastructure proposals would create significant inflation, which would thereby act as a “tax” for people who make less than $400,000.
Biden and his deputies have said they wouldn’t raise taxes on people making less than $400,000 per year. However, due to the sheer size of his two infrastructure proposals, worth about $4 trillion, some economists have warned that it would trigger significant inflation.
“When the president talks about not raising taxes on people under $400,000, that’s a lie. Every day you watch the inflation that he is creating. This is the Biden Tax,” McCarthy said on May 9 in an interview with John Catsimatidis on his radio show on WABC 770 AM.
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Huge Tax Hike From Biden Has Wealthy Americans Upset
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The ultra-rich in America are worried about the Biden Tax Plan. Trillions in new taxes will affect the wealthiest in the United States. The Biden administration will raise the top income and capital gains tax rates, and the richest 1% of taxpayers will carry the burden.
According to the White House, the top income tax rate will increase to 39.6%. Garrett Watson, a senior policy analyst at the Tax Foundation, said households with more than around $540,000 in income fall among the wealthiest 1% of American taxpayers. The new tax revenues are for the American Families Plan. It will fund expanded education, child care, paid leave, and other reforms.