Democrats are finally making progress on passing a sweeping tax hike on tens of millions of Americans.
Now, hard numbers are finally being released for the first time.
And one shocking number just showed how Biden’s planned tax hikes could cripple America’s economy.
Democrats have been working for months to try and pass both an infrastructure bill, and an accompanying social spending bill that will number in the trillions.
These two pieces of legislation, among the largest ever debated in Congress since Obamacare in 2009 and early 2010, could amount to the largest agenda item that will ever get to Joe Biden’s desk.
But while Democrats wasted the spring and summer debating the finer details of these bills, it’s now becoming clear what exactly the price tag will look like for their key agenda items, and how much it’s going to end up costing Americans.
With much of the focus centered around how to pass the bill rather than what’s in it, Democrats have managed to get the general public to overlook the sweeping tax hikes that are set to appear in the legislation they plan to pass later this fall.
But now, the cat is finally out of the bag.
Shortly after new details to the bill were released, Americans for Tax Reform published the following: “If the Democrats’ tax-and-spend reconciliation bill is enacted, the average top tax rate on personal income would rise to 57.4 percent, according to the Tax Foundation. This would give the U.S. the highest tax rate in the developed world, and stick all 50 states with a combined federal-state tax rate higher than 50 percent.”
At the top of the list, the highest tax rate in the country would be in New York, with a maximum personal income tax of 66.2%. New York would be followed shortly afterwards by California, with a top tax rate of 64.7%.
This would make both states among the highest taxed in the country, and among the highest taxed places in the entire world.
Rounding out the rest of the top 5 would be New Jersey, Hawaii, and Washington D.C., with an average top tier tax rate of 63.2%, 62.4%, and 62.2% respectively.
But even among conservative leaning states with relatively low tax rates, the Biden-Pelosi-Schumer tax hikes would dramatically raise taxes.
In Kansas, the highest tax bracket would stand at just under 60%, while Ohio’s would be just over 59%.
Even in Florida and Texas, two of the most conservatives states in the country with zero income taxes whatsoever, the highest tax bracket would stand at over 50%.
In fact, there’s not a single place in the country where the highest tax bracket wouldn’t stand at over 50% if the bill were to pass.
Even worse, these tax hikes would give the United States among the highest taxes in the entire developed world, with a set of tax brackets that would rival even socialist nations in western and northern Europe.