Most conservatives and honest observers didn’t believe him at the time. They saw his agenda, understood the price tag would be huge, and figured higher taxes for everyone would be inevitable.
The New York Times revealed this week that skeptics were right to give his “no taxes” vow the side eye after it obtained Biden administration documents showing the president’s actual tax-and-spend plans.
What is the administration planning?
Less than two months into his first term, the president’s team already began changing the terms of Biden’s promise. No longer would his promise to not raise taxes apply to individuals making less than $400,000 — instead, the threshold would apply to families, CNBC reported.
Now, as the White House prepares to officially present its new budget, it appears that Biden’s promise is getting another revision.
The Times reported Thursday that the president’s massive new budget, which he will unveil Friday, “would take the United States to its highest sustained levels of federal spending since World War II.”
Biden’s budget, which starts with a $6 trillion spending plan for this year, would increase total annual spending to $8.2 trillion by 2031.
A spending plan that large will naturally require higher taxes — a fact the Times acknowledged, saying that the plan includes raising taxes on corporations and high earners.
But everyone knows that won’t be enough to cover all the new spending, particularly since the administration has said the “jobs and families plan would be fully offset by tax increases over the course of 15 years,” the Times noted.
So, where will those extra tax dollars come from?
The Times exposed what the text of the documents it obtained: tax hikes for all income levels.
“The documents forecast that Mr. Biden and Congress will allow tax cuts for low- and middle-income Americans, signed into law by President Donald J. Trump in 2017, to expire as scheduled in 2025,” the Times reported. “Mr. Biden has said he will not raise taxes on people earning less than $400,000 a year. It is possible that he could propose to extend the Trump tax cuts for those earners in a future budget, potentially coupled with additional tax increases on high earners or businesses.”
But there are zero reports of any such proposal even being discussed by this White House.
Republicans blasted the massive budget plan and the coming tax hikes for middle and lower incomes.
“President Biden’s budget blunder sets us up for an even worse economic recovery than the Obama-Biden record of the slowest in history,” House Ways and Means ranking Republican Kevin Brady (Texas) said, according to the Times. “Lower- and middle-income families are already suffering under the stealth tax of higher prices. Now the president wants their income taxes to go up as well.”