Democrat President Joe Biden has hinted that Americans already struggling with an inflation crisis can expect looming major tax hikes if he’s re-elected in November.
An increase in taxes would come despite the high inflation rates that have defined Biden’s presidency.
Biden announced the plan in a post on X this week.
He revealed that he plans to end tax cuts that were brought in by President Donald Trump.
However, Biden falsely claims that the tax cuts only benefit “the wealthy and biggest corporations.”
Biden pledged that he would end the tax cut if re-elected.
In the post on X, Biden claimed:
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.
“That tax cut is going to expire.
“If I’m re-elected, it’s going to stay expired.”
Last month, a report from the Tax Foundation explained that Congress has less than two years to prevent “the vast majority” of Americans from getting hit with tax hikes.
The law that Biden wants to let expire is the Tax Cuts and Jobs Act (TCJA) of 2017.
The law simplified tax processes and reduced taxes “across the income spectrum,” the