WASHINGTON, D.C. – Today, as President Joe Biden keeps promising not to raise taxes on any American making less than $400,000 per year, Senator Rick Scott released the following statement calling attention to the president’s faulty math. Earlier this week, Senator Scott pointed out that Biden’s current plans to tax American businesses and the wealthy falls $2.5 TRILLION short of paying for his entire $6 TRILLION in proposed spending. That means additional tax increases on American families are coming. According to data from the Internal Revenue Service (IRS), to pay for Biden’s current plan, the average taxes owed by families making less than $500,000 would need to increase by $1,600 per year for ten years - a total of $16,000 in new taxes owed over the next decade.
Contrary to his statements, Biden has already broken his promise and raised taxes on American families making under $400,000.
Senator Rick Scott said, “President Biden has already announced his misguided plans to raise taxes on the ‘rich’ and America’s job creators. But we know that those tax hikes alone won’t cut it. Even if he gets his wishes, we still fall $2.5 TRILLION short in paying for the $6 TRILLION in wasteful spending he’s proposed. There’s only one group left for Biden to raise taxes on – hardworking American families. Sure, he promised he wouldn’t do it, but he’s already gone back on his word.
“The numbers don’t lie. Making up $2.5 TRILLION in revenue to pay for Biden’s far-Left agenda is going to cost American families. On average, taxpayers reporting adjusted gross incomes of less than $500,000 will see their tax bills spike by $1,600. That’s $1,600 every year, for the next 10 years.
“Earlier this week, I asked Biden to tell the truth about his plans to raise taxes on American families. We know he won’t come clean, so I’ll tell you what I’m going to do. I’m going to fight Biden’s radical tax and spend agenda every day. With inflation rising and America speeding toward $30 TRILLION in federal debt, the last thing we need is more taxes and more reckless spending. It is time for fiscally responsible Democrats to stand with fiscally responsible Republicans on getting our debt under control and our house in order. The American people deserve accountability.”