Will Biden’s social spending plan raise middle-class taxes?


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President Biden said no one who earns less than $400,000 will see their federal taxes go up. This is a lie… In fact, under his plan, the average family earning more than $50,000 will see a tax increase.”

This is a quote from House Republican Minority Leader Kevin McCarthy on Sept. 30 while discussing Biden’s multi-trillion dollar “Build Back Better” plan now under discussion in Congress.

This is a quote from Democratic President Joe Biden On September 26:

“I give you my word as Biden: If you earn less than $400,000 a year, I will never raise your taxes a dime. But I will make those at the top start paying their share of taxes.”

One of these guys is lying. But as they say, there are three kinds of lies – lies, kind lies, and statistics.

While facts are always facts, politicians tend to manipulate statistics to fit a desired outcome.

However, one of these guys is more right than the other. If the proposal becomes law, either taxes for the middle class will rise, or not.

This is “money!” The podcast is about: Going beyond the rhetoric and finding out exactly what Biden’s rebuilding plan for better social spending promises, who will influence it and who will really pay for it.

As you listen, keep in mind that this is a moving target. The bill will likely undergo major changes and spending cuts before it is passed, if at all.

But if nothing else, we thought it would provide a great glimpse into how something as simple as how to pay for public policies often isn’t.

As usual, journalist Miranda Marquette will be giving presentations. He listens and sometimes contributes to producer and novice investor Aaron Freeman.

Sit back, relax and listen to this week’s song “Money!” Audio notation:

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