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Tipsheet

Biden Gets a Harsh Reality Check: Inflation is a Tax Hike and Breaks His Promise

(AP Photo/Alex Brandon)

During the 2020 presidential election, Joe Biden promised not to raise taxes on anyone making less than $400,000. He vowed to stand up for the working class and to protect the paychecks of everyday Americans. 

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"Nobody making under 400,000 bucks would have their taxes raised, period, bingo,” Biden said in May 2020.

But Biden's economic policies as president, which have led to rampant, runaway inflation on items Americans use every day, have broken that promise. 

Americans for Tax Reform has a breakdown of price increases: 

Gasoline has increased 49.6% in the past 12 months, 6.1% in October alone. 

Used cars and trucks have increased 26.4% in the past 12 months. 

Meats, poultry, and eggs have increased 11.9% in the past 12 months. 

Beef has increased 20.1% in the past 12 months. 

Bacon has increased 20.2% in the past 12 months. 

Fresh fish and seafood have increased 11.0% in the past 12 months. 

Furniture and bedding have increased 12.0% in the past 12 months. 

Bread and crackers have increased 7.5% in the past 12 months. 

TVs have increased 10.4% in the past 12 months.

Inflation is a tax that affects everyone, which is why polling shows the vast majority of Americans are concerned. 

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The White House has continually argued current inflation is "transitory" and a "high class" problem.

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