Tax hikes in Biden’s budget would be ‘devastating’ for Americans, says top House tax writer
Fox News
House Ways and Means Chair Jason Smith told Fox News Digital the Biden administration is "clearly not" taking the GOP's warning about spending cuts seriously.
"Whether you make less than $400,000 a year or whether you make more than $400,000 a year, the policies within this proposal are going to be devastating." Elizabeth Elkind is a politics reporter for Fox News Digital.
Smith was referring to one of the marquee points of Biden’s progressive fiscal 2024 agenda: an income tax hike from 37% to 39.6% on Americans whose earnings are in the top tax bracket. In total, the plan calls for more than $2 trillion in tax increases on the wealthy the White House claims will offset federal deficits by the same amount over 10 years.
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