Tax hikes in Biden’s budget would be ‘devastating’ for Americans, says top House tax writer

EXCLUSIVE: The chairman of the House Ways and Means Committee is warning that the tax hikes in President Biden’s proposed budget would have a “devastating” effect on Americans across the country.

“It means a working-class (American) is going to have to pay more to put food on the table, clothes on their backs and gasoline in their cars, because this incredible spending will only fuel inflation. These Biden taxes will only reduce the take home pay for all Americans,” Rep. Jason Smith, R-Mo., told Fox News Digital in an interview Friday.

“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.”

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…