Tucker Carlson just showed how Joe Biden hit Americans with the biggest tax hike in history
Joe Biden’s assault on the American people’s freedoms and prosperity reached another low point.
This time Joe Biden found a secret tax to sock the public with.
And Tucker Carlson just showed how Joe Biden hit Americans with the biggest tax hike in history.
Joe Biden ran for office claiming no one who made less than $400,000 would see their taxes go up on a penny.
But what Biden didn’t tell the public was that the promise did not include inflation.
On Joe Biden’s watch, inflation hit a 40-year high.
At a retreat for House Democrats, Joe Biden lied and claimed the trillions in socialist spending had nothing to do with surging prices.
Tucker Carlson played a clip of Biden shouting like a mad man that it wasn’t true that the government printing trillions in new money devalued the dollar.
After Biden finished, Carlson explained the simple fact that the more money that enters circulation, the less that money is worth.
It is a simple law of supply and demand.
“Notice he doesn’t tell you how it’s simply not true because, in fact, it is emphatically, unequivocally true. Inflation is a function of money supply. The more money you have in circulation, the less that money is worth. Even Joe Biden understands that. The month after Biden became President, the supply of U.S. dollars in circulation increased more than it ever had before in a single month, and then it kept going higher month, after month, after month as the administration and the Congress kept the money taps open, and that’s why we have historic inflation now, because they printed too much money. It’s not complicated, but it’s not the whole story. It did not start with Joe Biden, to be fair,” Carlson began.
Carlson added that thanks to Biden’s reckless spending binges, the price of commodities shot through the roof in what he described as the largest tax increase in history.
“Thanks to the Biden administration’s mismanagement, commodities across the board are up dramatically — potash, fertilizers, wheat — huge. Nickel went up 250 percent in two days. Who’s going to pay for all this? You are. This is the biggest tax increase of your life, and, by the way, it could very easily get worse. Why? Because oil is traded in U.S. dollars. Ever hear the term petrodollars?” Carlson added.
A Moody’s analysis found that inflation cost Americans on average $276 a month.
That’s also why economists describe inflation as the most regressive tax increase.
Since prices rise faster than wages, working class Americans bear the biggest brunt of inflation as they can least afford what amounts to a pay cut.