Like many Democrats, Wisconsin Lt. Gov. Mandela Barnes says he wants to cut “middle-class” taxes and make sure the wealthy “pay their fair share.” But an ad from his opponent, Sen. Ron Johnson, in the race for U.S. Senate falsely tells the state’s voters that Barnes wants to “double your income taxes.”
The Inflation Reduction Act proposes to raise over $700 billion in new revenues over 10 years to be spent on energy, climate change initiatives, health care and deficit reduction. But not all of those revenues come via higher taxes. More than half comes from health care savings and from beefed up IRS tax enforcement.
A multipart policy plan released by Sen. Rick Scott on Feb. 22 says “all Americans” should have to pay “income tax,” while saying that “over half of Americans” currently do not. But in an interview later that day, after criticism from congressional Democrats, the Florida senator falsely claimed that he had not suggested increasing federal income taxes for that many people.
To help detect unreported income and narrow the gap between federal taxes collected and owed, the Biden administration has proposed expanding annual reporting requirements for banks and other financial institutions to include the total amounts of money flowing in and out of all business and personal accounts worth at least $600.
The 2022 budget proposed by President Joe Biden would redistribute income, hitting high-income earners with tax increases and providing refundable tax credits to low- and middle-income Americans. Ads from the conservative Club for Growth targeting nine vulnerable Democrats and one centrist Republican in the House, however, distort the impact of the Biden plan on taxpayers.