President Joe Biden has proposed trillions of dollars of new tax increases. He has pledged repeatedly that his tax increases will not touch anyone earning less than $400,000. These tax increases, he has promised, will only hit the very wealthy and the largest corporations.

But the president is breaking his pledge. He either does not realize or is ignoring the impact his corporate tax increases will have on millions of middle-class people earning far less than $400,000. Study after study shows that the Biden tax increases will hit millions of working people, consumers, and savers.