<p>A new report published on Tuesday revealed that inflation under President Joe Biden is costing American families an average of $5,000 per year.</p>
<p>The report by the <a href="https://www.washingtonexaminer.com/restoring-america/faith-freedom-self-reliance/new-evidence-that-democrats-are-seeking-a-massive-inflation-booster-shot" target="_blank" rel="noopener">Washington Examiner</a> noted West Virginia Democratic Sen. Joe Manchin is correct to speak out over his concerns regarding inflation that is impacting the nation&#8217;s households worse than any time in the past 40 years.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">The painful Biden inflation tax is costing the typical family $5,000 a year, writes Bruce Thompson.</p>
<p>&quot;Top line: The Senate needs to stop this massive tax and spending bill.&quot;<a href="https://t.co/q9FL0W2JaQ">https://t.co/q9FL0W2JaQ</a></p>
<p>&mdash; Washington Examiner (@dcexaminer) <a href="https://twitter.com/dcexaminer/status/1480918588198379524?ref_src=twsrc%5Etfw">January 11, 2022</a></p></blockquote>
<p>The report based the $5,000 &#8220;Bidenflation tax&#8221; on two recent studies.</p>
<p>&#8220;A new analysis by the Penn Wharton Budget Model found inflation costs the average U.S. household $3,500 in higher prices. The analysis showed that &#8216;inflation requires the average U.S. household to spend around $3,500 more to achieve the same level of consumption of goods and services as in previous years,'&#8221; Bruce Thompson noted in the report.</p>
<p>Worse, the same <a href="https://www.finance.senate.gov/ranking-members-news/average-americans-will-pay-3500-inflation-tax-in-2021">study</a> found that lower-income households are impacted more.</p>
<p>The second part of the inflation &#8220;tax&#8221; was based on inflation pushing taxpayers into higher tax brackets, resulting in higher taxes.</p>
<p>A recent Congressional Budget Office <a class="Link " href="https://republicans-budget.house.gov/press-release/cbo-confirms-higher-inflation-harms-wages-increases-tax-burden-decreases-investment-in-americas-future/" target="_blank" rel="noopener">report</a> showed that just &#8220;a 1 percent increase in inflation would increase individual income taxes by 1.1 percent.&#8221; The two factors combine for tremendous additional stress on American family finances.</p>
<p>&#8220;At today&#8217;s 6.8% inflation rate, this translates into a 7.5% tax increase, a $1,500 tax increase for a household earning the median family income. With $3,500 in lost purchasing power and $1,500 in higher taxes, this painful Biden inflation tax is costing the typical family $5,000 a year,&#8221; Thompson noted.</p>
<p>U.S. Senate Finance Committee Ranking Member Mike Crapo (R-ID) said in a December statement that if the Democrats’ reckless tax-and-spend bill is passed, American households can expect this stealth tax to be even higher.</p>
<p>“Americans have been extremely clear that inflation and rising costs are their top concerns right now,” Crapo <a href="https://www.finance.senate.gov/ranking-members-news/average-americans-will-pay-3500-inflation-tax-in-2021" target="_blank" rel="noopener">wrote</a>.</p>
<p>“Inflation is now at 6.8 percent, reaching a near 40-year high. The producer price index is up 9.6 percent, the fastest pace on record. This analysis is telling us that even without the Democrats’ reckless tax-and-spend legislation, lower-income households will experience a $3,500 stealth tax. If Democrats push forward with their bill, which is front-loaded with inflationary spending and full of job-killing tax hikes, Americans can expect to pay even more to keep up with rising costs without getting ahead,” he added.</p>
<p>An op-ed by Freedom Works economist Stephen Moore highlighted the concern in remarks responding to Biden&#8217;s speech after the December jobs reports.</p>
<p>&#8220;While the president was boasting of wage gains for bartenders, kitchen help and waitresses, he ignored an inconvenient truth: for six straight months now, prices have been rising faster than wages,&#8221; Moore wrote.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">&quot;Most low/moderate income workers are suffering a DECLINE in the purchasing power of their paychecks. The Biden Inflation Tax is a direct result of all the debt spending that is pouring like an uncapped fire hose into the economy. &quot; <a href="https://twitter.com/hashtag/Bidenflation?src=hash&amp;ref_src=twsrc%5Etfw">#Bidenflation</a> <a href="https://twitter.com/hashtag/ampFW?src=hash&amp;ref_src=twsrc%5Etfw">#ampFW</a> <a href="https://t.co/H47FDbjDWr">https://t.co/H47FDbjDWr</a></p>
<p>&mdash; FreedomWorks (@FreedomWorks) <a href="https://twitter.com/FreedomWorks/status/1480580898206756876?ref_src=twsrc%5Etfw">January 10, 2022</a></p></blockquote>
<p>&#8220;Wages are up on average by about 4.6% this past year, but price inflation is up more than 6%,&#8221; he added.</p>
<p>In a related Twitter post, Freedom Works noted: &#8220;Most low/moderate income workers are suffering a DECLINE in the purchasing power of their paychecks. The Biden Inflation Tax is a direct result of all the debt spending that is pouring like an uncapped fire hose into the economy.&#8221;</p>

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Bidenflation ‘Tax’ Costing Americans $5K Per Year