The Amount Of Inflation Tax Is Higher Than Federal Income Tax

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Americans are paying more to offset the costs of inflation tax since President Joe Biden was elected than they pay toward federal income taxes, according to the Daily Caller News Foundation.

The Amount Of Inflation Tax Is Higher Than Federal Income Tax
The Amount Of Inflation Tax Is Higher Than Federal Income Tax (Photo: The New York Times)

Americans are paying more to balance the inflation tax

Average hourly income rose from $33.60 per hour in June to $33.74 per hour in July, but when adjusted for inflation tax since the beginning of Joe Biden as president in January 2021.

At the average hourly rate for Americans of $33.60, they pay $3.08 per hour in income taxes, far less than what inflation tax has cost the average worker, according to the DCNF.

President Joe Biden’s policies are directly to blame for the inflation tax, a clear violation of his promise not to raise federal income taxes on those making less than $400,000 a year.

Read Also: The Job Salaries Rising Above US Inflation In 2023

Inflation tax rose every year

Inflation tax increased to 3.2% year-over-year in July, up from 3.0% in June after declining from a high of 9.1% in June 2022.

The contributor to that Inflation tax increase was shelter, which rose 0.4% for July, totaling 90% of the increase in Inflation tax.

Read Also: Despite Of Higher Inflation, Travel Spending Continues To Robust

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