Democrats Deal Massive Blow To Middle Class
Is the American dream dying under Biden?
According to a report released by LendingClub on Tuesday, 44 percent of Americans have taken on a second job, which marks a 13 percent rise from the previous administration under Trump.
A survey conducted by FlexJobs has brought attention to the current surge in side jobs during President Joe Biden’s administration. The survey discovered that 69 percent of working professionals either already have a side job or are interested in obtaining one.
Breitbart reports that due to Biden’s 40-year-high inflation, American households have been burdened with an additional cost of $5,200 in 2022, which translates to an average of $433 per month. This rise in cost has led to an increased willingness among individuals to work longer hours at a second job.
As many Americans are compelled to increase their earnings by extending their work hours to a second job, Biden is also proposing to impose more taxes on what is known as the gig economy.
The Internal Revenue Service (IRS) issued a warning to workers in November, stating that they will be required to report any income exceeding $600 to the IRS through a form called the 1099-K. This warning was a consequence of the American Rescue Plan Act of 2021, which was introduced by President Biden.
The aim of this regulation is to urge American workers to contribute their “fair share,” a concept that Biden has previously emphasized for the wealthy, but not for the average American populace, until now.
According to the LendingClub report, 62 percent of Americans, which includes 48 percent of high-income consumers, were found to be living paycheck to paycheck in February. This percentage increased by two points compared to the previous month.
