Adam Sabes

Biden: "On Day One, I Will Move to Eliminate Trump's Tax Cuts."


Posted by Adam Sabes on Sunday, June 23rd, 2019, 2:04 PM PERMALINK

2020 Democratic presidential candidate Joe Biden said he would "move to eliminate" the Tax Cuts and Jobs Act on his first day in office if elected.

"And folks, on day one, I will move to eliminate Trump's tax cuts," Biden said during the South Carolina Democrat Convention on Saturday.

[Click here for video]

This is at least the eighth time that Biden has threatened to repeal the TCJA.

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  • The USA would have the highest corporate income tax rate in the developed world.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • The AMT would snap back to hit millions of households.
  • Millions of households would see their child tax credit cut in half.
  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

In South Carolina, where Joe Biden spoke, households with the median income of $50,570 received an average tax cut of around $1,341 according to a recent Tax Foundation report.

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.

In South Carolina -- where he made his most recent threat to repeal the TCJA -- residents received a 23.2% tax cut.

Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.

See also:

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”


Posted by Adam Sabes on Tuesday, June 18th, 2019, 9:22 AM PERMALINK

[See also: 75 conservative groups tell congress: "We oppose ANY carbon tax."]

Joe Biden said Monday that the first thing he’d do as president is “eliminate” the Tax Cuts and Jobs Act:

“First thing I would do as president is eliminate the president’s tax cut,” Biden said during the Poor People's Forum in Washington, D.C. on Monday.

[Click here for video]

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  • The USA would have the highest corporate income tax rate in the developed world.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • The AMT would snap back to hit millions of households.
  • Millions of households would see their child tax credit cut in half.
  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

In Washington, D.C., where Joe Biden spoke, households with the median income of $82,372 received an average tax cut of around $1,990, according to a recent Tax Foundation report.

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.

In D.C. - where he made the threat to repeal the TCJA - residents received an 18.0% tax cut.

Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.

See also:

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Bernie Sanders claims people would be “delighted to pay more in taxes”


Posted by Adam Sabes on Tuesday, June 18th, 2019, 8:46 AM PERMALINK

2020 Democratic candidate Bernie Sanders said on CNN Wednesday, June 12, that American citizens would be “delighted” to pay more in taxes.

[Click here to watch]

“I suspect that a lot of people in this country would be delighted to pay more in taxes if they had comprehensive healthcare as a human right,” said Sanders on CNN.

He said that other countries like Germany have healthcare for all, and questions why the United States cannot do the same.

However, raising taxes on the American people is nothing new for Sanders, as Americans for Tax Reform has pointed out.

“You’re going to pay more in taxes,” Sanders said during a Fox News town hall in Bethlehem, Pennsylvania on April 15. At the same town hall, he said, “Are people going to pay more in taxes? Yes.”

[Click here for video]

“And yes, we have to raise individual tax substantially higher than they are today,” Sanders said during an interview with Jake Tapper on July 5, 2015. 

On a separate CNN townhall hosted by Chris Cuomo in Des Moines, Iowa on Jan. 25, 2016, Sanders promised that “yes, we will raise taxes, yes we will.”

See also:

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Biden: Tax Cuts Will be “Gone” If I’m Elected


Posted by Adam Sabes on Thursday, June 13th, 2019, 10:37 AM PERMALINK

Joe Biden said during a campaign stop in Iowa that if he’s elected, the Tax Cuts and Jobs Act will be “gone.”

[Click here for video]

“And look, the tax cut he passed, for multimillionaires and billionaires, guess what, when I’m president it’s gone, it’s gone,” Biden said during a campaign stop in Davenport, Iowa.

This is the sixth time Biden has threatened to repeal the TCJA.

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  •          A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  •          A single parent (with one child) making $41,000 would see a$1,300 tax increase.
  •         Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  •         Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  •          Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  •          The USA would have the highest corporate income tax rate in the developed world.
  •          Taxes would rise in every state and every congressional district.
  •         The Death Tax would ensnare more families and businesses.
  •          The AMT would snap back to hit millions of households.
  •          Millions of households would see their child tax credit cut in half.
  •          Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

In Iowa, where Biden spoke, households who made the state average income of $58,570, received a tax cut of around $1,423.99, according to a recent Tax Foundation report.

As noted by the New York Times, thanks to the GOP tax cuts, “Most people got a tax cut.”

The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.

In Iowa - the state he made the threat to repeal the TCJA - residents received a 24.0% tax cut.

Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.

See also:

Kamala Harris: Trump Committed “Tax Fraud” by Passing Tax Cuts

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Kamala Harris: Trump Committed “Tax Fraud” by Passing Tax Cuts


Posted by Adam Sabes on Tuesday, June 11th, 2019, 3:22 PM PERMALINK

At an Iowa Democratic Hall of Fame Event on June 8, Kamala Harris claimed that Donald Trump committed “tax fraud” by passing the TCJA.

[Click here for video]

“He said he was for working people, then he passed a tax bill benefiting the top one percent and the biggest corporations in this country. That’s tax fraud,” Harris said during the event.

As a lawyer, Harris should know better than to misuse the term “fraud.” But speaking of dishonesty, Harris continues to mislead audiences about the GOP tax cuts, which benefited every income group in every congressional district

Harris is guilty of what the New York Times has described as “a sustained – and misleading – effort by liberal opponents of the law to brand it as a middle-class tax increase.”

When Joe Biden made a similar claim, saying that only high-income households received a tax cut, The Washington Post gave his claim four Pinocchios, noting it was “clearly false.” 

The Washington Post also stated: “Most Americans received a tax cut.”

As noted by the New York Times: “Most people got a tax cut.”

More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”

Over the course of the campaign, Kamala Harris has been running on repealing the TCJA, claiming three times that she’d repeal it “on day one.”

“On day one, we’re going to repeal that tax bill that benefited the top 1% and the biggest corporations in our country,” during a campaign stop in Birmingham, Alabama on Friday.

“On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,”  Harris said during a stop in New Hampshire on May 15.

While Harris was speaking at a NAACP fundraiser in May, she threatened to “get rid of the whole thing,” if elected president.

See also:

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Kamala Harris: I Will Repeal Tax Cuts “on day one”


Posted by Adam Sabes on Tuesday, June 11th, 2019, 11:31 AM PERMALINK

Kamala Harris once again is calling for the repeal of the Tax Cuts and Jobs Act, and says she’ll do it “on day one” if elected.

[Click here for video]

Harris said: “On day one, we’re going to repeal that tax bill that benefited the top 1% and the biggest corporations in our country,” during a campaign stop in Birmingham, Alabama on Friday.

In the past month, she’s called for repealing the TCJA a total of three times.

On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,” Harris said during a stop in New Hampshire on May 15.

While Harris was speaking at a NAACP fundraiser in May, she threatened to “get rid of the whole thing,” if elected president.

A promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase.

  • A single parent (with one child) making $41,000 would see a $1,300 tax increase.

  • Millions of low and middle income households would be stuck paying the Obamacare individual mandate tax.

  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.

  • Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.

  • The USA would have the highest corporate income tax rate in the developed world.

  • Taxes would rise in every state and every congressional district.

  • The Death Tax would ensnare more families and businesses.

  • The AMT would snap back to hit millions of households.

  • Millions of households would see their child tax credit cut in half.

  • Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.

In Alabama, where Harris promised to repeal the TCJA, households making the average income, $48,123, received an average tax cut of around $836.64, according to a recent Tax Foundation report. According to the same report, every congressional district in America received a tax cut.

As noted by the New York Times: “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”

The Washington Post also stated: “Most Americans received a tax cut.”

More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”

In Harris’s home state of California, the report found that residents received a 27.1% reduction in their taxes, on average. In the state where Harris made the tax hike threat – Alabama – residents received a 24.2 percent tax cut on average.

See also:

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


For the third time, Biden says Capital Gains Tax is “too low”


Posted by Adam Sabes on Wednesday, June 5th, 2019, 5:16 PM PERMALINK

For the third time in a week, Joe Biden said the capital gains tax is “too low.”

[Click here for video]

“You go out and you make a capital gain you make a little bit of money on an investment you made and you're about to go and cash it in.  You cash it in, you pay - now it's down to 20% is too low - but you pay you used to pay them 28%," Biden said during a campaign stop in Concord, New Hampshire on Tuesday evening.

This is the third time in a week Biden described the current capital gains tax as “too low.” Earlier in the day on Tuesday during a campaign stop in Berlin, New Hampshire, Biden said:

“If you make a gain, you buy something, you buy stock or anything else and that increases from $1 to $2 or $1 - $2 million, and you want to cash it in, get the cash, you got to pay a capital gains tax much lower than what you’d pay in your regular taxes. It’s much too low now in my view, but that’s a different issue.”

On May 28, during a town hall in Houston, Biden said:

“You buy something, you buy stock at a dollar it goes to two dollars. You buy a Million, it goes to a million five. When you cash that in to make the gain you made, you have to pay a capital gains tax, which I believe is much too low.

Biden’s comments and his voting record in the Senate mean voters should expect him to push for capital gains tax hikes if elected. In his time in the Senate, Biden consistently voted against tax cuts on capital gains.

Raising the capital gains tax would harm the ability of Americans to build a nest egg and hurt the value of their homes, farms, and businesses.

In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.

In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.

Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.

Currently, long-term capital gains are taxed at zero percent, 15 percent, 20 percent, or 23.8 percent, depending on income level.

See Also:

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Biden again says capital gains tax is “Much too Low”


Posted by Adam Sabes on Tuesday, June 4th, 2019, 5:32 PM PERMALINK

Joe Biden said for a second time that the capital gains tax is “much too low, during a campaign stop Monday in Berlin, New Hampshire.

Biden said:

“If you make a gain, you buy something, you buy stock or anything else and that increases from $1 to $2 or $1 - $2 million, and you want to cash it in, get the cash, you got to pay a capital gains tax much lower than what you’d pay in your regular taxes. It’s much too low now in my view, but that’s a different issue.”

This is the second time in a week Biden described the cap gains tax as “much too low.” On May 28, during a town hall in Houston, Biden said:

“You buy something, you buy stock at a dollar it goes to two dollars. You buy a Million, it goes to a million five. When you cash that in to make the gain you made, you have to pay a capital gains tax, which I believe is much too low.”

Biden’s comments and his voting record in the Senate mean voters should expect him to push for capital gains tax hikes if elected. In his time in the Senate, Biden consistently voted against tax cuts on capital gains.

Raising the capital gains tax would harm the ability of Americans to build a nest egg and hurt the value of their homes, farms, and businesses.

In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.

In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.

Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.

Currently, long-term capital gains are taxed at zero percent, 15 percent, 20 percent, or 23.8 percent, depending on income level.

See Also:

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”


Joe Biden is the Walter Mondale of 2020

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Posted by Adam Sabes on Tuesday, June 4th, 2019, 12:57 PM PERMALINK

Americans for Tax Reform Communications Associate Adam Sabes wrote an op-Ed in The Hill, arguing that Joe Biden is the Walter Mondale of 2020 because of his repeated threats to repeal the Tax Cuts and Jobs Act.

Joe Biden opened his much hyped 2020 presidential campaign last month by proclaiming the “first thing” he would do if elected is to repeal the Tax Cuts and Jobs Act. That means the middle class would see a tax increase. Does that sound eerily familiar? It is because Walter Mondale made a similar promise when he ran for president against Ronald Reagan,” Sabes wrote.

Sabes said that if Biden gets his way and repeals the Tax Cuts and Jobs Act, our economy would suffer.

“This plan to undo the tax law would damage our national economic competitiveness and harm jobs and wages by raising the corporate tax from 21 percent back to 35 percent, the highest rate in the developed world. The small business deduction of 20 percent on any pass through income would disappear if Biden fulfills his promise, hurting millions of sole proprietorships, limited liability companies, and more,” he wrote.

While running on repealing the TCJA may work for him now, the same strategy cannot be used during the general election, Sabes contended.

“Running on a repeal of the Tax Cuts and Jobs Act may be convenient for Biden during a Democratic primary where he can gain a lot of support for the idea. But this is not a winning strategy in the general election and he could more than likely attempt to backtrack. Voters will see through it."

Photo Credit: Center for American Progress/Flickr


Biden calls for “end-to-end high speed rail system that will connect the coasts”

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Posted by Adam Sabes on Tuesday, June 4th, 2019, 11:35 AM PERMALINK

Paid for by repeal of Trump tax cuts

Joe Biden has called for “the construction of an end-to-end high-speed rail system that will connect the coasts” – paid for by repealing the Trump tax cuts.

Biden’s new proposal echoes the Green New Deal, which he described as “a crucial framework.”

The Biden document states:

“With respect to passenger rail: He’ll start by putting the Northeast Corridor on higher speeds and shrinking the travel time from D.C. to New York by half – and build in conjunction with it a new, safer Hudson River Tunnel. He will make progress toward the completion of the California High-Speed Rail project. He will expand the Northeast Corridor to the fast-growing South. Across the Midwest and the Great West, he will begin the construction of an end-to-end high-speed rail system that will connect the coasts, unlocking new, affordable access for every American.”

This high-speed rail concept was contained in the original Green New Deal explanatory document, which called for the government to “build out high-speed rail at a scale where air travel stops becoming necessary.”

The new Biden document suggests a tax hike of $1.7 trillion and calls for “rolling back” the Trump tax cuts. Biden has threatened to repeal the Tax Cuts and Jobs Act on at least five occasions, as shown by this video compiled by Americans for Tax Reform. 

See also:

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

Photo Credit: Kelly Kline/Flickr


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