John Kartch

Pence Calls Out Biden Threats to Raise Taxes

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Posted by John Kartch on Thursday, July 2nd, 2020, 4:16 PM PERMALINK

Today on CNBC's Squawk on the Street Vice President Mike Pence noted that Joe Biden's plan to raise taxes and increase regulations are a major long-term threat to the economy:

"I think the only long-term threat to a vibrant, American economy is the kind of policies that Joe Biden and the democrats are advocating. where you have a president who built this economy on a foundation of tax cuts and rolling back red tape and unleashing American energy Joe Biden you've got -- even this week in the midst of a challenging times in the life of our economy, Joe Biden said he's going to raise taxes in America."

Pence is absolutely right. Joe Biden has promised that if he is elected, he will repeal the Trump tax cuts. Such repeal which will raise taxes on most Americans.

"Guess what, if you elect me, your taxes are going to be raised, not cut," Biden told an individual who benefited from the Tax Cuts and Jobs Act during a rally in South Carolina.

If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:

  • Every household claiming the child tax credit will see their child tax credit cut in half.
  • A family of four earning the median income of $73,000 would see a $2,000 tax increase each year.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase each year.
  • Under Biden the USA would have the highest corporate income tax rate in the developed world, higher than China (25 percent), the United Kingdom (19 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Small employers will face tax increases due to the increase in marginal income tax rates and the repeal of the TCJA 20% deduction for small business income.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase. 
  • Every household claiming the standard deduction will 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.
     

Even left-leaning media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:


On tax policy, Biden has a history of lying to the American people. He lied 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.

To stay up-to-date on Biden's tax hikes, visit ATR.Org/HighTaxJoe


Democrats Call For Carbon Tax

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Posted by John Kartch on Tuesday, June 30th, 2020, 1:30 PM PERMALINK

 

Democrats want to impose a carbon tax on the American people:

-Today the House Democrat "climate crisis" committee endorsed a carbon tax.

-Joe Biden has endorsed a carbon tax.

-The official Democratic Party platform calls for a carbon tax.

Today, Democrats on the House Select Committee on the Climate Crisis released a new climate action plan calling for a national carbon tax:

“Congress should establish a carbon pricing system designed to achieve America’s economywide greenhouse gas emissions reduction goal of net-zero by no later than 2050.” 

The pro-carbon tax position is in line with Joe Biden, who endorsed a carbon tax on Sept. 4, 2019 during a CNN town hall:

CNN's Anderson Cooper: "Would you support a carbon tax? Some other candidates say they would."

Biden: "Yeah, no, I would."

Click here to see Biden's endorsement of a carbon tax.

A Biden carbon tax would significantly increase household costs such as cooling and heating, transportation, and groceries. The tax would also put a severe strain on small businesses who already operate on tight margins.

Carbon taxes are highly unpopular with voters. In fact, carbon tax advocates have yet to get a carbon tax passed in a single blue state, as this timeline shows.

Carbon taxes also saddle state and local governments with huge costs. In Canada, a Calgary school district was forced to kick 400 kids off the school bus program in order to pay a $3.3 million carbon tax bill.

The Democrat call for a carbon tax sets up a clear contrast for voters. Republicans are united in opposition to any carbon tax. The Republican Party platform states: "We oppose any carbon tax"

To read more about Biden's tax hikes, visit ATR.org/HighTaxJoe

 

Photo Credit: KP Tripathi


How the Tax Cuts and Jobs Act is Helping DC Residents and Businesses

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Posted by John Kartch on Sunday, June 28th, 2020, 7:00 AM PERMALINK

Thanks to the Tax Cuts & Jobs Act, below are several examples of local good news in Washington, D.C. (Additions to this list can be sent to jkartch@atr.org)

Right Proper Brewing Company (Washington, D.C.) -- The Tax Cuts and Jobs Act helped create new jobs and prevent a consumer price increase:

At Right Proper Brewing Company in Washington, D.C., the tax cut saved the company more than $13,000. The brewery produces roughly 600 barrels annually at its restaurant and another 3,200 barrels at its production house in Northeast D.C., which opened in December 2015, co-owner Leah Cheston said.

 With the rate of $3.50 per barrel, the reduced federal excise taxes have allowed Cheston to keep prices at Right Proper's brewpub low, especially when compared with other restaurants in the area.

 "It's prevented us from having to raise prices because everything increases constantly," she said. "To get that break is great. As a small business, every little bit counts."

In addition to keeping its prices the same at its restaurant, Right Proper was able to boost the hours of one employee to full time and hire another part-time worker. -- Sept. 26, 2019 Washington Examiner article

Pepco (Washington, D.C.) – The utility is passing along tax savings to customers:

Pepco today announced they will file with the Public Service Commission of the  District of Columbia in early February, outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018.       

The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018. The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have  to pay. 

“The tax law will result in lower bills for our customers and lower taxes for Pepco,” said Dave Velazquez, President and CEO, Pepco Holdings, which includes Pepco. – Jan. 5 2018, Pepco press release

Washington Gas Light (Washington, D.C.) – The utility is passing along tax savings to customers:

The Public Service Commission of the District of Columbia approved an additional, one time bill credit for all Washington Gas Light Company customers in the District. (Formal Case No. 1151, Order No. 19720). The Commission took action to require Washington Gas to pass on to customers $5.2 million in additional savings that the company has realized as a result of the federal Tax Cuts and Jobs Act of 2017. The credit will appear on customer’s bills for gas distribution service during the December 2018 billing cycle, in an amount depending on the customer’s usage. For a typical residential heating/cooling customer, the credit will be approximately $20. The credit comes at a time when gas distribution bills tend to go up because of increase use for winter heating. 

This is the second time that the Commission has required Washington Gas to pass on savings from the Tax Cuts Act to customers. The Commission previously ordered Washington Gas to lower its distribution rates starting in August 2018 to reflect $8.2 million in projected annual tax savings going forward. Since that time WGL residential heating/cooling customers have received on average a monthly bill savings of about $2.63. Wednesday’s action reflects tax savings from January 1 through July 31, 2018 that were not included in the August order. - October 18, 2018 Public Service Commission of the District of Columbia document

MidCity (Washington, D.C.) -- The company is building an apartment complex in an Opportunity Zone created by the Tax Cuts and Jobs Act:

A new 108-unit apartment building at 1400 Montana Ave. NE is among the District's first projects under the federal government's new opportunity zone program, enacted as part of the Tax Cuts and Jobs Act of 2017. Under the program, anyone who invests in a designated "opportunity zone" — typically economically distressed neighborhoods — can receive tax incentives. Mayor Muriel E. Bowser (D) designated 25 locations in the District as opportunity zones, including the Brentwood neighborhood in Northeast.

MidCity, which has developed more than 15,000 units across the United States and owns about 9,000 units in the District and in Maryland, is financing 1400 Montana with its first opportunity fund. Construction is anticipated to begin in spring 2020 and be complete by the summer of 2021.

The project will include 11 affordable units available to households earning 60 percent of area median income, which is $121,300 for a household of four in the D.C. metro area. Eligibility requirements are based on household size as well as income. The apartment building will have a roof terrace, a fitness center, a lounge for residents and workspaces, as well as parking for 34 cars.

The new project is adjacent to MidCity's 20-acre Brookland Manor property, which is being redeveloped in several phases into RIA, a mixed-income, mixed-use project that will eventually have 1,800 residential units. That site is also designated as an opportunity zone, which will assist MidCity, along with charitable and public financing, in supporting community development and infrastructure improvements. -- July 10, 2019 Washington Post article

EJF Development -Washington, DC (Washington, D.C.) -- The company announced they will be building a 262-unit mixed-use, mixed-income, multifamily community located in an Opportunity Zone created by the Tax Cuts and Jobs Act:

EJF Capital LLC ("EJF"), Donatelli Development ("Donatelli") and Blue Skye Development today announced the development of a 262-unit mixed-use, mixed-income, multifamily community in the Hill East neighborhood of Southeast Washington, D.C. Hill East is a 67-acre master planned development in an area certified as an "Opportunity Zone" under the Tax Cuts and Jobs Act of 2017 ("TCJA") which offers investors attractive tax benefits to create economic growth. The approximately $95 million project is under construction and is expected to be completed in August 2020. Eagle Bank is providing $59.5 million of construction financing.

Located adjacent to the Stadium-Armory Metro station at the corner of 19th Street and Massachusetts Avenue S.E., the project is only 1.6 miles east of the U.S. Capitol and offers easy access to major employment areas throughout Capitol Hill and downtown Washington D.C. The project will also offer 13,000 square feet of retail.

"We are thrilled to partner with Donatelli Development on this project. Hill East is a major Opportunity Zone development that will transform the area just east of Capitol Hill and west of the Anacostia River," said EJF Co-founder and Chief Operating Officer, Neal Wilson. "This anchor project will make a major contribution to the neighborhood by adding hundreds of construction jobs and creating the momentum necessary for the successful long-term growth of the Hill East neighborhood." -- May 29, 2020 press release

Enlightened (Washington, D.C.)  – Moving locations in Washington D.C. as a direct result of the Tax Cuts and Jobs Act, which allows the company to be closer to their customers:

Hope is building at the corner of MLK Ave and Good Hope Road in Southeast. 

For the first time in more than 50 years, a large company will move across the Anacostia. It is a direct result of a portion of the Tax Cuts and Jobs Act of 2017: Opportunity Zones.

Will it be a boom or a sign of change for the residents of Ward 8? In this project, the hopes of an entrepreneur and community ride together.

Antwanye Ford thinks there is a positive way to redevelop impoverished neighborhoods in D.C. In fact, he is willing to bet on it. 

The CEO of tech firm Enlightened is prepared to move his K Street business to the corner of MLK and Good Hope.

"For me I am closer to my customers in Northwest," Ford said. "I’m closer to my home so for me moving (to Ward 8)."

"It’s gonna be less convenient because it’s more important for me to be here." – February 1, 2020, WUSA9 Article.

Walmart - Washington D.C. employees at 3 Walmart stores received tax reform bonuses, wage increases, and expanded maternity and parental leave. Walmart employees who adopt children will be given $5,000 to help cover expenses.

Starbucks Coffee Company (91 locations in Washington, D.C.) – $500 stock grants for all  retail employees, $2,000 stock grants for store managers, and varying plant and support center employee stock grants, totaling more than $100 million in stock grants. Nationally, 8,000 new retail jobs and 500 new manufacturing jobs; an additional wage increase this year, totaling approximately $120 million in wage increases, increased sick time benefits and parental leave.

T.J. Maxx – (Four locations in Washington, D.C.) – Tax reform bonuses, retirement plan contributions, parental leave, enhanced vacation benefits, and increased charitable donations:

The 2017 Tax Act benefited the Company in the fourth quarter and full year Fiscal 2018. The Company expects to continue to benefit from the 2017 Tax Act going forward, primarily due to the lower U.S. corporate income tax rate. As a result of the estimated cash benefit related to the 2017 Tax Act, the Company is taking the following actions:

Associates

  • A one-time, discretionary bonus to eligible, non-bonus-plan Associates, globally
  • An incremental contribution to the Company’s defined contribution retirement plans for eligible Associates in the U.S. and internationally
  • Instituting paid parental leave for eligible Associates in the U.S.
  • Enhancing vacation benefits for certain U.S. Associates

Communities

Made meaningful contributions to TJX’s charitable foundations around the world to further support TJX’s charitable giving – Feb. 28, 2018 The TJX Companies Inc. press release excerpt

AT&T $1,000 bonus to 222 D.C. employees; Nationwide, $1 billion increase in capital expenditures.  

Apple (One store location in Washington, D.C.) -- $2,500 employee bonuses in the form of restricted stock units; Nationwide, $30 billion in additional capital expenditures over five years; 20,000 new employees will be hired; increased support of coding education and science, technology, engineering, arts, and math; increased support for U.S. manufacturing.

Lowe's -- 150+ employees at one store in Washington, D.C. -- Employees will receive bonuses of up to $1,000 based on length of service, for 260,000 employees; expanded benefits and maternity/parental leave; $5,000 of adoption assistance

Ryder (One location in Washington, D.C.) - Tax reform bonuses for employees.

Best Buy -- Two stores in Washington, D.C. - $1,000 bonuses for full-time employees; $500 bonuses for part-time employees.

Bank of America (Three locations in Washington, D.C.) - $1,000 bonuses. 

Home Depot - One location in Washington, D.C., bonuses for all employees, up to $1,000.

Dollar Tree, Inc. (Multiple locations in Washington, D.C.) Nationwide, $100 million investment in raising base wages, enhanced benefits, including maternity leave for qualifying employees and employee training. 

Waste Management Inc. (Locations in Washington, D.C.) -- $2,000 bonuses:

In light of the meaningful contributions of its employees and the new U.S. corporate tax structure, the company will distribute US $2,000 in 2018 to every North American employee not on a bonus or sales incentive plan; that includes hourly and other employees.

“We are about to get a tax benefit as our U.S. corporate tax rate goes from 35 percent to 21 percent. In considering how to best spend that, we wanted to find a way to help grow our economy, which in turn, will help grow our business, and give some of the tax savings back to those hardworking employees who do not get the opportunity to participate in our salaried incentive plans,” said Jim Fish, president and chief executive officer, Waste Management.

“So, we are offering each North American hourly full-time employee and salaried employee who does not participate in any sales incentive or bonus plan during 2018, a cash bonus of US $2,000 to show our appreciation to so many of our valued employees while growing our business and returning a good portion of the tax savings directly to the overall economy,” he continued. – Jan. 10 2018, Waste Management Inc. press release excerpt

Chipotle Mexican Grill (Multiple locations in Washington, D.C.) - Bonuses ranging from $250 to $1,000; increased employee benefits; $50 million investment in existing restaurants.

U-Haul (Multiple locations in Washington, D.C.) - $1,200 bonuses for full-time employees, $500 for part-time employees.

FedEx (Multiple locations in Washington, D.C.) – Accelerated and increased compensation; pension plan contributions:

FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

  • Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance- based incentive plans for salaried personnel.
  • A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.
  • Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States-- Jan. 26 2018, FedEx press release

McDonald’s (25+ locations in Washington, D.C.) – Increased tuition investments which will provide educational program access for 400,000 U.S. employees. $2,500 per year (up from $700) for crew working 15 hours a week, $3,000 (up from $1,050) for managers, and more:

McDonald’s Corporation today announced it will allocate $150 million over five years to its global Archways to Opportunity education program. This investment will provide almost 400,000 U.S. restaurant employees with accessibility to the program as the company will also lower eligibility requirements from nine months to 90 days of employment and drop weekly shift minimums from 20 hours to 15 hours. Additionally, McDonald’s will also extend some education benefits to restaurant employees’ family members. These enhancements underscore McDonald’s and its independent franchisees’ commitment to providing jobs that fit around the lives of restaurant employees so they may pursue their education and career ambitions.

The Archways to Opportunity program provides eligible U.S. employees an opportunity to earn a high school diploma, receive upfront college tuition assistance, access free education advising services and learn English as a second language.  

“Our commitment to education reinforces our ongoing support of the people who play a crucial role in our journey to build a better McDonald’s,” said Steve Easterbrook, McDonald’s President and CEO. “By offering restaurant employees more opportunities to further their education and pursue their career aspirations, we are helping them find their full potential, whether that’s at McDonald’s or elsewhere.”

Accelerated by changes in the U.S. tax law, McDonald’s increased investment in the Archways to Opportunity Program includes:

    • Increased Tuition Investment:
      • Crew: Eligible crew will have access to $2,500/year, up from $700/year.
      • Managers: Eligible Managers will have access to $3,000/year, up from $1,050.
      • Participants have a choice for how they apply this funding – whether it be to a community college, four year university or trade school. There is no lifetime cap on tuition assistance – restaurant employees will be able to pursue their education and career passions at their own pace. The new tuition assistance is effective May 1, 2018 and retroactive to January 1, 2018.
    • Lowered Eligibility Requirements: Increase access to the program by lowering eligibility requirements from nine months to 90 days of employment. In addition, dropping from 20 hours minimum to 15 hours minimum (roughly two full time shifts) per week to enable restaurant employees more time to focus on studies.
    • Extended Services to Families: Extension of Career Online High School and College Advisory services to restaurant employees’ family members through existing educational partners Cengage and Council for Adult and Experiential Learning (CAEL).
    • Additional Resources: Career exploration resources for eligible restaurant employees to be available later this year.
    • Creation of an International Education Fund: Grants to provide local initiatives and incentives in global markets to further education advancement programs.
       

“Since its inception, Archways to Opportunity was meant to match the ambition and drive of restaurant crew with the means and network to help them find success on their own terms,” said David Fairhurst, McDonald’s Chief People Officer. “By tripling tuition assistance, adding education benefits for family members and lowering eligibility requirements to the equivalent of a summer job, we are sending a signal that if you come work at your local McDonald’s, we’ll invest in your future.”

After launching in the U.S. in 2015, Archways to Opportunity has increased access to education for over 24,000 people and awarded over $21 million in high school and college tuition assistance. Graduates have received college degrees in Business Administration, Human Resources, Communications, Accounting, Microbiology and more. – March 29, 2018 McDonald’s Corporation press release excerpt 

Wells Fargo (22 locations in Washington D.C.) - Raised base wage from $13.50 to $15.00 per hour; $400 million in charitable donations for 2018; $100 million increased capital investment over the next three years.

Note: If you know of other Washington D.C. examples, please email John Kartch at jkartch@atr.org 

The running nationwide list can be found at www.atr.org/list

More from Americans for Tax Reform


Goldman Sachs: Biden Tax Hikes May Pose Greater Economic Threat Than Coronavirus

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Posted by John Kartch on Thursday, June 11th, 2020, 12:30 PM PERMALINK

A Goldman Sachs client note said Joe Biden's tax hikes may pose a greater economic threat than the coronavirus.

As reported by Fox Business:

“Although the coronavirus has caused the sharpest decline in economic activity on record, in some ways tax policy represents a larger risk to earnings and consequently to equity prices,” wrote David Kostin, chief U.S. equity strategist at Goldman Sachs.

As reported by CNN:

Goldman Sachs warns that Biden's tax plan, combined with an expected drag on GDP, would lower next year's S&P 500 per-share earnings by $20 to $150.

Biden wants to impose a series of steep tax increases on the American people. He wants to raise the corporate tax rate to 28 percent, from the current rate of 21 percent. This would give the U.S. a higher corporate rate than Communist China.

Biden also wants to impose a 40 percent capital gains tax on "every single solitary person." Biden wants to further raise the capital gains burden by eliminating step-up in basis.

Biden is on record many times calling for the elimination of the Tax Cuts and Jobs Act.

If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase each year.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase each year.
  • Under Biden the USA would have the highest corporate income tax rate in the developed world, higher than China (25 percent), the United Kingdom (19 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Small employers will face tax increases due to the increase in marginal income tax rates and the repeal of the TCJA 20% deduction for small business income.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.  
  • The AMT would snap back to hit millions of households.
  • Every household claiming the child tax credit will see their child tax credit cut in half, resulting in an income tax increase.
  • Every household that claims the standard deduction will see it cut in half, resulting in an income tax increase. This will also impose tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
     

Even left-leaning media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:


On tax policy, Biden has a history of lying to the American people. He lied 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.

To stay up-to-date on Biden's tax hikes, visit ATR.Org/HighTaxJoe

Photo Credit: Gage Skidmore/Flickr


Biden Vows to Bring Back the Individual Mandate Tax, A Violation of His Middle Class Tax Pledge

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Posted by John Kartch on Wednesday, May 27th, 2020, 2:22 PM PERMALINK

Joe Biden said he will re-impose the Obamacare individual mandate tax if he is elected. Most households liable for this tax made less than $50,000 per year.

The Tax Cuts and Jobs Act signed by President Trump zeroed out the $695-$2,085 Obamacare individual mandate tax, beginning in tax year 2019. The highly unpopular tax was imposed on households not purchasing "qualifying" health insurance as defined by the federal government.

But Biden has already vowed to re-impose the individual mandate tax. Here's his exchange with CNN on July 5, 2019:

CNN's Chris Cuomo: "Would you bring back the individual mandate?"

Joe Biden: "Yes. Yes, I'd bring back the individual mandate."

See for yourself by watching the clip below:

According to official IRS data for the 2017 tax year, 74% of households liable for the individual mandate tax had an adjusted gross income of less than $50,000.

The individual mandate tax penalty was paid by 4,606,271 households.

3,430,003 of these households had an adjusted gross income of less than $50,000.

On May 22, Biden told CNBC: "Nobody making under 400,000 bucks would have their taxes raised. Period. Bingo."

Biden has some explaining to do. This Biden tax will hit middle class households in every state and every congressional district.

Keep track of Biden's many tax hikes by visiting www.ATR.org/HighTaxJoe

See also:

Flashback: Joe Biden Broke His Middle Class Tax Pledge

Biden Wants to Raise U.S. Corporate Tax Rate Higher Than Communist China

Video Compilation: Biden Vows to "Eliminate" the Tax Cuts and Jobs Act

 

 

Photo Credit: Gage Skidmore


CNBC: Biden Has "The Most Expensive Tax Plan From Any Democrat In Recent History"

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Posted by John Kartch on Friday, May 22nd, 2020, 5:13 PM PERMALINK

CNBC's Robert Frank today noted that Joe Biden has "the most expensive tax plan from any Democrat in recent history."

Here's the exchange:

Robert Frank: "Well the truth is that Joe Biden -- even though he's portrayed as a moderate -- is offering the most expensive Democratic tax plan we've seen from any Democratic candidate in recent history. Hillary Clinton's plan was $1.5 trillion, Biden's is $4 trillion and basically it's because he's raising the ordinary income tax rate on those who make more than $400,000, he's raising the capital gains rate to be 39.6% from 20% -- that is by far the biggest cap capital gains tax increase ever, and then he's raising the corporate income tax rate from 21% to 28%. Add that together, it's $4 trillion in spending, 1.5% of GDP. That would be a 1.5% in decline over ten years."

Earlier in the day on CNBC Biden vowed to raise taxes by eliminating the Tax Cuts and Jobs Act enacted by the congressional Republicans and President Trump.

Biden said: "Let's reverse the President's tax cut."

If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase each year.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase each year.
  • Under Biden the USA would have the highest corporate income tax rate in the developed world, higher than China (25 percent), the United Kingdom (19 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Small employers will face tax increases due to the increase in marginal income tax rates and the repeal of the TCJA 20% deduction for small business income.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.  
  • 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.
     

Even left-leaning media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:


On tax policy, Biden has a history of lying to the American people. He lied 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.

To stay up-to-date on Biden's tax hikes, visit ATR.Org/HighTaxJoe

 


Here's What Happened Last Time Biden Promised Not to Raise Middle Class Taxes

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Posted by John Kartch on Friday, May 22nd, 2020, 12:30 PM PERMALINK

On CNBC today Joe Biden threatened to "reverse" the Trump tax cuts, a move that will impose massive tax increases on the middle class. Then he said he wouldn't raise taxes on anyone making less than $400,000 -- which is in direct conflict with his "reverse" statement.

So what happened the last time Biden promised not to raise middle class taxes?

As Vice President, Joe Biden broke his promise to the middle class that no one making less than $250,000 would see a single penny of their tax raised. Biden said his tax vow applied to "any tax."

Biden made the promise during a nationally televised Vice Presidential debate on Oct. 3, 2008 using firm language:

“No one making less than $250,000 under Barack Obama’s plan will see one single penny of their tax raised whether it’s their capital gains tax, their income tax, investment tax, any tax.” 

Once elected, Biden immediately pushed for tax increases on millions of middle class households. When Obamacare was signed into law with Biden's support, it imposed a series of middle class tax hikes including the individual mandate tax, new taxes on households with health savings accounts and flexible spending accounts, and an income tax hike on Americans facing high medical bills. Biden also presided over a 156 percent increase in the federal excise tax on tobacco.

After breaking the pledge, the Obama-Biden administration was rightly called out by the Associated Press in an article titled "Promises, Promises: Obama Tax Pledge Up in Smoke."

“Joe Biden lied to the American people when he said he and Obama would never raise 'any tax' on any American earning less than $250,000. This time around, taxpayers know what to expect,” said Grover Norquist, president of Americans for Tax Reform.

Biden frequently brags of being the key to securing Democrat congressional support for Obamacare, which imposed many direct tax increases on the middle class:

Individual Mandate Tax: Obamacare imposed a tax penalty of $695 for an individual and $2,085 for a family of four for failing to buy “qualifying” health insurance as defined by Obama-Biden rules.

The tax hit low and middle-income families hard: Three-fourths of households stuck paying the tax made less than $50,000 per year, a blatant violation of Biden's pledge to the American people. (Thanks to the GOP congress and President Trump, this tax was zeroed out as part of the Tax Cuts and Jobs Act.)

Biden is now pushing to reimpose the individual mandate tax.

Medicine Cabinet Tax on health Savings Accounts and Flexible Spending Accounts: Because of Obamacare, the 20 million Americans with a Health Savings Account and the 30 to 35 million Americans with a Flexible Spending Account are no longer able to purchase over-the-counter medicines using these pre-tax account funds. Examples include cold, cough, and flu medicine, menstrual cramp relief medication, allergy medicines, and dozens of other common medicine cabinet health items.

Chronic Care Income Tax Hike: This income tax increase directly targeted middle class Americans who happen to face high medical and dental bills in a given year. This Obamacare tax hit 10 million households per year. Before Obamacare, Americans facing high medical expenses were allowed an income tax deduction to the extent that those expenses exceeded 7.5 percent of adjusted gross income (AGI). Obamacare imposed a threshold of 10 percent of AGI. Therefore, Biden not only made it more difficult to claim this deduction, he widened the net of taxable income.

Again, low and middle income households were hit hard by this tax. On average, affected taxpayers earned about $53,000 annually. ATR estimates the average income tax increase for the average affected household amounted to $200 - $400 per year. Thanks to President Trump and congressional Republicans, this tax hike was rolled back as part of the Tax Cuts and Jobs Act. Biden has threatened many times to repeal the TCJA.

Flexible Spending Account Tax: The 30 - 35 million Americans who use a pre-tax Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs face an Obamacare-imposed cap of $2,500.

Before Obamacare, the accounts were unlimited under federal law. But now, parents looking to save for medical costs or braces for the kids find themselves quickly hitting this new cap. This restricts the options for low and middle income families.

There is one group of flexible spending account households for whom this tax is particularly cruel and onerous: parents of special needs children. Families with special needs children often use FSAs to pay for special needs education. Tuition and book costs at special needs schools can run thousands of dollars per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obama-Biden tax increase limits the options available to these families.

If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase each year.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase each year.
  • Under Biden the USA would have the highest corporate income tax rate in the developed world, higher than China (25 percent), the United Kingdom (19 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Small employers will face tax increases due to the increase in marginal income tax rates and the repeal of the TCJA 20% deduction for small business income.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.  
  • 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.
     

Even left-leaning media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:


Keep track of Biden's tax hikes at www.ATR.org/HighTaxJoe

 

 

 

Photo Credit: Gage Skidmore


Biden Vows to Raise Your Taxes: "Let's reverse the President's tax cut."

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Posted by John Kartch on Friday, May 22nd, 2020, 10:35 AM PERMALINK


Today on CNBC Joe Biden vowed to raise taxes by eliminating the Tax Cuts and Jobs Act enacted by the congressional Republicans and President Trump.

Biden said: "Let's reverse the President's tax cut."

If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase each year.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase each year.
  • Under Biden the USA would have the highest corporate income tax rate in the developed world, higher than China (25 percent), the United Kingdom (19 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  • Small employers will face tax increases due to the increase in marginal income tax rates and the repeal of the TCJA 20% deduction for small business income.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.  
  • 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.
     

Even left-leaning media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:


On tax policy, Biden has a history of lying to the American people. He lied 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.

To stay up-to-date on Biden's tax hikes, visit ATR.Org/HighTaxJoe

 


Biden Says He Will Kill The Keystone XL Project, Escalating His War On Energy

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Posted by John Kartch on Wednesday, May 20th, 2020, 6:00 PM PERMALINK

Joe Biden said on Monday that he wants to kill the Keystone XL pipeline, according to Politico.

The latest move by Biden escalates his war on energy and would strip the jobs of many Americans.

Joe Biden said during a Politico/PBS debate that "yes" we must be willing to sacrafice oil and other energy jobs in order to impose the Green New Deal.

In March, Biden even went as far as saying that he would ban all new fracking if elected.

"No more. No new fracking,"Biden said during the CNN debate on Sunday March 15.

Biden said: "No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, Period."

Biden has also said this: "We are going to get rid of fossil fuels."

Biden has shown a consistent hostility to energy industry workers. In December he suggested if coal miners lose their job due to his policies they should learn to code.

Biden also endorsed a carbon tax on the American people, which will force households to pay much higher gasoline, heating, and cooling bills. 

If elected, Biden's fracking ban will devastate the economies of several battleground states, as noted by Steve Moore in the Wall Street Journal:

Curtailing U.S. oil and gas production would be economically disastrous. At least $1 trillion of U.S. economic output is related to the shale revolution, and more than 1.5 million Americans are employed by the industry. A PricewaterhouseCoopers study for the American Petroleum Institute found that at least four million American jobs are tied to the shale oil and gas revolution in areas like auto production, construction, petroleum engineering, pipe fitting, service stations, steel production and trucking.

Democrats' quest to eliminate these jobs would hurt them in the swing states they'll need to win to unseat President Trump. Ohio and Michigan have a combined total of more than 400,000 workers in the shale industry. Pennsylvania has another 320,000. Colorado and Florida each have more than 200,000 workers in oil and gas.

Pittsburgh has become a global energy hub, and whole towns in Ohio and Pennsylvania that were once left for dead have been revitalized thanks to shale gas and related industries.

Then consider Texas. Liberals have long wanted to turn the Lone Star State blue, or at least purple. But nearly two million Texans are employed in oil and gas and related industries. Many hard-hat workers and truckers employed in the oil-rich Permian Basin earn more than $100,000 a year with overtime. How do you win in and around Houston, Dallas and Midland with a platform that opposes oil and gas?

If you want to stay up-to-date on Biden's threats to raise taxes, visit www.atr.org/HighTaxJoe.com

Photo Credit: Gage Skidmore/Flickr


Biden Emerges From Basement to Lie About GOP Tax Cuts

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Posted by John Kartch on Friday, May 8th, 2020, 5:05 PM PERMALINK

Joe Biden emerged from his basement today to lie to the American people about the Tax Cuts and Jobs Act, enacted by the Republican congress and signed by President Trump in 2017.

"His entire economic strategy is focused on helping the wealthy and big corporations. Just imagine, just imagine what we could be doing now. With the $2 trillion in tax cuts, Trump delivered to his rich friends as his first priority. Imagine how much better position we'd be in right now," Biden said during a Facebook live stream.

As shown in the video below, media outlets across the board have called out Biden for this lie:

Even left-leaning media outlets have called out Biden's statements as false:

If Biden gets his way and repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly more in taxes:

  • A family of four earning the median income of $73,000 would see a $2,000 tax increase each year.
  • A single parent (with one child) making $41,000 would see a $1,300 tax increase each year.
  • 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, higher than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • 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.
     

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.

To stay up-to-date on Biden's tax hikes, visit ATR.Org/HighTaxJoe

 


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