John Kartch

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

 


Biden Lies to Pennsylvania About His Fracking Ban

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Posted by John Kartch on Thursday, April 23rd, 2020, 10:45 AM PERMALINK

Joe Biden is on the record stating there will be "no new fracking" if he is elected.

Biden also said "we are going to get rid of fossil fuels."

Biden also said if he gets to the White House he will make sure there is "no ability for the oil industry to continue to drill, Period."

But Biden covered up those statements and lied when questioned by a Pennsylvania news station on Monday.

Here are Biden's direct statements of hostility to a key part of Pennsylvania's livelihood:

On Jan. 24 in New Hampshire, Biden said he would stop fracking and stop pipeline infrastructure.

On Feb. 5 in New Hampshire, Biden said:"We are going to get rid of fossil fuels."

On March 15 during a CNN debate in DC, Biden said: "No new fracking."

On March 15 Biden also said: "No ability for the oil industry to continue to drill, Period."

On Sept. 6, 2019 Biden said: “I guarantee, I guarantee we are going to end fossil fuel.”

During a Dec. 19, 2019 CNN debate, Biden said he is willing to sacrifice hundreds of thousands of blue collar jobs to pursue his agenda:

Moderator: "Three consecutive American presidents have enjoyed stints of explosive economic growth due to a boom in oil and natural gas production. As President would you be willing to sacrifice some of that growth even knowing potentially that it could displace thousands, maybe hundreds of thousands of blue collar workers in the interest of transitioning to that greener economy?"

Biden: "The answer is yes."

But when a Pennsylvania station questioned him on Monday, Biden lied:

Anchor: "There's a lot of work going on with the country and they use fracking. The question is if you are are elected president, would you shut down this industry?"

Biden: "No, I wouldn't shut down this industry. I know our Republican friends are trying to say I said that."

Watch the video below:

If elected, Biden's hostility to fracking will further devastate the economy of Pennsylvania and many battleground states, as noted 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.

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


Obama: Biden is the Most Left Wing Nominee in History

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Posted by John Kartch on Friday, April 17th, 2020, 10:00 AM PERMALINK

Barack Obama said Joe Biden has the most left wing platform of any presidential nominee in history.

Obama made the statement in his formal endorsement of Biden on April 14:

"Joe already has what is the most progressive platform of any major party nominee in history."

In March, Biden said that he is the most progressive presidential candidate of all:

"I have the most progressive record of anybody running for the ... anybody who would run."

Some Democrats and establishment media try to assert Biden is a "moderate" but even Biden admits he's a left wing progressive.

As shown in the video below, Biden will raise taxes on the middle class, ban plastic bags, bring back the Obamacare individual mandate, double the capital gains tax to 40 percent, "get rid of fossil fuels," impose a carbon tax, ban fracking, and even raise the corporate tax to 28 percent.

If the TCJA is repealed, as Biden has promised:

  • 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.
     

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 the tax increases that Joe Biden is proposing, visit ATR.Org/HighTaxJoe

Photo Credit: Gage Skidmore/Flickr


In His Endorsement of Biden, Obama Lies About Trump Tax Cuts

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Posted by John Kartch on Tuesday, April 14th, 2020, 2:35 PM PERMALINK

In his endorsement of Joe Biden today, Barack Obama lied about the Tax Cuts and Jobs Act enacted by congressional Republicans and President Trump.

In his untruthful statement criticizing Republicans, Obama said:

"Even as they're willing to spend a trillion dollars on tax cuts for the wealthy."

Biden also frequently deploys this "wealthy" line but it has been debunked by fact checkers and even left-leaning media outlets -- watch the video below:

In its fact check, the Washington Post stated: “Most Americans received a tax cut.”

The New York Times flatly stated: "Most people got a tax cut."

CNN's Jake Tapper said: "The facts are, most Americans got a tax cut." 

CNN's Tapper also stated: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."

FactCheck.org stated: "Most people got some kind of tax cut in 2018 as a result of the law."

FactCheck.org also stated: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.

H&R Block: “The vast majority of people did get a tax cut.”

Meanwhile, Biden wants to impose hefty tax increases on the middle class:

If the TCJA is repealed, as Biden has promised:

  • 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.
     

Even during a pandemic, Biden is proposing new tax increases on the middle class. Just last week, Biden endorsed a local plan in Milwaukee that would raise every residents property tax.

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.

Biden has also endorsed a carbon tax on the American people which will raise everyday costs and hit cash-strapped households hard.

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

Photo Credit: Dogfael/Flickr


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