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.
Even left leaning news outlets confirm the good news about the GOP tax cuts:
CNN: “The facts are, most Americans got a tax cut.”
CNN: “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: “Most people got some kind of tax cut in 2018 as a result of the law.”
FactCheck.org: “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.”
New York Times also noted the “sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
In Biden’s home state of Delaware, households making the average income of $62,852 received an average tax cut of around $1,422, according to a recent Tax Foundation report.
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.