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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