Joe Biden said he would end “Trump’s tax cut for the top tenth of one percent,” if elected, during the Workers Presidential Summit in Philadelphia, Pennsylvania.
“If I’m president of the United States, you’re going to see the end of Trump’s tax cut for the top tenth of one percent. It’s going to be done. Not a joke!” Biden said.
In the past, Biden has said he supports a full repeal of the Tax Cuts and Jobs Act:
“First thing I’d do is repeal those Trump tax cuts,” Biden said during a speech in South Carolina in May.
Later, he said he would “eliminate most all of” the Trump tax cuts:
“By eliminating just a few of the tax cuts,” Biden said in Iowa, then added, “I’m going to eliminate most all of them. No, you think I’m joking? I’m not.”
Biden’s most recent comment could be understood to say that the top one-tenth of one percent of income earners would see a tax increase. If so, this would amount to a promise not to raise taxes on anyone making less than $1.6 million per year.
In any case, Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the Tax Cuts and Jobs Act was repealed: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.
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.”
New York Times: “Most people got a tax cut.”
Washington Post: “Most Americans received 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.
Stay up-to-date on Democrat tax hike threats at www.atr.org/HighTaxDems.
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