Biden’s promise to repeal the tax cuts is a promise to raise taxes
Democrat presidential candidate Joe Biden threatened to raise taxes during a speech in Colombia, South Carolina this Saturday.
“First thing I’d do is repeal those Trump tax cuts,” said Biden.
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A repeal of the Tax Cuts and Jobs Act would impose a large tax increase on the American people. Thanks to the tax cuts, a typical family of four earning the median family income of $73,000 saw a tax cut of over $2,000– a 58% reduction in federal taxes. A single parent with one child with annual income of $41,000 saw a tax cut of $1,304 -- a 73% reduction in federal taxes.
As noted by the New York Times: “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.” Biden is a key part of this misleading effort.
Biden also repeated a lie he made during his campaign kickoff speech, claiming only high-income households received a tax cut. The Washington Post gave this claim four Pinocchios, noting it was “clearly false.” The Post also stated: “Most Americans received a tax cut.”
More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut. In the state where Biden made the tax hike threat – South Carolina – residents received a 23.2% tax cut.
“Joe Biden is not Methuselah. He is Walter Mondale part deux,” said Grover Norquist, president of Americans for Tax Reform. In 1984 Mondale famously promised to raise taxes if elected. He lost to Ronald Reagan in the electoral college 525-13, winning only his home state of Minnesota and the District of Columbia.