At a Joe Biden campaign rally in South Carolina on Friday, a voter told Biden that the Trump tax cut saved him money, but Biden shot back that he would raise taxes if elected.
Biden: “By the way, how many of you did really well with that $1.9 trillion tax cut…”
[Voter raises a hand to say he benefited from the Trump tax cut.]
Biden: “Well you did! Well, that’s good. I’m glad to see you are doing well already. But guess what, if you elect me, your taxes are going to be raised, not cut, if you benefited from that.”
Biden has threatened to repeal the Tax Cuts and Jobs Act enacted by congressional Republicans and President Trump. Such a repeal would impose a $2,000 annual tax increase on a median income family of four and a $1,300 annual tax increase on a median income single parent with one child.
Biden continues to lie about the tax cuts.
When Joe Biden claimed that “All of [the TCJA] went to folks at the top and corporations,” he got the dreaded Four-Pinocchios from the Washington Post.
In its fact check, the Washington Post stated: “Most Americans received a tax cut.”
The New York Times also flatly stated: “Most people got a tax cut.”
CNN’s Jake Tapper did his own fact check and concluded: “The facts are, most Americans got a tax cut.”
FactCheck.org stated: “Most people got some kind of tax cut in 2018 as a result of the law.”
H&R Block: “The vast majority of people did get a tax cut.”
If the TCJA is repealed, as Biden has promised: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.
If you want to stay up-to-date on their threats to raise taxes, visitwww.atr.org/HighTaxDems.