Biden: Tax Cuts Will be “Gone” If I’m Elected


Posted by Adam Sabes on Thursday, June 13th, 2019, 10:37 AM PERMALINK

Joe Biden said during a campaign stop in Iowa that if he’s elected, the Tax Cuts and Jobs Act will be “gone.”

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“And look, the tax cut he passed, for multimillionaires and billionaires, guess what, when I’m president it’s gone, it’s gone,” Biden said during a campaign stop in Davenport, Iowa.

This is the sixth time Biden has threatened to repeal the TCJA.

Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed: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.
     

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.

As noted by the New York Times, thanks to the GOP tax cuts, “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.”

The Washington Post also stated: “Most Americans received a tax cut.”

More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “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 Iowa - the state he made the threat to repeal the TCJA - residents received a 24.0% tax cut.

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.

See also:

Kamala Harris: Trump Committed “Tax Fraud” by Passing Tax Cuts

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

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