Biden Vows to Raise Taxes "on Day One"

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Posted by John Kartch on Monday, September 14th, 2020, 10:45 AM PERMALINK

In an interview with CNN's Jake Tapper on Thursday, Joe Biden threatened to repeal the Tax Cuts and Jobs Act and also vowed to raise the U.S. corporate income tax rate on "Day One" -- giving America a higher tax rate than Communist China.

Here's the key exchanges:

Jake Tapper: "You vowed to undo President Trump's tax cuts."

Joe Biden: "Yes."

Tapper asked, "When would you make these changes? The economy is in a bad state right now."

Biden replied: "I'd make the changes on the corporate taxes on Day One. And the reason I would make the change in corporate taxes, it could raise $1.3 trillion if they start paying at 28% instead of 21%."

Biden's tax hike to 28% would give the United States a higher tax rate than Communist China's 25%.

Click here or below to watch the Biden tax hike threat:

Even Barack Obama has warned against raising taxes in an economic downturn.

If Biden and Harris repeal the tax cuts, as they have said countless times, the following will happen:

  • 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.
  • The child tax credit will be cut in half.
  • Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax of $695 - $2,085. This tax was zeroed out as part of the Tax Cuts and Jobs Act. Biden has vowed to re-impose this tax.
  • The USA would have the highest corporate income tax rate in the developed world, higher than China (25 percent), the United Kingdom (19 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • Small employers will face tax increases due to the increase in marginal income tax rates and the repeal of the TCJA 20% deduction for small business income.
  • The Opportunity Zone program would be abolished. Opportunity Zones were created as part of the TCJA are already helping economically distressed areas across the country.
  • Taxes would rise in every state and every congressional district.
  • The Death Tax would ensnare more families and businesses.
  • Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.  
  • 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 media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:

Americans for Tax Reform has compiled over 1,200 examples of how the Tax Cuts and Jobs Act has helped businesses and households in all 50 states.

 

 

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