CNBC’s Robert Frank today noted that Joe Biden has “the most expensive tax plan from any Democrat in recent history.”
Here’s the exchange:
Robert Frank: “Well the truth is that Joe Biden — even though he’s portrayed as a moderate — is offering the most expensive Democratic tax plan we’ve seen from any Democratic candidate in recent history. Hillary Clinton’s plan was $1.5 trillion, Biden’s is $4 trillion and basically it’s because he’s raising the ordinary income tax rate on those who make more than $400,000, he’s raising the capital gains rate to be 39.6% from 20% — that is by far the biggest cap capital gains tax increase ever, and then he’s raising the corporate income tax rate from 21% to 28%. Add that together, it’s $4 trillion in spending, 1.5% of GDP. That would be a 1.5% in decline over ten years.”
Earlier in the day on CNBC Biden vowed to raise taxes by eliminating the Tax Cuts and Jobs Act enacted by the congressional Republicans and President Trump.
Biden said: “Let’s reverse the President’s tax cut.”
If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:
- 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.
- Under Biden 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).
- Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
- 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.
- 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.
- 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 media outlets have acknowledged the fact that the Trump tax cuts have helped middle income households:
- New York Times: “Most people got a tax cut.”
- Washington Post: “Most Americans received a tax cut.”
- CNN’s Jake Tapper: “The facts are, most Americans got a tax cut.”
- CNN’s Tapper also stated: “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.”
- FactCheck.org: “Most people got some kind of tax cut in 2018 as a result of the law.”
- FactCheck.org also stated: “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.
On tax policy, Biden has a history of lying to the American people. He lied 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.
To stay up-to-date on Biden’s tax hikes, visit ATR.Org/HighTaxJoe