Fact Check: The "Band-Aid" Has Not Been Ripped Off of the Economy, Joe Biden

Share on Facebook
Tweet this Story
Pin this Image

Posted by ATR on Wednesday, January 22nd, 2020, 9:29 PM PERMALINK

Joe Biden made a weird claim on MSNBC's Morning Joe that the "Band-Aid has been ripped off" of America's economy.

"It's like the Band-Aid has been ripped off, Joe, by the president's $1.9 trillion tax cut that benefited the very wealthy," Biden said on Wednesday.

Biden's odd "Band-Aid" claim just isn't true, and even left-leaning media outlets have called out Biden's claim as false:

If Biden gets his way and repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly more in taxes. If he and the Democrats repeal the Tax Cuts and Jobs Act, the following would happen:

  • 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, higher than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). 
  • 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, visit www.atr.org/HighTaxDems.

 
×