It's Time For Pelosi To Bring USMCA Up For A Vote
Recent news reports indicate that House Democrats are “within range” of reaching a deal on the United States–Mexico–Canada Trade Agreement (USCMA).
This is positive news –– for months, Speaker Nancy Pelosi (D-Calif.) has let the USMCA languish in the House. Instead of standing with workers and small businesses, Pelosi has allowed Big Labor to have veto power over an important agreement that will grow our economy and bring trade relations with Mexico and Canada into the 21st century.
It is time for Congress to pass the USMCA.
The USMCA is a much-needed update to the 25-year-old North American Free Trade Agreement (NAFTA). The global economy has changed significantly since NAFTA was ratified in 1992. The new USMCA recognizes this reality and modernizes trade relations between the three nations to better fit the 21st century global economy.
The USMCA was finalized nearly a year ago, but Pelosi continues to sit on her hands and allow the far-left to hold the agreement hostage.
There is no good reason for Pelosi to continue blocking the USMCA from a floor vote.
The trade agreement will increase wages, increase GDP by $68.2 billion, and create 176,000 jobs, according to the International Trade Commission’s report. It will also increase U.S. exports to Canada by $19 billion, and to Mexico by $14 billion. The Tax Foundation estimates that these positive economic effects are identical to a 4% corporate tax cut.
The trade deal would also be a boon for the automotive industry. The Office of the United States Trade Representative estimates that USCMA ratification would add $34 billion in new automotive manufacturing investment, $23 billion in new annual purchases of U.S. automotive parts, and 76,000 jobs in the next five years.
Crucially, the USMCA protects American medical innovation by including 10 years of data protection for innovative biologic medicine. Strong protection for biologics is critical. Biologics are the next generation of medicines, and are more costly and complex to produce than other cures. Data protection recognizes the extraordinary time, resources, and opportunity cost that innovators must devote to go through the FDA approval process.
Finally, the USMCA would help American farmers. The increased market opportunities for Americans is projected to increase agriculture exports by more than $314 million. Through USMCA negotiations, Canada agreed to open market access to American farmers who wish to sell dairy, poultry, and eggs in Canada. In return, Canada will have access to American dairy and peanut products. The industry would benefit from stabilization of international markets, especially the U.S.’s two biggest trading partners that buy close to 2/3 of U.S. agricultural exports.
The evidence is clear –– swift passage of the USMCA would grow our economy, help American workers, and benefit small businesses all across the country. Pelosi should stop letting the most radical elements of the Democrat party have veto power over the USMCA and work with lawmakers from both sides of the aisle to swiftly ratify this important agreement.
Photo Credit: Gage Skidmore
Dem SALT Bill Another Attempt to Undermine Trump Tax Cuts
The Democrat-controlled House Ways and Means Committee will consider legislation that would roll back the Tax Cuts and Jobs Act (TCJA) by eroding the law’s $10,000 cap on state and local tax (SALT) deductions. While Democrats claim they care about the middle class, they are instead focusing on legislation that exclusively benefits their wealthy blue-state constituents.
The Democrat legislation would temporarily raise the SALT cap for married couples to $20,000 in 2019, and then fully repealing the new cap in 2020 and 2021. Starting in 2022, the SALT cap would revert back to $10,000, although Democrats would likely push to extend the $20,000 cap for the next decade. Democrats would also raise the top tax rate from 37 percent to 39.6 percent and lower the income threshold for inclusion in the top bracket.
Before the TCJA, taxpayers could deduct an unlimited amount of state and local taxes from their federal tax returns, a provision that mainly benefited the wealthy blue states. Technically, a New Yorker with a $20,000 state tax bill had access to the same SALT deduction as a Nebraskan with a $5,000 state tax bill. In a pre-TCJA world, the Nebraskan would take the standard deduction instead of the SALT deduction, while the New Yorker would itemize and take the full SALT deduction. This creates a de facto subsidy for blue states.
Democrats are eager to repeal the SALT cap because it would be a windfall for their wealthy blue-state constituents. The unlimited deduction effectively created two different federal tax rates: one for the wealthy in blue states, and one for the middle class in red states.
A recent report from the nonpartisan Joint Committee on Taxation shows that repealing the SALT cap would cut $40 billion in taxes for millionaires. In total, 94 percent of the tax breaks generated from ending the cap would be enjoyed by taxpayers making more than $200,000 a year.
This stunt is another step in the left’s campaign to undermine President Trump, only this time, Democrats are enabling their blue-state constituents to commit federal tax arbitrage. New York Governor Andrew Cuomo attempted an end-run around the cap by allowing New Yorkers to pay their local property taxes into a state-run charitable fund. Senate Minority Leader Chuck Schumer recently forced 41 fellow Democrats to vote to overturn the SALT cap.
The Trump administration and Republicans in Congress have rightfully defended the TCJA from Democrat attacks –– the IRS recently issued new rules and guidance to stop these blue-state schemes.
The TCJA has been successful for Americans across the country. A family of four with annual income of $73,000 is seeing a 60 percent reduction in federal taxes, totaling more than $2,058. Over 23 million families have benefited from the TCJA’s double child tax credit, and nearly 5 million families have not had to pay the onerous Alternative Minimum Tax thanks to the TCJA. GDP and wage growth also remain robust since Trump signed the TCJA into law.
Democrats prove their hypocrisy in their constant battle to sabotage the TCJA. While Democrats claim to be the party of the middle class, they are fighting to dismantle the very law that gave 90 percent of middle class Americans a tax cut. While Democrats claim they want to raise taxes on the wealthy, they are fighting tooth and nail to deliver a massive windfall for their wealthy blue-state constituents.
Ultimately, this Democrat SALT bill proves that the left will stop at nothing to undercut the Trump economic agenda.
Photo Credit: kidTruant
ATR Supports Sen. Cruz Bill to End Operation Choke Point
Senator Ted Cruz (R-Texas) introduced his “Financial Institution Customer Protection Act of 2019,” which will protect small businesses from an unconstitutional directive similar to the 2013 Department of Justice initiative, “Operation Choke Point.” Choke Point was then administered by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency and threatened financial institutions to cut off all banking activities to legally operating businesses deemed “high risk” by these financial agencies.
From 2013 until the initiative ended in 2017, the FDIC and OCC used their enforcement authority to pressure banks not to lend to businesses in industries the agencies found unsavory. Regulators threatened to increase their oversight of banks that chose to continue financing activities with their customers in these industries. The initiative targeted short-term lenders, firearms and ammunition retailers, pawn shops, and other legally operating business, forcing many small businesses to search for unsecured access to capital or close its doors. This legislation ensures the DOJ and all financial regulators will not be able to abuse its enforcement power in an unconstitutional manner again.
ATR thanks Senators Crapo, Kennedy, Tillis, Sasse, Inhofe, Braun, Lee, Cornyn, and Hyde-Smith for their support by co-sponsoring this bill. ATR president Grover Norquist also thanks Rep. Blaine Luetkemeyer, R-Mo., for his tireless efforts in the House of Representatives to secure the liberties of legally operating businesses and bring to light this abuse by the Obama administration.
Click here to read the full coalition letter.
Photo Credit: smcgee
How the Trump Tax Cuts Have Helped Pennsylvania
Today President Trump will be hosting a campaign rally in Hershey, Pennsylvania. Pennsylvania residents are raking in the benefits of the Tax Cuts and Jobs Act, signed into law by Trump.
Thanks to the Tax Cuts and Jobs Act:
Tax cut: Every income group in every Pennsylvania congressional district saw a tax cut.
Doubled child tax credit: 840,120 Pennsylvania households are benefiting from the TCJA’s doubling of the child tax credit.
Standard deduction: 4,418,190 Pennsylvania households are benefiting from the TCJA’s doubling of the standard deduction.
Obamacare individual mandate tax relief: 166,680 Pennsylvania households are benefiting from the TCJA’s elimination of the Obamacare individual mandate tax. Most households hit with this tax made less than $50,000 per year.
Lower utility bills: As a direct result of the TCJA’s corporate rate cut,Pennsylvania residents are paying lower utility bills. Lower electric, water, and gas bills help households each month, and also help small businesses operating on slim profit margins. Pennsylvania examples of utilities passing on tax savings to customers include – but are not limited to – Pike County Light & Power Company, PPL Electric Utilities Corporation, Wellsboro Electric Company, and more.
Thanks to the TCJA’s corporate tax rate cut – from 35 percent to 21 percent – and the TCJA’s 20 percent tax cut for small businesses, employers of all sizes are hiring, expanding, increasing pay and benefits, and paying special tax-cut bonuses:
Hudson Facades (Linwood, Pennsylvania) – $3,000 in every factory worker’s 401(k); increase base wage pay:
"We raised wages, yes,” said Allen Cohen, managing partner of New Hudson Facades, of the approximate 5 percent raise given to employees. “In addition to that, Related Companies [a partner company] has given every factory employee, $3,000 in their 401(k).” – Feb. 20 2018, WHYY article excerpt
Guy Chemical Company Inc. (Somerset, Pennsylvania) – Increased bonuses, increased wages, and investments in new equipment – a new forklift, new laboratory furnishings, updated computer equipment, and new software system:
Guy Chemical is increasing bonuses between 25 – 50%, increasing wages and investing in new equipment. So far in 2018 we bought a new forklift, furnished a new laboratory and updated some of our computer equipment. We have also invested in a new ERP software system to run our company. – April 4, 2018 statement to Americans for Tax Reform from Guy Berkebile, President of Guy Chemical Company Inc.
Dollar Bank (Pittsburgh, Pennsylvania) - $2,000 permanent raises for employees making $60,000 or below:
Four months after most banks moved to give employees some of the anticipated savings from the Tax Cuts and Jobs Act, the $8.3 billion-asset Dollar is giving workers with annual salaries at or below $60,000 a $2,000 raise. About 60% of Dollar’s 1,300-person workforce will get raises, Senior Vice President Joseph B. Smith said Monday.
CEO Jim McQuade announced the raises May 2 in an in-house video message. They went into effect May 1. - May 7, 2018, American Banker article excerpt
Erie Insurance (Erie, Pennsylvania) – $1,000 bonuses; $1,000 contribution to employees’ 401(k) accounts:
Erie Insurance CEO Tim NeCastro called an all-employee meeting Wednesday to deliver a bit of good news — a few million dollars worth of good news, in fact.
Like many corporations, the company was expected to benefit from the new tax code that President Donald Trump signed into law in December.
NeCastro has announced that the company will share those benefits with its employees by giving a $1,000 cash bonus to permanent full-and part-time employees.
In addition, the company will contribute $1,000 to the account of any employee who has a 401 (k) retirement savings plan. – March 23 2018, Go Erie article excerpt
Blair Strip Steel Company (New Castle, Pennsylvania) -- The Tax Cuts and Jobs Act allowed the company to raise wages, hire new people, and buy new equipment.
“I want to thank Mike Kelly for his role in the successful effort to reduce taxes on behalf of the company and it’s employees, said Bruce Kinney, president and CEO of Blair Strip Steel Company. His efforts are a key part of rebuilding and sustaining a healthier manufacturing climate in Pennsylvania and across the United States.” -- August 6, 2018 NAM Shopfloor Blog
[Click here to read the full list]
ATR Supports President Trump's Schedule B Rule
Americans for Tax Reform President Grover Norquist submitted the following comments on President Trump's proposed rule to reform Schedule B. This important proposal would streamline the filing process for nonprofits and prevent future administrations from targeting organizations by leaking sensitive information.
You can find the full comments here or below:
CC:PA:LPD:PR
(REG-102508-16)
Room 5203
Internal Revenue Service
P.O. Box 7604
Ben Franklin Station
Washington, D.C. 20044
Dear Sir or Madam:
I write in support of the Trump Administration’s proposed rule to reform Schedule B, “Guidance Under Section 6033 Regarding the Reporting Requirements of Exempt Organizations,” a proposal that would streamline the filing process for nonprofits and prevent future administrations from targeting organizations by leaking sensitive information.
Today, tax exempt organizations must disclose the name, address, and amount donated for each donation above $5,000 on the Schedule B form. These Schedule B forms are submitted to the IRS, redacted of names and addresses. Under the proposed rule, only 501(c)(3)s and 527s would still have to file the Form 990, Schedule B, but all non-profits would need to present the information upon IRS request.
Schedule B forms are not used for any official purpose – the IRS is prohibited from sharing this sensitive information. During the Obama administration, there were several cases where agency officials leaked sensitive Schedule B information for political purposes. In 2014, the IRS had to pay the National Organization for Marriage $50,000 after disclosing their donors to an oppositional organization who published it.
The proposed rule would hold the IRS more accountable and protect free speech of donors and those working for non-profits. American citizens have the right to associate with and donate to organizations freely and privately. Unelected IRS bureaucrats should not be able to use Schedule B information to chill political speech for Americans.
Instead of serving a legitimate purpose, the disclosure requirement creates needless compliance costs on both non-profits and the IRS. Under the proposed rule, the information available to the public will not change, though money and time will be saved for both taxpayers and the IRS by eliminating this tedious process. In fact, The Institute for Free Speech estimates that nonprofits would save about $63 million per year compliance costs if Schedule B were repealed.
Critics have falsely stated that the rule will allow for illegal foreign transactions. However, there are already measures in place to track these transactions, and it is highly unlikely that anyone will admit to funneling illegal money on the form. Even if the IRS did suspect laws were being broken, it has no authority to share the information it collects with the FCC and the DOJ, the two agencies with the ability to enforce campaign finance laws.
This proposed rule will save taxpayers time and money while also protecting privacy and free speech for all Americans. ATR strongly supports this rule and urges Congress to follow the Trump Administration’s lead by codifying Schedule B reform into law.
Onward,
Grover G. Norquist
President, Americans for Tax Reform
Photo Credit: Gage Skidmore
Despite Steep Tax Hikes, Biden’s Numbers Don’t Add Up
Biden rightfully attacks Warren on the issue, but his own numbers don’t add up. He’s $1.4 trillion short.
Joe Biden regularly calls out Elizabeth Warren for not having numbers that add up. But Biden should look in the mirror: His own numbers don’t add up. Despite a raft of steep tax increases, he is still $1.4 trillion short:
May 28, 2019: Title I Spending Proposal -- $311.9 Billion: This Biden proposal calls for a tripling of Title I funding. This would cost around $311.9 billion over 10 years.
“He will pay for these investments in working Americans by making sure the super-wealthy and corporations pay their fair share. His first step will be reversing President Trump’s tax cuts for the super-wealthy and corporations. Joe will also eliminate special tax breaks that reward special interests and get rid of the capital gains loophole for multi-millionaires,” his website says.
June 4, 2019: “Climate” Spending Proposal -- $1.7 Trillion: Biden’s website states his $1.7 trillion climate plan will be funded as follows:
“The Biden plan will be paid for by reversing the excesses of the Trump tax cuts for corporations, reducing incentives for tax havens, evasion, and outsourcing, ensuring corporations pay their fair share, closing other loopholes in our tax code that reward wealth not work, and ending subsidies for fossil fuels,” his website says.
Oct. 8, 2019: Higher Education Spending Proposal -- $750 Billion: Biden’s higher education plan cites the following revenue source:
“The Biden plan for education beyond high school is a $750 billion investment over ten years targeted at growing a stronger, more inclusive middle class. It will be paid for by making sure that the super-wealthy pay their fair share. Specifically, this plan will be paid for by eliminating the stepped-up basis loophole and capping the itemized deductions the wealthiest Americans can take to 28%.”
Nov. 14, 2019: “Infrastructure” Spending Proposal -- $1.3 Trillion: To fund his $1.3 trillion “infrastructure” plan, Biden says that it would be paid for by “making sure the super-wealthy and corporations pay their fair share.” This is a copy and paste job from his climate plan.
Biden’s website says: “Specifically, this investment will be offset by revenue raised through reversing the excesses of the Trump tax cuts for corporations; reducing incentives for tax havens, evasion, and outsourcing; ensuring corporations pay their fair share; closing other loopholes in our tax code that reward wealth, not work; and ending subsidies for fossil fuels.”
According to Bloomberg News, Biden’s campaign provided them with the information for $3.42 trillion in tax increase proposals to pay for all of these new plans.
Bloomberg News says that Biden is only proposing $3.2 trillion in policy proposals, but the Bloomberg article failed to include his proposed Title I spending increase.
The Bloomberg News piece also combined Biden’s climate and infrastructure plan, which are listed as two separate plans on Biden’s website, both with different costs. The climate plan was released on June 14, and the infrastructure plan was released on Nov. 14.
The total amount need for Biden’s infrastructure, climate, Title I, healthcare, and college plan: $4.811 trillion.
Here’s the breakdown of the math: (Via Joe Biden’s Campaign Website)
Infrastructure Plan: $1.3 Trillion
Climate plan: $1.7 Trillion
Triple Title I Funding: $311.91 Billion
Healthcare Plan: $750 Billion (Via New York Times)
Higher Education Plan: $750 Billion
Total: $4.811 Trillion
However, Biden’s campaign only provided Bloomberg News with the information for $3.42 trillion in tax increases, leaving him $1.4 trillion short. Here’s the breakdown of his proposed tax increases: (Source: Bloomberg News and the Biden campaign website)
Tax capital gains as income: $800 Billion
Raise corporate tax rate to 28%: $730 Billion
End stepped-up basis: $440 Billion
15% corporate minimum tax: $400 Billion
21% minimum tax rate on foreign profits: $340 Billion
Impose 28% cap on deductions: $310 Billion
Sanctions for “tax avoidance”: $200 Billion
Raise top income tax rate to 39.6%: $90 Billion
Close real estate “loopholes”: $70 Billion
Energy tax hikes: $40 Billion
Total: $3.420 trillion raised
= Biden is $1.4 trillion short
Why didn’t Bloomberg News call Biden out for the discrepancy? Is this part of Michael Bloomberg’s go-easy-on-the-Democrats diktat?
Perhaps the $1.4 trillion in missing tax hikes will come from Biden’s carbon tax, which will impose harsh costs on American households. On Sept. 4, Biden endorsed a carbon tax during a CNN climate town hall.
As stated by Bloomberg News: “With the proposal, Biden’s campaign is seeking to show a full list of taxes and other revenue-raising proposals that would pay for all of his spending plans -- a test he has set for his Democratic rivals, especially Senator Elizabeth Warren and her Medicare for All plan.”
Biden’s own policy director even emphasizes the importance of transparency.
“The vice president does think it’s very important to be clear with the American people regarding how you’re going to pay for things in order to demonstrate they can actually get it done,” Biden’s policy director Stef Feldman told Bloomberg News.
Biden has some explaining to do, and Warren has an opening to hit him back.
Photo Credit: Center for American Progress/Flickr
ATR Urges No Vote on HR 5363, the FUTURE Act
House Democrats will today bring up H.R. 5363 to the House floor, legislation that strengthens Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions. As a standalone provision, this legislation should be taken up and passed into law.
However, Democrats are amending the legislation to include a $2.5 billion tax pay-for that will threaten taxpayer privacy and create a new precedent to misuse taxpayer information. While H.R. 5363 contains these provisions, it should be rejected by the House.
The FUTURE Act adds H.R. 5368, legislation that could subject 31.2 million individual disclosures to large-scale sharing of taxpayer information without taxpayer consent. Thousands of bureaucrats, government contractors, and educational institutions could have access to this taxpayer information.
This would be the third largest disclosure of taxpayer information for non-tax purposes – second only to the Census and Obamacare.
While H.R. 5363 contains this poison pill, Congress should reject the bill to uphold taxpayer privacy and protect millions of taxpayers from new pathways of misuse of taxpayer data.
Photo Credit: Güldem Üstün
Biden: Capital Gains Tax Rate “Could Go Higher” Than 40%
Joe Biden said he might raise capital gains tax rates higher than 40%, during an interview with CNBC’s John Harwood on Friday.
Biden: “We should charge people the same tax for their capital gains as their tax rate is. And I think we should raise the tax rate back to, for example, I take it back to where it was before it was reduced. It could go higher, but at 39.5%, 40% basically if you have that as the capital gains, that raises, I brought along, I’m not going to bore you with it, but you’ve seen it, I brought along a graph is how much money each of these things raise.”
Biden has already said that he plans to double the capital gains tax rate to 40 percent for “every single solitary person.”
Raising the capital gains tax would harm Americans’ ability to build a nest egg and hurt the value of their homes, farms, and businesses.
Biden’s comments and his long Senate voting record mean voters should expect him to push for capital gains tax hikes if elected. During his time in the Senate, Biden consistently voted against tax cuts on capital gains.
In 2003, Biden voted against the reduction in the capital gains rate from 20 percent to 15 percent. In 2005 and 2006, Biden voted against extending the 15 percent rate.
In 2012, then-Vice President Biden and President Obama insisted the cap gains rate revert to 20 percent.
Biden and Obama then piled on another 3.8 percent capital gains tax hike -- the Net Income Investment Tax -- one of the many tax increases in Obamacare. The 3.8 percent tax hike took effect Jan. 1, 2013.
Currently, long-term capital gains are taxed at zero percent, 15 percent, or 20 percent, depending on income level.
Households subject to Obamacare’s 3.8 percent Net Income Investment Tax end up paying a 23.8% rate. And under Biden’s cap gains scheme, such households will face a 43.4 percent rate.
If you want to stay up-to-date on Democratic candidates and their threats to raise taxes, visit www.atr.org/HighTaxDems.
See more:
Biden on Medicare for All: “You’re Going to Have to Raise Taxes on the Middle Class”
Sanders Senior Adviser: “Yes, We Will Repeal the Trump Tax Scam”
Bloomberg Endorsed a Carbon Tax
Biden to Sanders and Warren: “Let’s Get Realistic” on Trillion Dollar Spending Plans
Booker: I Would Raise the Capital Gains Tax Rate
List of Buttigieg Tax Hike Proposals
2020 Dems: Warren's Medicare for All Will Raise Middle Class Taxes
Warren: Medicare for All Covers Illegal Immigrants
Elizabeth Warren Contradicts Herself on Taxes, Again
Biden: Imagine if I Told Elizabeth Warren ‘You Should Be In a Socialist Primary’
CNN Catches Warren in a Tax Lie
Bernie Sanders: Warren’s Medicare for All Plan Would Have “Very Negative Impact” on Jobs and Wages
Warren’s “Medicare for All” Repeals Trump Tax Cuts
Biden: Warren is "Making it Up" on How She'll Pay for Medicare For All
Biden: “It’s Impossible to pay for Medicare for All without middle class tax increases”
Biden Slams Medicare for All: “It’s Totally Unrealistic and Can’t be Done”
Warren: Two Million Lost Jobs from Medicare for All “Part of the Cost Issue”
Video Showing Every Time Elizabeth Warren Has Dodged the Middle Class Tax Question
Out of touch Biden calls Trump’s $2,000 middle class tax cut “negligible”
Biden Calls for 28% Corporate Tax Rate
Biden: “Every Single Solitary Person” Will Pay 40% Capital Gains Tax
Warren Dodges the Middle Class Tax Question Again
Buttigieg Says He Will Raise Corporate Tax Rate to 35%
Watch: CNN Analyst Gets Visibly Irritated as Warren Dodges Tax Hike Question
Andrew Yang to Elizabeth Warren: Wealth Tax Would Have “Massive Implementation Problems”
Biden on Warren Dodging Middle Class Tax Question: “This is Ridiculous. Absolutely Ridiculous.”
Buttigieg Grills Warren for Dodging the Middle Class Tax Question
Biden: I Will Raise the Capital Gains Tax to 39.5%
Elizabeth Warren Can’t Stop Dodging the Middle Class Tax Question
VIDEO: 17 Times Elizabeth Warren Has Dodged the Middle Class Tax Question
VIDEO: Warren Keeps Dodging the Middle Class Tax Question
Biden: “I’m Gonna Double the Capital Gains Rate to 40%”
Tax Hike Bernie Says He’ll Tax All Income Over $29K
Video: Warren Dodges Middle Class Tax Question Again
Biden Calls for Full Repeal of Trump Tax Cuts
Biden Attacks Warren: "She's Going to Raise People's Taxes”
Video: Media Fed Up with Elizabeth Warren Tax Dodge
Biden: End "Trump's Tax Cut for The Top Tenth of One Percent"
Booker: “My plan would reverse those toxic Trump tax cuts”
Stephen Colbert Calls Out Warren for Dodging Middle Class Tax Question
Video: Warren Dodges MSNBC’s Middle Class Tax Questions
Elizabeth Warren is Still Dodging the Middle Class Tax Question
Video: 2020 Democrats Promise Higher Taxes
Biden Caught Lying about GOP Tax Cuts
Bill De Blasio: “As President, I Would Issue a Robot Tax”
Kamala Harris Calls for Ban on Plastic Straws
Elizabeth Warren's Climate Plan Calls For "Reversing" GOP Tax Cuts
Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate
Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”
Bill de Blasio Calls for Corporate Tax Rate Hike
Amy Klobuchar: Raise the Corporate Tax Rate to 25%
Biden on capital gains tax: “We should raise the tax back to 39.6 percent”
Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August
Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts
Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts
Marianne Williamson Joins Dems Calling for TCJA Repeal
Kamala Admits Her Plan Would End Employer Insurance
“Medicare for All” is a Middle Class Tax Increase, Say Dems
Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever
Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes
Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People
Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA
VIDEO: 2020 Democrats Will Raise Your Taxes
Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts
Julian Castro: “We’re going to have to raise taxes.”
Biden and Harris: Raise the Corporate Tax Rate
Biden tweet: Ignore the fact I’ve already called for middle class tax hikes
Kamala Harris: “I Will Reverse” Trump’s Tax Cuts
Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes
Julian Castro Caught Lying about GOP Tax Cuts
NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts
Kamala Harris: I Will Repeal “That Tax Bill”
Cory Booker: “I do support” Imposing Carbon Tax on Americans
Harris: “We are Going to Repeal That Tax Bill”
Biden: I Will Raise Corporate Tax Rate to 28%
Kamala Harris Continues to Lie about Tax Cuts
Jay Inslee: “Repeal the Trump Tax Cuts”
Biden Running Ads to “Repeal Trump’s Tax Cuts.”
VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts
Here’s what happens if Dems repeal tax cuts
VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA
Kamala Harris: When I Enter Office "I Will Repeal" the TCJA
Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”
Bernie Sanders claims people would be “delighted to pay more in taxes”
Biden: Tax Cuts Will be “Gone” If I’m Elected
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.”
Despite Liberal Misinformation, the Trump Tax Cuts Are Working
Despite the left’s claims, the Republican Tax Cuts and Jobs Act (TCJA) is still benefiting all Americans two years after President Donald Trump signed the tax cuts into law.
Reality has not matched the left’s rhetoric. When Trump signed the TCJA into law, House Speaker Nancy Pelosi slammed tax cuts for the American people, saying the TCJA was akin to “Armageddon” and bonuses given to American workers were “crumbs.”
Two years later, taxpayers are still benefiting from the TCJA’s individual tax rate cuts:
- 90 percent of wage earners have seen more money in their paychecks.
- Taxpayers earning between $20,000 and $50,000 are seeing net federal tax cuts of 10 percent or higher, according to the Joint Committee on Taxation.
- 91 percent of taxpayers with annual income between $64,000 and $108,000 are seeing a 2018 federal tax cut averaging $1,400, according to the left of center Institute for Taxation and Economic Policy.
Families large and small are also benefiting from the Trump tax cuts:
- A single parent with one child with annual income of $41,000 saw a tax cut of $1,304, a 73 percent reduction in federal taxes.
- A family of four with annual income of $73,000 is seeing a 60 percent reduction in federal taxes, totaling more than $2,058.
- According to the Heritage Foundation, the typical American family will be almost $45,000 better off over the next decade because of higher take-home pay and a stronger economy.
American workers have also benefited from the TCJA’s corporate rate cut. Businesses have responded to the tax cuts by giving employees higher wages and creating new employee benefit programs, while utility companies are passing tax savings onto consumers in the form of lower rates.
The left’s claims that the TCJA wasn’t “paid for” have also proven false. Stronger economic growth has already paid for 80 percent of the costs of the tax cuts according to the non-partisan Congressional Budget Office’s estimates before and after the law was enacted.
The left also misled the American people about tax refunds earlier this year, saying that Republicans raised taxes on Americans because the first few weeks of the filing season saw slightly lower refunds. Again, this was false – tax refunds ended up being at the same levels as 2018.
Ultimately, the left’s constant disinformation campaign against the Trump tax cuts doesn’t change the fact that the law has been massively successful for millions of Americans.
Photo Credit: Gage Skidmore
Biden on Medicare for All: “You’re Going to Have to Raise Taxes on the Middle Class”
Joe Biden criticized Elizabeth Warren during an NPR interview over her Medicare for All plan, saying that it cannot be done without raising taxes on the middle class and that he’s “realistic” for not supporting Medicare for All.
Here’s the key exchange:
Rachel Martin, NPR Reporter: “But you're not nearly as progressive on health care as other candidates in the race —”
Joe Biden: “Because I'm realistic. Guess what? You're going to find $33 trillion in 10 years. And not raise tax? Look, you all are beginning to be little more honest than you have been. You're looking at now and saying, OK, those of you for "Medicare for All," you're going to have to raise taxes on the middle class. You let everybody not answer that question for the longest time."
I'll ask you rhetorical question, you can't answer. Do you think it's remotely possible to raise $3.5 trillion a year, more than every single penny we spend on every single thing in the federal government on a yearly basis, without raising taxes on the middle class? If you answer that question, then I'm ending the interview because you know it's not true. You gotta raise taxes.”
Biden has been very critical of both Bernie Sanders and Elizabeth Warren’s Medicare for All plan, telling both to “get realistic” during an interview with CNN’s Don Lemon on Nov. 22.
Biden also accused Warren of “making it up” on how she’ll pay for Medicare for All.
"She's making it up. Nobody thinks it's $20 trillion. It's between 30 and $40 trillion. Every major independent study that’s gone out there, that's taken a look at this — there's no way — even Bernie who talks about the need to raise middle class taxes. He can't even meet the cost of it,” Biden said during a PBS News Hour interview."
If you don’t think that Warren will need to raise middle class to pay for Medicare for All, just ask Sanders, who “wrote the damn bill,” as he likes to say:
"Yeah, [we'd have to] raise taxes on the middle class," Sanders told a CNN reporter after the July debate.
Elizabeth Warren promises that her Medicare for All plan will not raise taxes on middle class Americans, but keeps failing to mention that it would repeal the Tax Cuts and Jobs Act, having a huge impact on middle class taxes.
If Warren repealed the Trump Republican tax cuts:
-A family of four earning the median income of $73,000 would be stuck paying $2,000 more in taxes each and every year.
-A single parent with one child making $41,000 would pay $1,300 more in taxes each and every year.
Thanks to the Tax Cuts and Jobs Act:
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A family of four earning the median income of $73,000 saw a$2,000 tax cut.
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A single parent (with one child) making $41,000 got a $1,300 tax cut.
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Millions of low and middle-income households are no longer stuck paying the Obamacare individual mandate tax.
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Utility bills across all 50 states went down as a direct result of the TCJA’s corporate income tax rate reduction.
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Small businesses saw a tax decrease because of the 20% deduction for small business income.
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Taxes went down in every state and every congressional district.
If you want to stay up-to-date on their threats to raise taxes, visit www.atr.org/HighTaxDems.
See more:
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Bloomberg Endorsed a Carbon Tax
Biden to Sanders and Warren: “Let’s Get Realistic” on Trillion Dollar Spending Plans
Booker: I Would Raise the Capital Gains Tax Rate
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2020 Dems: Warren's Medicare for All Will Raise Middle Class Taxes
Warren: Medicare for All Covers Illegal Immigrants
Elizabeth Warren Contradicts Herself on Taxes, Again
Biden: Imagine if I Told Elizabeth Warren ‘You Should Be In a Socialist Primary’
CNN Catches Warren in a Tax Lie
Bernie Sanders: Warren’s Medicare for All Plan Would Have “Very Negative Impact” on Jobs and Wages
Warren’s “Medicare for All” Repeals Trump Tax Cuts
Biden: Warren is "Making it Up" on How She'll Pay for Medicare For All
Biden: “It’s Impossible to pay for Medicare for All without middle class tax increases”
Biden Slams Medicare for All: “It’s Totally Unrealistic and Can’t be Done”
Warren: Two Million Lost Jobs from Medicare for All “Part of the Cost Issue”
Video Showing Every Time Elizabeth Warren Has Dodged the Middle Class Tax Question
Out of touch Biden calls Trump’s $2,000 middle class tax cut “negligible”
Biden Calls for 28% Corporate Tax Rate
Biden: “Every Single Solitary Person” Will Pay 40% Capital Gains Tax
Warren Dodges the Middle Class Tax Question Again
Buttigieg Says He Will Raise Corporate Tax Rate to 35%
Watch: CNN Analyst Gets Visibly Irritated as Warren Dodges Tax Hike Question
Andrew Yang to Elizabeth Warren: Wealth Tax Would Have “Massive Implementation Problems”
Biden on Warren Dodging Middle Class Tax Question: “This is Ridiculous. Absolutely Ridiculous.”
Buttigieg Grills Warren for Dodging the Middle Class Tax Question
Biden: I Will Raise the Capital Gains Tax to 39.5%
Elizabeth Warren Can’t Stop Dodging the Middle Class Tax Question
VIDEO: 17 Times Elizabeth Warren Has Dodged the Middle Class Tax Question
VIDEO: Warren Keeps Dodging the Middle Class Tax Question
Biden: “I’m Gonna Double the Capital Gains Rate to 40%”
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Video: Warren Dodges Middle Class Tax Question Again
Biden Calls for Full Repeal of Trump Tax Cuts
Biden Attacks Warren: "She's Going to Raise People's Taxes”
Video: Media Fed Up with Elizabeth Warren Tax Dodge
Biden: End "Trump's Tax Cut for The Top Tenth of One Percent"
Booker: “My plan would reverse those toxic Trump tax cuts”
Stephen Colbert Calls Out Warren for Dodging Middle Class Tax Question
Video: Warren Dodges MSNBC’s Middle Class Tax Questions
Elizabeth Warren is Still Dodging the Middle Class Tax Question
Video: 2020 Democrats Promise Higher Taxes
Biden Caught Lying about GOP Tax Cuts
Bill De Blasio: “As President, I Would Issue a Robot Tax”
Kamala Harris Calls for Ban on Plastic Straws
Elizabeth Warren's Climate Plan Calls For "Reversing" GOP Tax Cuts
Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate
Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”
Bill de Blasio Calls for Corporate Tax Rate Hike
Amy Klobuchar: Raise the Corporate Tax Rate to 25%
Biden on capital gains tax: “We should raise the tax back to 39.6 percent”
Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August
Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts
Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts
Marianne Williamson Joins Dems Calling for TCJA Repeal
Kamala Admits Her Plan Would End Employer Insurance
“Medicare for All” is a Middle Class Tax Increase, Say Dems
Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever
Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes
Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People
Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA
VIDEO: 2020 Democrats Will Raise Your Taxes
Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts
Julian Castro: “We’re going to have to raise taxes.”
Biden and Harris: Raise the Corporate Tax Rate
Biden tweet: Ignore the fact I’ve already called for middle class tax hikes
Kamala Harris: “I Will Reverse” Trump’s Tax Cuts
Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes
Julian Castro Caught Lying about GOP Tax Cuts
NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts
Kamala Harris: I Will Repeal “That Tax Bill”
Cory Booker: “I do support” Imposing Carbon Tax on Americans
Harris: “We are Going to Repeal That Tax Bill”
Biden: I Will Raise Corporate Tax Rate to 28%
Kamala Harris Continues to Lie about Tax Cuts
Jay Inslee: “Repeal the Trump Tax Cuts”
Biden Running Ads to “Repeal Trump’s Tax Cuts.”
VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts
Here’s what happens if Dems repeal tax cuts
VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA
Kamala Harris: When I Enter Office "I Will Repeal" the TCJA
Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”
Bernie Sanders claims people would be “delighted to pay more in taxes”
Biden: Tax Cuts Will be “Gone” If I’m Elected
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.”
Photo Credit: Gage Skidmore/Flickr
Unemployment Reaches Record Lows Thanks to GOP Tax Cuts
The U.S. has reached a 50-year low unemployment rate thanks to the 2017 Tax Cuts and Jobs Act. Over the past two years, the Trump economy has continually outperformed predictions with no signs of stopping.
Since President Trump’s 2016 election, American businesses have created 7 million jobs – 5.1 million more than predicted by the Congressional Budget Office. 500,000 of these new jobs are within the manufacturing industry, a drastic improvement from the 20,000 manufacturing jobs lost the year before Trump’s election. In November of 2019 alone, the economy added 266,000 jobs, far surpassing the expected 187,000.
The unemployment rate reached a 50-year low of 3.5 percent this September, accompanied by the highest employment in U.S. history at almost 160 million. The number of discouraged workers decreased by 128,000 between November of 2018 and 2019.
When President Trump was elected, only 14 states’ unemployment rates were below 4 percent. However, 35 states’ unemployment rates fell below this threshold as of September 2019. 24 states either achieved or matched their record-low unemployment rate at some point under the Trump administration.
From 2017 to 2018, employment rose by over 2.4 million, benefitting all demographics. African American employment increased by 504,000, Asian by 384,000, women by 1.1 million, and teenagers by 52,000. Since TCJA’s passage, unemployment rates for African Americans (5.9 percent in May 2018), Hispanic Americans (4.3 percent in February 2019), and Asian Americans (2.1 percent in June 2019) have all achieved their lowest rates in U.S. history. Additionally, female unemployment reached its lowest rate in 71 years.
TCJA and the Trump administration have revitalized the economy with record low unemployment, steady job growth, and rising wages, all for the benefit of American workers.
Photo Credit: Flickr
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