2020 Democratic candidates Joe Biden and Kamala Harris have been in a feud recently, but both want to impose a tax increase on the American people by repealing the Tax Cuts and Jobs Act. Americans for Tax Reform today released a video montage showing Biden and Harris enthusiastically pressing for the TCJA repeal.
[Click here to watch]
“First thing I’d do is repeal those Trump tax cuts,” said Biden during a campaign stop in Columbia, South Carolina on May 4.
“On day one, we gonna repeal that tax bill that benefited the top one percent and the biggest corporations in this country,” said Harris on May 5 during an NAACP fundraiser in Detroit.
“When I’m president, if God Willing I am, we’re going to reverse those Trump tax cuts,” Biden said during a campaign stop in Manchester, New Hampshire on May 13.
“On day one, we’re going to repeal that tax bill that benefited the top 1% and the biggest corporations in our country,” Harris said during a campaign stop in Birmingham, Alabama on June 7.
“And folks, on day one, I will move to eliminate Trump’s tax cuts,” Biden said during the South Carolina Democrat Convention on Saturday, June 22.
Their 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 If the tax cuts were repealed: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.
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 Harris’ home state of California, the report found that residents received a 27.1% tax cut.