Today on CNBC’s Squawk on the Street Vice President Mike Pence noted that Joe Biden’s plan to raise taxes and increase regulations are a major long-term threat to the economy:
“I think the only long-term threat to a vibrant, American economy is the kind of policies that Joe Biden and the democrats are advocating. where you have a president who built this economy on a foundation of tax cuts and rolling back red tape and unleashing American energy Joe Biden you’ve got — even this week in the midst of a challenging times in the life of our economy, Joe Biden said he’s going to raise taxes in America.”
Pence is absolutely right. Joe Biden has promised that if he is elected, he will repeal the Trump tax cuts. Such repeal which will raise taxes on most Americans.
“Guess what, if you elect me, your taxes are going to be raised, not cut,” Biden told an individual who benefited from the Tax Cuts and Jobs Act during a rally in South Carolina.
If Biden repeals the TCJA, as he has said countless times, Americans will be stuck paying significantly higher taxes:
- Every household claiming the child tax credit will see their child tax credit cut in half.
- 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.
- Every household claiming the standard deduction will 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