Americans for Tax Reform today released a video compilation of the five times Democrat presidential candidate Joe Biden has threatened to repeal the Tax Cuts and Jobs Act.
Biden announced his run for president about a month ago and has already threatened to repeal the TCJA at least five times.
“First thing I’d do is repeal those Trump tax cuts,” said Biden during a campaign stop in Columbia, South Carolina on May 4.
“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.
“Look, here’s the deal. If I’m president, the first thing we’re gonna do is we’re gonna end Trump’s tax cuts,” said Biden during a campaign stop in Nashua, New Hampshire on May 13.
“The first step is reverse President Trump’s tax cuts for the very wealthy and corporations,” said Biden during a campaign stop in Pittsburgh, Pennsylvania on April 29.
“The first step is reversing the tax cuts,” said Biden during a campaign stop in Dubuque, Iowa on April 30.
Biden’s 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 If the tax cuts were repealed: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.
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.