President Biden wants to raise taxes in a multitude of ways that will harm hard-working families and destroy American innovation.
Joe Biden thinks he has the solution to stagnant growth and high inflation. His plan? Biden wants to raise your taxes. This might sound like a bad joke, but it’s reality. President Biden wants to raise taxes at a time when many Americans are struggling to put food on the table and fill up the tank. Biden wants to raise taxes in a multitude of ways that will harm hard-working families and destroy American innovation.
For starters, he wants to let the Trump tax cuts expire. I’m not just saying that, that’s a promise Biden is making. He recently said in a speech, 'It’s going to expire, and if I’m re-elected it’s going to stay expired.' He then doubled down on that promise with a social media post echoing that statement. Let’s be clear about what letting the 2017 Tax Cuts and Jobs Act expire will mean.
If the Trump tax cuts are not extended, working Americans would face a record tax hike and the economy would suffer in the years to come. The average family of four making $75,000 will see their taxes increase by over $1,500 if Congress does not take action. The 2017 tax bill overwhelmingly helped low- and middle-income Americans. As a result of the Trump tax cuts, Americans earning under $100,000 received an average tax cut of 16%.
To summarize, the Biden tax plan is as follows – increase taxes on low-income families, cut the child tax credit in half, and discourage investments. This reads like a plot to destroy the American economy, but, unfortunately, this is the platform of the Democratic Party nominee. Biden justifies his plot to raise taxes with a boatload of lies about the Trump tax cuts. He repeatedly claims that they 'overwhelmingly benefited the wealthy.' That’s a lie.
An analysis of IRS data found that 'most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.' As a matter of fact, the top 1% of filers actually saw their share of the tax burden increase after passage of the Trump tax cuts, contrary to what Biden and Democrats have claimed.
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