Joe Biden is threatening Americans in the nation's middle class with a huge tax increase if he's re-elected.
It would happen through his decision, if in office, to make sure the tax adjustments that gave significant help to the nation's middle class under President Donald Trump's Tax Cuts and Jobs Act expire – and "stay expired."
Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.
That tax cut is going to expire.
If I’m reelected, it’s going to stay expired.
— Joe Biden (@JoeBiden) April 23, 2024
The Washington Examiner pointed out that while Biden has "repeatedly said he won't hike taxes on anyone earning less than $400,000," that's not what he's doing.
"Now, to be fair, Biden may not have understood that’s what he’s saying," the report did note.
Does raising taxes come naturally to Democrats?
99% (120 Votes)
1% (1 Votes)
But it explained Biden's plan to let the tax changes "stay expired" actually "would be a massive middle-class tax hike because the Tax Cuts and Jobs Act was a massive middle-class tax cut. Yes, wealthy people also saw their taxes reduced by the TCJA, but the law actually shifted a greater portion of the tax burden onto the wealthy."
Gone to Americans would be a doubling of the child tax credit, a doubling of the standard deduction and lower tax rates.
"Keep in mind that rich people don’t use the standard deduction, and the child tax credit phases out for the wealthy, and so these tax hikes would really only hit the non-rich," the report warned.
"A family of five earning $90,000 (slightly below the median in Biden’s home state of Delaware) would see its marginal tax rate jump from 12% to 15%, and would see its $6,000 in tax credits fall to $3,000 under the Biden plan," it said.
Those changes alone would cost the family another $350 a year.
Why would Biden want that?
"Maybe he doesn’t understand what the TCJA did. Maybe he’s just lying, trying to pretend that the bill only benefited the wealthy and corporations — and thus letting it expire wouldn’t harm regular folks," the report said.
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