Biden Vows To End Trump Tax Cuts That Helped Millions of Working-Class Americans
Make America Pay Again.
It’s not an official slogan for former Vice President Joe Biden’s campaign, but it would be a fitting one after the Democrats’ presumptive presidential nominee vowed to raise taxes Monday.
Democrats love to talk about raising taxes, and why not?
It’s free money for them to use on social experiments and to give away by the cargo plane-load to the country’s adversaries.
But Biden took a serious tone about taxes on Monday when he told his donors during a virtual call that he would do away with the Trump tax cuts, CNBC reported.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” he said, “and a lot of you may not like that but I’m going to close loopholes like capital gains and stepped-up basis.”
Trump cut the corporate tax rate to 21 percent down from 35 percent in 2017 to spark an economy that broke the ceiling after being stifled by eight years of Obama and Biden’s feckless leadership on the economy.
Biden told the donors that, if elected, he will raise that rate to 28 percent in order to raise $1.3 trillion over the next ten years.
Nobody was described as a “lying dog face” during the conversation, which is good, but Biden did add, “We have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together.”
“But I think the country is ready,” he said.
American families are already struggling enough after the Chinese Communist Party played coy about a coronavirus that has left the American economy a shell of its former self.
To be fair, the virus itself hasn’t left millions of Americans unemployed. It’s just left many of them dead.
One can only speculate as to why.
Our once-robust economy, though, could be credited in large part to the Trump tax cuts.
The Tax Cuts and Jobs Act of 2017 has been lining Americans’ pockets for two and a half years.
The Heritage Foundation praised the Trump tax cuts in December, on their second anniversary, for simplifying tax codes, giving both businesses and individuals a break and for making American companies globally competitive again.
“Using IRS data, The Heritage Foundation found that average households in every congressional district were projected to benefit from a tax cut in 2018. Most Americans received their tax cut through lower employer withholding and thus bigger paychecks,” the conservative think tank noted.
“The average American was projected to get a $1,400 tax cut in 2018 and $2,900 for a family of four.”
The Trump tax cuts additionally led to higher wages in the country and increased confidence for investors.
The economy, amid a chaotic social environment, asinine rhetoric from Democrats and shutdowns of businesses is still trying to come back from where it was in March, when minority unemployment was at an all-time low and business was booming.
That speaks volumes about the legacy of the 2017 tax cuts and how job creators and investors still believe they can thrive when unrestrained by an overburdensome government.
If Biden is elected in November, you could be grappling with living in a country that has a revised history and social workers responding to homicide and robbery calls.
You’ll also likely be disarmed to a degree when mobs come after what little you have left after Beto O’Rourke comes after your guns.
But at least you’ll have less money for the thieves to steal.
That’s a silver lining.