Democratic presidential nominee Joe Biden wants to raise taxes by $4 trillion, hitting more than 80 percent of American taxpayers with a tax hike. This is as the economy struggles to recover post-coronavirus.
The “first thing” Biden said he was going to do if he won the presidency is to repeal the Trump tax cuts. His tax plan is more than double what Hillary Clinton proposed in 2016 and would be the largest tax hike in recent history – affecting millions of hardworking American families and business owners.
According to the non-partisan Tax Foundation, Biden’s proposal would shrink the U.S. economy by 1.5 percent and kill 585,000 American jobs. More than 80 percent of all Americans would see a tax increase under Biden’s plan, despite his campaign’s false claims only corporations and the top one percent would bear responsibility for the burden.
Companies, who flocked to the U.S. to build manufacturing plants under the Trump administration, would again look to overseas – China and other countries – to build their goods, as the U.S. corporate tax rate would once again become one of the highest in the world to do business.
Moreover, Biden has said he would bring back the individual mandate in Obamacare – a tax that disproportionally hit lower income families. Before President Trump eliminated it, nearly 5 million Americans were forced to pay the individual mandate penalty, costing them $3.6 billion in 2016 alone. Seventy-seven percent of these taxpayers were families making less than $50,000 a year.
President Trump’s tax cuts helped create the greatest economy in the world, prior to the coronavirus outbreak. Biden’s tax increases would economically devastate working class families and small businesses, at a time when they need help the most.
The Trump tax cuts doubled the child tax credit, gave small businesses a 20 percent tax deduction, and created Opportunity Zones to help stimulate growth and investment in urban city centers. Joe Biden wants to eliminate all of it.
While in office, Biden oversaw the worst economic recovery since the Great Depression. He has served in public office for 47 years and is now running to help fix the problems he created through failed liberal ideas.
President Trump’s policies helped fuel the strongest American economy in history. He did it once, and he can do it again. Under President Trump’s leadership America is poised for the Great American Comeback.