Democratic presidential nominee Joe Biden wants to raise taxes by $4 trillion, hitting all income groups and affecting nearly every taxpayer in America. This would happen as the U.S. economy struggles to recover from the coronavirus.
“Guess what? If you elect me…your taxes are going to be raised, not cut” – Joe Biden
Biden’s proposed tax increases are more than double what Hillary Clinton proposed and Biden’s tax hike would be the largest in recent history – affecting millions of hardworking American families, which would likely include YOU.
In fact, according to the Tax Policy Center, between repealing the Tax Cuts & Jobs Act and raising corporate income taxes, every tax-paying American would bear the burden of Biden’s massive and costly tax plan.
Companies, who flocked to the U.S. to build manufacturing plants under the Trump administration, could again look overseas – to China and other countries – to build their goods, and base their manufacturing jobs, as the U.S. corporate tax rate could once again become one of the highest in the world.
And Biden? He said he would bring back the individual mandate in Obamacare – a tax that disproportionately 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-six 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 with the best employment numbers in a generation, prior to the coronavirus outbreak.
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. But Joe Biden wants to eliminate all of it and slap ruinous new taxes on us all…
The Bottom Line? Joe Biden Means BIG TAX INCREASES.