Joe Biden’s tax plan would cost American taxpayers $4 trillion, decimating the potential for economic gains and making it impossible for American families and workers to recover in the wake of the coronavirus:
- Biden has said the “first thing” he will do is repeal President Trump’s middle-class tax cut, which provided tax relief to the majority of Americans.
- Biden’s tax package is double the size of what Hillary Clinton proposed, raising taxes on 80 percent of Americans, shrinking the economy by an estimated 1.5 percent, reducing hourly wages by roughly 1 percent, and killing 585,000 jobs.
- Biden’s corporate tax hike will discourage businesses from relocating to the U.S. and will stifle all the gains that we’ve made in the past three years to bring back supply chains and strengthen America’s manufacturing and medical industrial base.
- It would also directly raise the cost of utility bills in all 50 states.