Joe Biden has promised to raise taxes by nearly $4 trillion as Americans work to recover in wake of the coronavirus. Biden has flat out admitted this saying, “Guess what? If you elect me…your taxes are going to be raised, not cut”.
Biden claims that middle-class Americans will not see a tax hike, but his tax plan is the largest in recent history and more than double what Hillary Clinton proposed. This massive tax increase would inevitably trickle down to the middle class.
The Wall Street Journal reports:
“During their first campaign for the White House, the Obama-Biden ticket “firmly” pledged that “no family making less than $250,000 a year would see any form of a tax increase.” They soon pushed through the Affordable Care Act, which included a tax penalty for failing to purchase health insurance, paid primarily by people earning less than $50,000 annually. Though that levy is gone, the ACA still includes a poorly implemented tax on medium-size and large employers that don’t offer health insurance to most of their workers. I estimate that this penalty, if enforced, would cost low-income families an average of about $700 a year, including in the average those whose employers aren’t penalized. The penalty’s effect on job availability would make its cost felt by a wide swath of workers.
The ACA also included many other significant taxes that were so well hidden that the Congressional Budget Office overlooked their effects when it originally scored the bill 2010. Later CBO had to backtrack.
Today Mr. Biden takes a similarly veiled approach to advancing the “clean energy revolution and environmental justice” outlined in his platform. Instead of using a carbon tax, which would use market forces to reduce the economic damage but also obviously violate his tax pledge, he would apply the force of regulation. He aims, for example, to eliminate emissions for passenger vehicles, which would make buying a new car thousands of dollars more expensive. As President Trump is apt to explain, regulations are “stealth taxation, especially on the poor.”
And the poor would suffer most under Mr. Biden’s platform. Dividing U.S. households into five income groups, I have estimated the regulatory costs of each quintile and expressed them as a percentage of each quintile’s average income. The costs to the bottom group amount to 15.3% of its total income—representing a burden equal to all the taxes they currently pay. This group would experience part of the cost as lower wages, but the biggest bite would come in diminished purchasing power due to higher prices for energy, cars and other consumer goods.
The top quintile, by contrast, would suffer the least from regulatory restoration, with labor, energy and other consumer rules amounting to only a 2.2% implicit tax on the highest earners.The top quintile, by contrast, would suffer the least from regulatory restoration, with labor, energy and other consumer rules amounting to only a 2.2% implicit tax on the highest earners.”
If that weren’t enough to convince you that Biden’s tax plan would be disastrous for American workers, five independent analyses have concluded that Biden would raise taxes on middle-class Americans:
- The Tax Policy Center concluded Biden’s “proposals would increase taxes on average on all income groups”
- The Tax Foundation concluded Biden’s plan would lead to higher taxes “across all income groups”
- The American Enterprise Institute concluded that “households at every income level” would see higher taxes
- A Penn Wharton budget model analysis concluded that taxes would go up across all income levels
- The Committee For A Responsible Federal Budget concluded that taxes would go up across all income levels
Biden’s formal tax plan doesn’t even include other taxes that Biden has endorsed, which would raise taxes on the middle class:
- Biden has endorsed bringing back Obamacare’s individual mandate, a tax that primarily hit the middle class and lower-income Americans
- Biden previously said he supported a carbon tax
Biden’s tax plan would shrink the economy and kill an estimated 585,000 jobs. America is in the middle of an economic recovery, and Joe Biden oversaw the worst economic comeback since the Great Depression. President Trump has done more in 4 years to prioritize the prosperity of the average American than Joe Biden has in his 47-year career. It’s time for Joe Biden to hang up his hat, Americans cannot afford a Biden presidency.