‘When I’m president, if God willing I am, we’re going to reverse those Trump tax cuts…’
(Brian Freimuth, Liberty Headlines) On a campaign stop in New Hampshire last Monday, Democratic presidential candidate Joe Biden promised to raise taxes on working and middle-class Americans if he were elected president.
Biden told a New Hampshire audience that he would repeal the Trump administration’s Tax Cuts and Jobs Act which cut taxes for working Americans.
“When I’m president, if God willing I am, we’re going to reverse those Trump tax cuts,” Biden said.
President Trump signed the Tax Cuts and Jobs Act into law November 2017.
The TJCA increased the standard deduction and nearly doubled deductions for heads of households and married couples filing jointly.
The TJCA also created a 20 percent deduction for all small-business income.
When signed into law, the TJCA was the first major overhaul of the U.S. tax code in 30 years and made $1.5 trillion in tax cuts.
Trump’s liberal opponents have attempted to construe the TJCA as a middle-class tax increase, though the law clearly provides larger deductions for middle-class families and small businesses.
House Speaker Nancy Pelosi, D-Calif., has pushed Democratic representatives to hold district “teach ins” to convince voters that the TJCA is a “scam.”
“We should repeal it, and I think we should offer an alternative tax plan, which is going to provide the tax relief to the middle class and the working class,” said Rep. Ro Khanna, D-Calif.
Even the liberal New York Times reported that the TJCA cut taxes for most Americans, particularly middle-class Americans.
“To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained—and misleading—effort by liberal opponents of the law to brand it as a broad middle-class tax increase,” Ben Casselman and Jim Tankersley of the NYT wrote.
Americans for Tax Reform found that repealing the TJCA would increase taxes by $2,000 on families of four earning a median income of $73,000.
Single parents with one child, making a median income of $41,000 would see a $1,300 tax increase if the TJCA were repealed.