When it comes to the presidential election, it’s always the economy. In the final stretch before November, we need to keep that in mind. Trump was the one who built the most powerful economy that the United States had before the coronavirus outbreak.
Can you imagine what the economy would be like if Joe Biden were in power?
One of the things that boosted the economy to its state before the virus was the Trump tax cuts. Despite that, Biden has promised that he would repeal the Trump tax cuts if he were to become president. Kamala Harris also reiterated that promise during the vice presidential debate.
If they were to do that, the taxes of most Americans would be raised, since most Americans got the tax cut. Around 82% of all Americans benefited from the Trump tax cuts. This would harm that 82%, as well as the economy.
ABC’s Jon Karl asked Biden campaign co-chair Representative Cedric Richmond, doesn’t his plan raise taxes on most Americans if he repeals the Trump tax cuts, not just those making more than $400,000?
Richmond responded that that was their “goal,” but on “day 1” is when their plan will be seen. But why can’t we see it now? This is unfair and obviously makes no sense. Why should we have to elect them just to see what they’ll do?
But don’t believe that they won’t raise taxes if they’re elected — Biden has already told people that he will.
According to Americans for Tax Reform, a repeal of the Trump tax cuts would mean a large tax increase for the American people. Because of the tax cuts, a family of four with the median family income of $73,000 received a tax cut of over $2,000, which is a 58% reduction in federal taxes. Meanwhile, a single parent with one child who has an annual income of $41,000 saw a tax cut of $1,304, a 73% reduction in federal taxes.
Most Americans received a tax cut. It wasn’t only several people who benefited from the Trump tax cut, most people did. So by repealing the tax cuts, it’s improbable for them to be able to not raise taxes for most Americans.
Who would vote for them, and why? It seems like we’d be losing more than we’d be gaining.