Politicians have always wanted to leave a legacy for the history annals. That doesn’t mean what they leave behind is good for the people they pledged to serve.
Joe Biden’s bookmark in history is so far stained with failures like the border crisis, historic inflation, and a more divisive culture. But he isn’t done. Biden has one more stab in the back that could leave millions of taxpayers in worse financial condition.
Biden wants to strip away a benefit the former President Donald Trump put together to help Americans. Biden vowed that another term in office would allow him to hit taxpayers where it hurts.
From The Daily Wire:
President Joe Biden signaled on Wednesday that if he wins re-election this fall that Americans should expect to see an increase in their taxes, which comes as many are struggling from the high inflation rates that have defined Biden’s presidency.“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,” Biden claimed in a post on X. “That tax cut is going to expire. If I’m re-elected, it’s going to stay expired.”
That is a harsh slap in the face to Americans who have come to rely on these tax breaks. Biden’s plan also is the opposite of what he pledged to keep higher taxes away from lower income earners.
Biden’s willingness to let the law expire flies in the face of his previous pledge to not raise taxes on those who earn less than $400,000 per year.
“Biden just endorsed a $2 trillion tax hike on earners under $400k (breaking his no-new-taxes pledge for such earners), and endorsed cutting the child credit down to $1,000,” said Manhattan Institute Senior Fellow Brian Riedl.
Congress has less than two years to prevent “the vast majority” of Americans being burdened by a massive tax hike, according to a report from the Tax Foundation. The law that Biden wants to let expire is the Tax Cuts and Jobs Act (TCJA) of 2017. This law simplified taxes and reduced taxes “across the income spectrum,” the report said.
The report said that Trump’s plan, which Biden wants to destroy, lowered tax rates across all income groups and those rates have remained below 2017 levels ever since. Biden is working hard to leave a legacy of failure and harm to the American people, and this tax expiration could harm taxpayers for many years.
Key Takeaways:
- Biden planned to make good on a promise to hit taxpayers hard if reelected.
- He made sure everyone knew that he would derail Trump’s tax relief plans.
- The Tax Foundation said “the vast majority” of Americans would suffer under Biden.
Source: The Daily Wire
