Former Vice President Joe Biden made his first campaign promise this week by promising his first presidential action would be to reverse “every Trump tax” cut. His comment came in Washington, D.C. at the Poor People’s Campaign Presidential Forum hosted by Trinity Washington University.
When asked by one attendee how he would combat the “lie of scarcity” of resources, Biden assured the audience there is “plenty of money” in the US and he knows how to get it – by repealing tax cuts. Biden said, “Number one, we have the greatest income inequity in the history of the United States of America since 1902, and the fact of the matter is, there is plenty, plenty of money to go around. The first thing I would do as president is eliminate the president’s tax cut.”
Conservatives are asking which Biden this is talking.
During the Vice Presidential debate in October 2018, Biden declared that the Obama/Biden team would allow no one who makes less than $250,000 a “single penny of their tax raised.” He that meant “any tax” period.
Biden’s promise was that no household would see an increase in “capital gains tax, their income tax, investment tax, any tax.”
Just months after Obama and Biden took their oaths, that promise was broken.
Once elected, Biden was instrumental in a push for tax increases of millions of dollars on the middle class. With his influence in Congress and the party, Biden was instrumental in Obamacare passing.
The individual mandate tax alone imposed tax penalties of $695 on individuals and $2,085 on a family of four if they failed to buy “qualifying” health insurance” as defined by Obama/Biden guidelines.
Grover Norquist, president of Americans for Tax Reform observed, “Joe Biden, when running for Vice President in 2008, lied to the American people when he said he and Obama would never raise any tax on any American earning less than $250,000. Now he is running for president. Whatever he says, taxpayers now know what to expect.”
If Biden has his way in 2020, he would repeal the Tax Cuts and Jobs Act, meaning the very group Biden once promised to protect would lose every tax cut they gained under Donald Trump.
Most Americans and not just the wealthy enjoyed a significant tax cut under the Tax Cuts and Jobs Act in 2017. Unlike Biden, President Trump kept his promise to see that happened.
The group that Biden hurt by his failed promise is the same group that would be hurt the most if he keeps this one. Lower to upper-middle-class families would be hit the hardest. Nearly 70% of households earning between $30,000 and $50,000 and more than 80% of households earning between $50,000 and $75,000 got a tax cut due to the Tax Cuts and Jobs Act.
The middle fifth of earners kept about $780 more of their paycheck last year. Now Biden wants all that undone.
One doesn’t have to go back to 2008 t0 find Joe Biden claiming to protect the middle class from tax increases. During a podcast interview on Pod Save America, Biden said he championed cutting taxes during Obama’s final year in the White House but blamed economist for saying “that will not stimulate the economy.”
According to Biden, “I wish we could have done again going back as I wish we had let people know this is what we’re doing. By the way, the reason why you are bum-bum-bum this is why. The reason why this job came back is because of — this is what we did the reason.”
Biden’s excuses might have more impact had he not made the first hot ticket item on the debate trail a promise to repeal what actually allowed the American people to see a tax break.
If Biden has his way and the Tax Cuts and Jobs Act is repealed here is what the average American would experience:
- A single parent with one child who makes $41,000 annually would see a $1,300 tax increase.
- A family of four with a median annual income of $73,000 would have a $2,000 tax increase.
- All 50 states would see an increase in utility bills – a direct result of a corporate income tax increase.
- Millions of households would have their child tax credit cut in half.
Biden can only hope the American payer has “bum-bum-bum” a very short memory.