Biden announces intention to break his $400k tax pledge
Today President Biden said that if elected to a second term he will make sure the Trump tax cuts expire next year. The Trump tax cuts — the Tax Cuts and Jobs Act — successfully reduced taxes for all income groups. In contrast to the tax-hiking Biden, former President Donald Trump has made clear he will make TCJA permanent and then cut taxes more.
Today Biden said:
“By the way that tax cut of his expires in the next year. Well let me tell you something: It’s going to stay expired and dead forever if I’m re-elected.”
This was no accident.
Biden also tweeted:
“That tax cut is going to expire. If I’m reelected, it’s going to stay expired.“
This means all income levels would end up paying higher taxes under Biden’s watch, a blatant violation of the Biden pledge to ensure that every American making less than $400,000 a year does not see a single penny of tax increase.
“I give you my word as a Biden,” Biden has said repeatedly in describing his supposed commitment to his tax pledge. “That’s a guarantee,” said Biden.
Even President Biden’s own administration recently admitted that TCJA cut taxes for all income groups, including those making less than $400,000.
Treasury Secretary Janet Yellen had the following exchange with Senate Finance Committee ranking member Sen. Mike Crapo (R-Idaho) on March 31, 2024:
CRAPO: “Are you aware that the Tax Cuts and Jobs Act which Republicans passed in 2017 reduced the taxes for Americans of all income groups including those earning less than $400,000 per year?”
YELLEN: “Yes.”
Even left-leaning media outlets have noted that TCJA cut taxes for most Americans:
CNN’s Jake Tapper: “The facts are, most Americans got a tax cut.”
New York Times: “Most people got a tax cut.”
Washington Post: “Most Americans received a tax cut.”
FactCheck.org: “Most people got some kind of tax cut.”
H&R Block: “The vast majority of people did get a tax cut.”
If Biden is re-elected and follows through on his threat to “end” the Trump tax cuts, here are some of the tax increases that would hit Americans:
- Across the board income tax hikes.
- Large part of child tax credit taken away.
- Small and mid-sized business tax increase.
- The Death Tax would ensnare more families and businesses.
- Standard deduction nearly cut in half, forcing paperwork complexity on millions of households who will have to itemize their deductions.
- The Obamacare Individual Mandate Tax will hit millions of households. (TCJA zeroed out this tax. Biden wants to re-impose the tax.)
Biden is excited to raise taxes on the American people. His 2025 budget calls for $5 trillion in tax hikes over a decade. He has called for a higher corporate tax rate than communist China and the highest top capital gains tax rate in over 100 years.
To learn more about Biden’s many tax increases, visit ATR.org/HighTaxJoe
Follow the author on Twitter @JohnKartch
The post Biden: Tax cuts “are going to stay expired and dead forever if I’m re-elected.” appeared first on Americans for Tax Reform.
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Author: John Kartch
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