August 09, 2020

Joe Biden Will Raise Taxes on Middle-Class American Families

One year ago today, Joe Biden said he would “eliminate mostly all” of President Trump’s tax cuts, tripling down on his promise to enact the largest federal tax hike in recent memory. President Trump cut taxes for middle-class families, but Biden has repeatedly promised the “first thing” he would do as president is “eliminate the president's tax cuts.” That’s bad news for hardworking Americans. 

Biden’s plan would raise taxes by more than $4 trillion, shrink the economy by an estimated 1.5 percent, and kill 585,000 jobs. An estimated 80 percent of Americans would see their taxes rise in a Biden presidency. Biden also wants to increase the U.S. business tax rate from 21 to 28 percent, a move that will make it more expensive to do business in the U.S. than in China.

That doesn’t include Biden’s other plans to massively expand the scope of government. His childcare “plan” calls for $775 billion in new taxes and government spending and his War on Energy plan, which calls for eliminating oil, gas, and coal from the electric grid, would cost $4.5 trillion. Biden’s health care plan would cost an estimated $2.25 trillion. Taken together, Biden’s proposals would cost at least $10 trillion—paid for through tax hikes on the American people.

President Trump built the strongest economy in U.S. history—and he’s doing it again. A Biden presidency would stop our economic recovery dead in its tracks.

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