The Patriot Post® · In Brief: Biden's Reelection Is Guaranteed to Hurt You
Senator Tom Cotton is a Republican, so it stands to reason that he doesn’t want Joe Biden, a Democrat, to win reelection in November. But Cotton has some pretty strong reasons that focus on your bank account.
If President Joe Biden wins, your taxes will go up. It doesn’t matter if you’re a millionaire or middle class: the president has promised to raise taxes on every American who pays them. This would be bad for families struggling with inflation, bad for the economy, and it would be a massive expansion of the government at the last time we need it.
Biden recently said that if he is re-elected, he will let the entire 2017 Trump tax cut expire. And contrary to Biden’s claims about that law, it was a huge tax cut for everyone, with the largest percentage reduction going to the middle class.
The Trump tax cuts also reduced our business tax from the highest in the developed world, to far closer to the average, and cut taxes on small businesses to an average of less than 20%. This was good for investment, and it helped lead to the fastest wage growth in two decades.
Biden wants to reverse all these benefits and increase taxes by a devastating $5 trillion. In April, he pledged, “That [Trump] tax cut is going to expire. If I’m reelected, it’s going to stay expired.” This would represent the largest tax increase in history and would violate the president’s oft-repeated pledge never to raise taxes on the middle class.
Such a tax hike, he says, would “add over $2,200 to the median American’s tax bill,” and it’s “not true” that the pain would be limited to only the wealthy. Cotton makes a hugely important point:
Instead of crafting our nation’s tax policy based on growing the government, we ought to be guided by proven results and letting Americans keep the money that they earned — not the government.
That’s a much better place to start than bickering over how to “pay for” letting Americans keep more of their money.