Biden-Harris Will Raise Your Taxes
Claiming only the wealthy benefited from Trump's tax cuts, Biden insists he would lower taxes on the middle class.
This post has been erroneously “fact-checked” by Facebook, because an “independent fact-checker” disagrees with us and believes Biden’s claim that he won’t raise taxes on anyone earning less than $400,000 per year. Yet he also promises to rescind the GOP tax cuts, which will have the effect we describe below. The original, unedited post follows:
It’s no secret that, should Joe Biden win the election, he has promised — Senator Kamala Harris’s equivocations aside — to repeal the 2017 Tax Cuts and Jobs Act, passed by congressional Republicans without a single Democrat vote and signed by President Donald Trump. Biden thus plans to increase taxes on almost all American households. The question is just how much more in taxes Americans can expect to pay under the Biden-Harris tax plan.
Well, thanks to the work of the folks over at the University of Pennsylvania’s Wharton School of Business — who are no Trump fans, by the way — a clearer picture has emerged and it’s not one any Americans should desire. Under the Biden-Harris plan, American households making $45,600 or more annually hold a greater than 90% chance of paying more income taxes. In fact, as economist Joseph Sullivan notes, “In the exact middle of the household income distribution, over 95 percent of households can expect a tax increase if the Biden-Harris plan becomes law. Overall, 82.6 percent of American households can expect a tax increase.”
The great deception here is how Democrats and the Leftmedia on the one hand falsely and repeatedly smeared Trump’s tax cuts as merely a tax break for the wealthy and corporations (when in reality over 80% of Americans saw their taxes decrease), while on the other hand the Biden campaign is making the patently false assertion that repealing those tax cuts and implementing his tax plan equates to a broad middle-class tax cut. When Democrats talk about tax cuts, it’s almost a guarantee they’re lying.