President Joe Biden has vowed to raise income taxes across the board by making sure the Trump tax cuts die. Biden said the 2017 Republican/Trump tax cuts will be “dead forever if I’m re-elected.”
If Biden allows the Trump tax cuts to die, Americans of all income levels will see a steep tax increase. Americans will see personal income tax increases; small and mid-sized business tax hikes; and the child tax credit cut in half. The Death Tax will come back to ensnare more households and businesses and farms. And on and on. (RELATED: DAVID BLACKMON: Trump Was Right — The EV ‘Bloodbath’ Is Already Here)
Another ramification of Biden’s vow is that the standard deduction will be cut in half. That will not only raise taxes on all households, but it will impose a paperwork and complexity burden on tens of millions of Americans who will be forced to itemize their deductions.
Tax time will get much more complicated and taxpayers will face increased fishing-expedition audits from Biden’s new platoons of IRS agents. The price tag for his new agents: $80 billion.
Biden’s statement was no slip of the lip: He made the statement verbally and in writing. Biden also tweeted: “That tax cut is going to expire. If I’m reelected, it’s going to stay expired.“
Biden cannot bring himself to admit that the Trump tax cuts provided middle-income tax relief. He’s been lying about the tax cuts since the beginning.
Biden’s lies about the Trump tax cuts are so bad that even CNN had to call him out for it. CNN said: “The facts are, most Americans got a tax cut.”
Because Biden has never had a real job since his “Corn Pop” lifeguard days, he is hostile to hard working Americans and has no problem taking more of the money they earn.
Remember Biden’s tax pledge? He said: “Nobody making under 400,000 bucks would have their taxes raised. Period.” That’s now out the window.
Before he was safely elected he used to say over and over: “I give you my word as a Biden,” in describing his supposedly fervent commitment to his supposed middle-class tax pledge. “That’s a guarantee.”
Biden’s repeated kill-the-Trump-tax-cuts statements are a clear message to voters: He is going to raise your taxes and he is going to violate his promise to all Americans making less than $400,000 that they will not see a “single penny” of tax increase under his watch.
It was never a sincere promise to begin with.
Biden also wants to impose $5 trillion in additional tax hikes over the next decade. His 2025 budget calls for a long list of expensive tax increases. He wants to raise the top capital gains tax rate to 44.6%, the highest since the tax was created in 1922.
That does not include state capital gains taxes, which are directly stacked on top of the federal capital gains tax. Under Biden, residents of many states will face a top combined capital gains tax rate of more than 50%.
Imagine working for 30 years to build your small business and then when you go to sell it upon retirement, the government comes along and takes away such a large part of your life’s work.
Don’t forget that capital gains are not indexed to inflation. So much of the “gain” you owe tax on is not real. It is a tax on inflation–inflation created by the government and then taxed by the government. This inflation tax is especially bad due to Biden.
Biden is actively trying to yoke the U.S. to a global tax cartel which would destroy American tax sovereignty.
Biden also wants to raise the U.S. corporate tax to a rate higher than communist China.
China has a 25% corporate rate. Biden wants to raise the U.S. rate to 28%. This will further wreck American competitiveness.
American workers will be forced to compete not with lower taxes, but by taking home lower wages than our overseas competitors.
Biden and top members of his administration have all endorsed a carbon tax on the American people. This includes Vice President Harris, Treasury Secretary Yellen, and Transportation Secretary Pete Buttigieg.
How this will help growth is anyone’s guess. The Biden economy only grew at a 1.6% rate in the first quarter of this year.
Meanwhile Trump has made clear he will cut your taxes. He stated that he will make the Trump tax cuts permanent and cut taxes further. Trump said: “I will make the Trump tax cuts permanent. You know they expire in a year. And we will cut your taxes even more than that.”
The contrast on taxes has never been clearer.
Grover Norquist is president of Americans for Tax Reform.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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