BIDEN’S TAX MESS
Democratic presidential hopeful former Vice President Joseph R. Biden spent much of his campaign time in Iowa promising to eliminate the tax cuts that accompanied President Trump’s Tax Cuts and Jobs Act. This may not play well in the heartland and elsewhere. Americans for Tax Reform has done the math, and here is what would befall Americans should Mr. Biden repeal the tax cuts.
“A family of four earning the median income of $73,000 would see a $2,000 tax increase. A single parent (with one child) making $41,000 would see a $1,300 tax increase. Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax,” the grassroots organization says.
In addition, utility bills would go up in all 50 states as a direct result of the corporate income tax increase, while small employers would face hardship due to the repeal of the 20% deduction for small business income. Oh, and a few more things. “The U.S. would have the highest corporate income tax rate in the developed world. Taxes would rise in every state and every congressional district. The Death Tax would ensnare more families and businesses. Millions of households would see their child tax credit and their standard deduction cut in half,” the organization advises.