BI­DEN’S TAX MESS

The Washington Times Weekly - - Politics -

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.

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