Biden Strategy would raise your taxes

Biden Strategy would raise your taxes

Joe Biden promises to not increase taxes on anyone making less than $400,000 annually, said Jeff Jacoby. Do not fall for this : His”tax hikes will get you too.” If elected, Biden says, he along with a Democratic Congress will repeal President Trump’s 2017 tax reduction and increase the top tax rate from 36 percent to 39.6% on earnings of $400,000 and up. One problem with this assurance: The Trump tax cuts actually did reduce taxes”for the vast majority of Americans”–not just the wealthy and corpora- tions. The left-leaning Tax Policy Center and the Wharton School at the University of Pennsylvania have analyzed the Biden tax program and discovered that although about 80% of the $4 trillion it hopes to raise more than a de- cade is going to be covered by the top 1 percent, 20 percent will fall on everyone else. About 82 percent of U.S. families would find some tax increase. In addition, Biden’s plan to raise corporate earnings from 21 percent to 28 percent will necessarily lead employers to hire fewer people and contribute smaller raises. Yes, Biden’s plan would primarily”soak the rich,” but”it will not be just the rich who wind up bruised.”

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