Last week, President Biden called for the expiration of the Tax Cuts and Jobs Act, President Trump’s signature legislation that jump started the best economy of my lifetime and that continues to provide needed tax relief to working families today. In one statement, the president promised American workers, families, farmers, and small businesses that they would see their taxes go up – breaking his promise that families making less than $400,000 would not receive a tax increase.
In fact, Biden’s plan would increase taxes for the average family of four making $75,000 by $1,500 per year. Why is that? Biden’s plan would slash the child tax credit in half from $2,000 per child to $1,000 per child. It would increase the small business tax rate to 43.4 percent, cut the exemption from the death tax in half, and eliminate the expanded guaranteed deduction for families that greatly simplifies working families’ taxes.
Biden’s plan is a disaster, and it would be bad enough if the economy was in good shape. But “Bidenomics” has resulted in skyrocketing cost-of-living increases. Prices are up almost 20 percent since he took the oath of office. Mortgage payments are now $1,200 higher per month for the median home. The price to put food on the table, clothes on your back, and gasoline in your cars has exploded as real wages are almost 4 percent lower than when Joe Biden was sworn in.
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