President Donald Trump and Republicans have touted their 2017 tax cuts as vital to the economic boom seen in the U.S. prior to the start of the coronavirus pandemic. But on Tuesday night, Democrat White House hopeful Joe Biden promised to walk back all that progress.
According to Breitbart, Biden confessed twice during his first debate against President Trump that he plans to raise taxes across the board — and that includes on the middle class. It’s a move that could cost the former vice president as Trump continues to lead in the polls on the economy.
47 months vs. 47 years
Speaking in Cleveland, Ohio on Tuesday night, Biden used a question about a recent New York Times report to argue that Trump unfairly took advantage of loopholes in the tax code so as to only pay $750 in federal income taxes in 2016 and 2017.
“He says he’s smart because he can take advantage of the tax code. And he does take advantage of the tax code,” Biden said of the incumbent president, according to a transcript from the Daily Mail.
“That’s why I’m going to eliminate the Trump tax cuts,” the former VP promised. “I’m going to eliminate those tax cuts.”
Trump, for his part, suggested that if Biden has a problem with how things are run in Washington, he should have changed it decades ago.
“Let me just tell you, Joe,” Trump said, according to the Daily Mail. “In 47 months, I’ve done more than you’ve done in 47 years, Joe. We’ve done things that you never even thought of doing.”
Biden’s big plans
In a report published Wednesday, Breitbart’s Nolte explained that Biden’s vow to eliminate the 2017 GOP tax cuts hurts the middle class the most. “You cannot eliminate the Trump tax cuts without raising taxes on the middle class, because the Trump tax cuts cut middle class taxes,” Nolte wrote.
He went on:
The Trump tax cuts, officially known as the Tax Cuts and Jobs Act of 2017 (TCJA), were a boon for the middle class in how they practically doubled the standard deduction for singles from $6,350 in 2017 to $12,000 in 2018; nearly doubled the standard deduction for married couples from $12,700 to $24,400, and bumped up the child tax credit up from $1,000 in 2017 to $2,000 in 2018.
According to Nolte, “[i]f you eliminate the Trump tax cuts, you slash those deductions on working people and families almost in half.” Nolte also said the Republican tax package actually “raised taxes on the rich [emphasis in original] by capping the wealthy’s ability to deduct their state and local taxes from reported federal income to just $10,000.”
Is that really something Biden wants to undo?
When it comes to the economy, perhaps Uncle Joe is better off leaving the talking to the experts.