Utter Devastation: Biden Promises Trump's Tax Cuts Are Dead - Parents to Lose Thousands
Even as his economic policies have made life harder for every middle- and lower-income American, Joe Biden is now pledging to make it all even worse by making sure the tax cuts put in place by former President Donald Trump will be “dead forever” if he is re-elected.
Biden made this promise to raise everyone’s taxes during his comments at the North America’s Building Trades Unions National Legislative Conference held Wednesday in Washington, D.C., where he promised to raise the burden on the American people if he is re-elected in November.
During his comments, Biden said, “Look, now Trump is saying if he gets elected, he wants to give another — by the way, that tax credit of his expires next year. Okay? Well, let me tell you something: It’s going to stay expired and dead forever if I’m re-elected.”
But as the Republican National Committee noted in its X post about Biden’s proclamation , “[Around 90 percent] of Americans saw their take-home pay INCREASE in the year following President Trump’s tax cuts.” But despite this, “Biden is currently proposing the largest tax hike in U.S. history.”
Biden says President Trump’s successful tax cuts will be “expired and dead forever” if he wins.
FACT: ~90% of Americans saw their take-home pay INCREASE in the year following President Trump’s tax cuts.
FACT: Biden is currently proposing the largest tax hike in U.S. history. pic.twitter.com/sXNp7jnrwr
— RNC Research (@RNCResearch) April 24, 2024
You don’t even have to believe the Republican Party. Even liberal political news outlet The Hill pointed out that Biden is proposing a huge tax increase on middle- and lower-income earners if the Trump plan is not renewed by Congress.
The Hill said that Trump’s Tax Cuts and Jobs Act lowered the tax rate for almost all Americans.
“Those married filing a joint return in a 12% tax bracket ($22,001 to $89,450) will increase to 15%,” said tax advisor Joshua Youngblood. “Those in a 22% tax rate ($89,451 to $180,000) will increase to 25% from 22%.”
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“Families will also see the child tax credit, which was doubled to $2,000 under the TCJA, revert to $1,000 per child,” The Hill added.
Biden is also proposing to raise taxes on capital gains, so if you sell your house, for instance, he wants to sock you with more taxes.
He doesn’t just want a little tax hike, either. He wants to slam Americans with a whopping 44.6 percent tax rate, the highest in U.S. history.
Even more unfairly, he wants to institute an “unrealized capital gains” tax, too. That means if you have stock that goes up during your tax year, you will be taxed on that higher stock price, even if you don’t sell it. And even if the stock goes down in the next year, at that!
?? President Biden proposes a 44.6% capital gains tax, the highest in history.
The proposal also includes a 25% tax on unrealized gains for high-net-worth individuals. pic.twitter.com/ebiYWfO9Oj
— Watcher.Guru (@WatcherGuru) April 24, 2024
How it is that Biden thinks it is fair to tax you on something you didn’t actually earn is another question.
These kinds of attacks on Americans do not only affect “the rich.” They affect anyone who has a 401K, retirement savings or a home they want to sell.
Of course, all this probably sounds pretty good to Biden’s compatriots at the World Economic Forum, which recently put out a video explaining its goals for the future, the first of which is,”You’ll own nothing and you’ll be happy.”
The destruction of American wealth needs to be defeated at all costs. That is why it is so important to defeat Joe Biden and his cabal of anti-human, anti-American autocrats who wish to destroy our standard of life and make all Americans poorer.
This article appeared originally on The Western Journal.
