Biden boasts of new taxes, breaks pledge to earners under $400k as Americans struggle with inflation

President Biden may stumble over many of his points, but he has made one thing perfectly clear: If he is reelected, he will make sure Americans pay more taxes.

“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,” Biden stated Wednesday on X. “That tax cut is going to expire.

“If I’m reelected, it’s going to stay expired.”

“The law that Biden wants to let expire is the Tax Cuts and Jobs Act (TCJA) of 2017,” according to the Daily Wire.

In a March report, the Tax Foundation explained the significance of the TCJA, defining it as “a tax reform law that simplified individual income taxes and reduced tax rates across the income spectrum.”

“The TCJA reduced average tax rates for taxpayers at all income levels because it lowered marginal tax rates, widened tax brackets, doubled the child tax credit and zeroed out personal and dependent exemptions, nearly doubled the standard deduction, and limited several itemized deductions and the alternative minimum tax, among other changes,” according to the report. “Average rates declined across all income groups and have remained below their 2017 levels since.”

Biden has repeatedly claimed “nobody earning less than $400,000 a year will pay an additional penny in federal taxes” under his plan.

Manhattan Institute Senior Fellow Brian Riedl says the president has already broken that pledge.

“Biden just endorsed a $2 trillion tax hike on earners under $400k (breaking his no-new-taxes pledge for such earners), and endorsed cutting the child credit down to $1,000,” Riedl said, according to the Daily Wire. “The White House wants it every way on the TCJA: 1) They demand to end the ‘Trump tax cuts’ – and write a budget claiming all the deficit savings from full expiration, but then also: 2) Pledge to extend for the bottom 98%, which costs $2 trillion over the decade.”

As BizPac Review reported, the president of American Tax Reform, Grover Norquist, said that Biden “wants to wallop Americans with a $5 trillion tax increase.”

“Biden’s written plan calls for a small business tax hike, a corporate tax hike, a capital gains and dividends tax hike, income tax hikes, energy tax hikes, and even a second Death Tax on top of the first one,” Norquist wrote for Fox News.

“Biden would increase the corporate income tax from today’s 21% to 28%. That’s a higher tax rate than communist China and France and the U.K., each at 25%,” he warned. “Now add the average state corporate income tax at 4% and the average combined Biden rate would be 32%. That would be the second-highest corporate income tax in the developed world. Just below Colombia.”

“Biden’s budget promises to increase the federal capital gains tax to 44.6%, the highest rate in 100 years. California businesses would pay the 44.6% federal capital gains tax plus a 14.4% state capital gains tax for a combined rate of 59%. New York state businesses would pay a combined 53.4% on capital gains,” Norquist wrote. “Meanwhile, the developed world average is 18.78%. China’s is 20%.”

Biden’s vow to allow TCJA to expire “comes as many are struggling from the high inflation rates that have defined Biden’s presidency,” the Daily Wire reports.

On X, users are telling the president what they think of “Bidenomics.”

Melissa Fine

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