Biden Wants To Push Taxes Back Up

You have to hand it to Joe Biden; he always wants to do something different. Like most Democrats, he disagrees with almost everything President Trump does, just because it was done by President Trump. That’s what we expect from the Left. Even Biden’s strongest critics have to agree on one thing, though; it takes real courage to identify a Trump policy that doesn’t cost the government anything and helps millions of ordinary Americans — and promise to scrap it.

Highlights

People are rarely unhappy when the government lets them keep more of their own money, so it’s no surprise that President Trump’s flagship tax cut policy has been popular.

  • Under the 2017 Tax Cuts and Jobs Act, well over half of working Americans — more than 65% — ended up paying less tax, while just 6% saw their tax bill rise. The middle fifth of earners ended up, on average, almost $800 better off.
  • The tax cuts had the most effect on the middle classes, who have been suffering for years under high taxes and increasing costs of living. It was way past time this group, the backbone of the US economy, had a break — and that’s exactly what Trump decided to give them.
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  • Now Biden has decided that hard-working Americans shouldn’t be allowed to keep more of their own money. This past Monday, June 17, he told a presidential forum for the Poor People’s Campaign that, if he ever becomes president, the first thing he’ll do is reverse the cuts.
  • Biden came out with this crackpot idea after an attendee at the forum asked him what he planned to do about the so-called “lie of scarcity” on resources. Biden replied that there’s “plenty of money” in the US, and he plans to get his hands on more of it by reversing the cuts.
  • This is the classic left-wing mistake of assuming that all money should be available for the government to use as it pleases. What they forget is that if people are left to spend their own money they spend it on buying goods and services, which have to be produced. Producing goods and services creates jobs, which are a lot better for poor people than entitlement programs.
  • Under Biden’s plan, about two-thirds of American households will see the government grabbing more of their money. Is this likely to be a vote winner? Probably not — but that doesn’t seem to bother Sleepy Joe.
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