(Americans For Tax Reform)
Joe Biden said Monday that the first thing he’d do as president is “eliminate” the Tax Cuts and Jobs Act:
“First thing I would do as president is eliminate the president’s tax cut,” Biden said during the Poor People's Forum in Washington, D.C. on Monday.
Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:
A family of four earning the median income of $73,000 would see a $2,000 tax increase.
A single parent (with one child) making $41,000 would see a $1,300 tax increase.
Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
Small employers will face a tax increase due to the repeal of the 20% deduction for small business income. Read more
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