Though Donald Trump’s Tax Cuts and Jobs Act of 2017 slashed the amount of taxes the average American pays by 25 percent, Democrat presidential hopeful Joe Biden has promised that he will roll back those tax cuts if he’s elected.
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut and a lot of you may not like that but I’m going to close loopholes like capital gains and stepped-up basis,” Biden recently told donors at a private fundraiser.
Trump’s tax cuts: not perfect, but helpful to low-income earners and the middle-class
The Tax Cuts and Jobs Act of 2017 was passed in December 2017 in the House of Representatives when Republicans were still in the majority. The Democrats described the as tax cuts as a boon only for the rich, but in reality, the program lowered the tax rates for all income brackets, greatly benefitting earners in the lower brackets.
The child tax credit was doubled and the estate tax threshold was doubled and continues to rise, currently at over $11 million per individual. This offers farmers, small business people, and individuals greater protection as they seek to pass their wealth to their heirs, and keep their lands and businesses intact.
The new law didn’t really help the “rich” because it lowered the maximum amount of State and Local taxes that could be deducted from overall income to $10,000. In California, many rich people pay that or more just in property tax for one property. And the top income tax rate for people earning over $500,000 is 37%. That’s $185,000 in taxes on $500,000 in earnings.
The act did help corporations, lowering the corporate tax rate to 21%, which incentivized large corporations to “repatriate” their earnings and increased tax revenue for the federal government.
Democrats want your money
Democrats believe it is their duty to take your money and redistribute it to whomever they deem should have it. They cloak their theft in the rhetoric of economic justice and other Marxist nonsense. They usually end up getting the majority of it and funnel the rest to favorite foundations, nations, and non-governmental organizations like Open Society.
Unfortunately, Democrat voters fall for it every time. In 2018 in California, a majority of Democrats voted against repealing a gas tax Governor Jerry Brown imposed on California. All it took was a few twists in the wording of the ballot initiative, and California Democrats were convinced that repealing the gas tax would halt much-needed infrastructure work in the state. Well, the tax is still in place, making California gas some of the most expensive in the nation, and the roads are still some of the worst in the nation.
The November election could mean the difference between keeping more of your hard-earned money or sending more of your money to Washington for Democrats to “redistribute to the deserving.”
When President Trump cut taxes, all Americans — Republican and Democrat — kept more of their money. If Biden wins, he has explicitly confirmed that he will work to end that boon. Both Democrats and Republicans will be poorer if Biden is elected.