Continuing a false narrative that somehow the Tax Cuts and Jobs Act of 2017 (TCJA) — the historic tax cuts initiated by President Donald Trump — only helps the rich and punishes the middle class, Sen. Kamala Harris (D-CA) promised supporters that she and former Vice President Joe Biden would work to reverse the bill.
According to Breitbart, Harris hyped up a crowd of Latino supporters in McAllen, Texas on Friday claiming that saying “goodbye” to Trump’s tax cuts would be their “first order of business” should they win the White House on November 3.
“I promise you this — as a first order of business, Joe Biden and I are about to work to get rid of that tax cut,” Harris proclaimed to a crowd of cheering supporters.
“Joe Biden and I are about to work to get rid of that tax cut,” Kamala Harris tells Hispanic Americans. pic.twitter.com/BT9sTqsDfK
— Trump War Room – Text TRUMP to 88022 (@TrumpWarRoom) October 30, 2020
However, it’s perplexing why so many people are under the impression that Trump’s tax cuts were anything less than an absolute boon for the American economy, thanks to the positive effects it had on America’s middle class workers, which are the backbone of this nation.
Under the Trump administration’s tax cuts, the standard deduction that a single American taxpayer could take went from $6,350 to a whopping $12,000 in 2018. There was a similar bump for married couples, with an increase to a $24,400 deduction, which was up from $12,700 in the previous year.
Though the idea of reversing TCJA is repeatedly spun by Democrats for political purposes, eliminating Trump’s tax cuts would effectively turn into a tax increase on the middle class because — assuming the deductions were reduced to previous levels — taxpayers would be paying on income that’s otherwise being deducted under Trump. In some cases, that could mean a $2300 tax increase, which would certainly not fare well for the American economy.
Even the left-leaning Bloomberg admitted in recent days that Trump’s tax cuts were a major advantage for America’s middle class, which completely clashes with the false notion that TCJA only benefited America’s wealthy class.
Bloomberg Businessweek Writer Peter Coy called attention to a portion of Biden’s campaign website that claims a large portion of “Trump’s tax giveaways” will only benefit America’s top one percent of earners.
“That’s not quite fair to the president, though. While the Tax Cuts and Jobs Act of 2017 was far from perfect, it did cut taxes on the middle class and fueled the economic growth that brought unemployment rates to half-century lows before the pandemic,” Coy wrote.
At the end of the day, the TCJA provided a large number of Americans with more money in their take-home pay and I have a feeling that any attempts to reverse that will end up backfiring on Biden and Harris in ways they can’t even imagine.