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Joe Biden Proposes Biggest Middle Class Tax Hike in Modern Times

Well, the cat is finally out of the bag on Biden’s tax plans. Biden admitted yesterday in a campaign speech that he will allow the repeal of the entire Trump tax cut of 2017 (which the CTUP team helped craft). This will clobber middle-class Americans with incomes FAR below $400,000.  More than six of 10 U.S. households would owe thousands of dollars a year more to the IRS.

This tax plan would mean:

      • Higher tax rates
      • A lower standard deduction
      • A new 20 percent hike in small business tax rates
      • More families are forced to pay the alternative minimum tax (AMT)
      • Repeal of Full expensing for business investment in equipment
      • Repeal of expensing for research and development (R&D) costs
      • More families forced to pay estate tax

This is all said to be necessary because Biden says the rich don’t pay their “fair share.” The chart below shows that the Trump tax cuts made the income tax MORE progressive:

Ironically, the Biden tax scheme would bring back the state and local tax deduction for his millionaire and billionaire friends in blue states.

This is tax fairness?

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