| 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:
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? |
