In a speech before the South Carolina Democratic Party Convention this weekend, former Vice President Joe Biden promised to eradicate the economy-boosting tax cuts that President Trump signed into law in 2017.
“Income inequities are at an all-time high and made worse by Trump’s tax cuts and enormous giveaways to the top one-tenth of the 1 percent,” Biden said. “It’s time we start to reward work over wealth.”
Biden said he would repeal the tax cuts on “Day One” of his presidency and pair that repeal with the closure of over $500 billion in tax loopholes. He told Democrats that he would use the newly-confiscated taxpayer funds to implement initiatives like a green energy plan, college tuition grants, and a new health insurance law that includes a public option. He also said he favored an $8,000-per-child credit for child care, and he promised to spend more money on expanding universal pre-K, a program that his former boss was fond of funding.
Democrats, from Biden to Bernie, love to claim that the 2017 GOP tax cuts did absolutely nothing for working American families. The only beneficiaries, they say, were the richest of the rich. The rest of us, as Nancy Pelosi famously said, got left with “the crumbs.”
But the significance of those crumbs will come into sharp relief if the Democrats manage to repeal the law. According to Americans for Tax Reform, middle class families will immediately feel the tax hike in their wallets. A single parent can expect to shell out $1,300 more in taxes in the first year of the repeal. A family of four with $73,000 in yearly income? They’ll be stuck with $2,000 more in taxes.
Additionally, ATR noted that a repeal of the cuts would also mean that child tax credits and standard deductions would be slashed. Oh, and that oh-so-popular Obamacare individual mandate would be back on the books.
“I suspect,” Bernie Sanders said last week, “that a lot of people in this country would be delighted to pay more in taxes if they had comprehensive healthcare as a human right.”
Well, good. The Democrats are not shying away from giving the American people a clear, concise choice in 2020. We can either vote for the man that has taken the regulatory handcuffs off the U.S. economy, or we can vote for the kind of socialist policies that have turned once-thriving nations into hollow shells of their former selves, time and time again.
Hopefully, voters will make the right choice.