{"id":2229269,"date":"2024-04-24T14:56:02","date_gmt":"2024-04-24T18:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-just-promised-america-a-massive-tax-hike\/"},"modified":"2024-04-24T15:03:58","modified_gmt":"2024-04-24T19:03:58","slug":"joe-biden-just-promised-america-a-massive-tax-hike","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-just-promised-america-a-massive-tax-hike\/","title":{"rendered":"Joe Biden pledges significant tax increase for America"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjoe-biden-just-promised-america-a-massive-tax-hike%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2229269&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The text discusses the contrasting views on the tax policies of\u2064 Donald Trump and Joe Biden. Trump&#8217;s \u2063tax cuts, lauded for \u200cbenefiting the\u2064 wealthy, spurred national debt. Biden \u2063intends to \u2063let these tax \u200ccuts expire to implement a significant tax increase\u200d aimed at rectifying the system&#8217;s fairness. Various analysis and \u2062opinions \u200bon the impact and implications of these tax reforms are shared. The content\u200c delves into the differing \u2064approaches to tax policies between Donald Trump and Joe Biden. Trump&#8217;s tax cuts, criticized \u200bfor\u200d favoring the wealthy, contributed to the national \u200cdebt. Biden plans to allow these tax cuts to\u200b lapse, paving\u200c the way for a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-fitch-downgrade-entirely-unwarranted-amid-us-economys-strength\/\" title=\"Yellen dismisses Fitch downgrade as unjustified despite strong US economy.\">substantial tax hike<\/a> to address fairness issues. The text also presents diverse \u2064viewpoints and assessments of the consequences of these tax changes.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<div>\n<figure>                         <\/figure>\n<\/p><\/div>\n<p>Here is our president today:<\/p>\n<figure>\n<p><span><\/p>\n<blockquote data-width=\"500\" data-dnt=\"true\">\n<div lang=\"en\" dir=\"ltr\">\n<p>Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.<\/p>\n<p>That tax cut is going to expire. <\/p>\n<p>If I\u2019m reelected, it\u2019s going to stay expired.<\/p>\n<\/div>\n<p>\u2014 Joe Biden (@JoeBiden) <a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1782904787966558608?ref_src=twsrc%5Etfw\">April 23, 2024<\/a><\/p><\/blockquote>\n<p><\/span> <\/p>\n<\/figure>\n<p>Well, <em>obviously<\/em> Trump should be \u201cproud\u201d of the Tax Cuts and Jobs Act, which is set to expire at the end of 2025. If the GOP presidential candidate had any sense, he would be running Biden\u2019s promise to enact a $2 trillion tax hike, one of the biggest in American history, in a perpetual ad loop. <\/p>\n<p><em>Of course<\/em> the rich benefited. As did everyone else. Even the <a href=\"https:\/\/www.nytimes.com\/2019\/04\/14\/business\/economy\/income-tax-cut.html\">New York Times<\/a> and <a href=\"https:\/\/www.washingtonpost.com\/politics\/2019\/05\/01\/bidens-false-claim-that-no-one-rich-got-trumps-tax-cuts\/\">Washington Post<\/a> were compelled to admit as much. <\/p>\n<p>In raw terms, as with any across-the-board tax cut, Trump\u2019s reform helped higher earners most, because high earners pay most of our federal taxes. In 2023, the top 1 percent <a href=\"https:\/\/taxfoundation.org\/data\/all\/federal\/summary-latest-federal-income-tax-data-2023-update\/#:~:text=The%20top%201%20percent%20of,the%20bottom%20half%20of%20taxpayers.\">paid<\/a> eight times the rate paid by the bottom half of taxpayers. The idea that the rich aren\u2019t paying their share is a preposterous zero-sum economic myth spread by resentment-racket class warriors on left and right. If everyone actually paid his \u201cfair share\u201d in this country, we\u2019d be years deep into a violent revolution.<\/p>\n<p>If anything, the problem with Trump\u2019s tax cuts was that the code <a href=\"https:\/\/www.nationalreview.com\/2021\/02\/trumps-tax-cuts-made-the-tax-code-more-progressive\/\">became more progressive<\/a>, although other downsides include the lack of any corresponding cuts or reforms of debt-driving entitlements. Quite the opposite.<\/p>\n<p>As a percentage of income, though, the Trump tax cuts benefited the middle class most, as <a href=\"https:\/\/thehill.com\/opinion\/finance\/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most\/\">Justin Haskins<\/a> explained:<\/p>\n<blockquote>\n<p><a href=\"https:\/\/www.heartland.org\/publications-resources\/publications\/measuring-the-effects-of-the-republicans-tax-cuts-and-jobs-act-on-personal-income-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">A careful analysis of the IRS tax data<\/a>, one that includes the effects of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-to-return-to-full-employment-next-year-if-congress-passes-1-9-trillion-relief-bill-yellen\/\" title=\"US to Return to Full Employment Next Year if Congress Passes .9 Trillion Relief Bill: Yellen\">tax credits<\/a> and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-ways-the-democrats-stick-up-for-the-wealthy-at-the-expense-of-the-middle-class\/\" title=\"Three Ways The Democrats Stick Up For The Wealthy \u2014 At The Expense Of The Middle Class\">average tax cut<\/a> of 16 percent to 26 percent in 2018, the first year Republicans\u2019 Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.<\/p>\n<p>Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.<\/p>\n<p>By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published <a href=\"https:\/\/www.heartland.org\/publications-resources\/publications\/measuring-the-effects-of-the-republicans-tax-cuts-and-jobs-act-on-personal-income-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.)<\/p>\n<p>That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.<\/p>\n<\/blockquote>\n<p>Let\u2019s not forget, as well, when \u201cthat tax cut is going to expire\u201d\u2014and there are no assurances anything would pass to take its place\u2014that would slash child tax credits from $2,000 per child to $1,000 and cut additional credits for older children and dependents in half. It should also be remembered that corporate taxes\u2014which Trump cut from 35 percent to 21 percent and Democrats raised again\u2014are also just a tax on consumers.<\/p>\n<p>You may also recall the fearmongering and performative meltdowns among Democrats over the tax reform. Larry Summers, a relatively <em>moderate<\/em> voice on the left, warned Trump\u2019s bill was \u201c<a href=\"https:\/\/www.washingtonpost.com\/news\/wonk\/wp\/2016\/03\/01\/larry-summers-donald-trump-is-a-serious-threat-to-american-democracy\/\">a threat to democracy<\/a>\u201d and would lead to more than 10,000 dead Americans <a href=\"https:\/\/www.cnbc.com\/2017\/12\/04\/economist-larry-summers-10000-will-die-per-year-due-to-tax-reform.html\">every year<\/a>. <\/p>\n<p>\u201cArmageddon,\u201d House Minority Leader Nancy Pelosi <a href=\"https:\/\/thehill.com\/homenews\/house\/363238-pelosi-denounces-gop-tax-reform-as-armageddon\/\">warned<\/a>, declaring Trump\u2019s tax cut \u201cone of the worst bills in the history of the United States Congress\u201d\u2014 potentially, then, in a category with the Fugitive Slave Act and the Espionage Act. Unhinged progressive economist Bruce Bartlett said on MSNBC the tax cuts were \u201c<a href=\"https:\/\/news.grabien.com\/story\/bruce-bartlett-tax-cut-bill-akin-rape-poor-people\">really akin to rape<\/a>\u201d of the poor, while the Washington Post ran an article from a \u201cdepression historian\u201d who <a href=\"https:\/\/www.washingtonpost.com\/news\/posteverything\/wp\/2017\/11\/30\/im-a-depression-historian-the-gop-tax-bill-is-straight-out-of-1929\/\">contended<\/a>,\u00a0\u201cThe GOP tax bill is straight out of 1929.\u201d<\/p>\n<p>What happened? The bill passed at the end of 2017. In 2018, the real GDP <a href=\"https:\/\/www.bea.gov\/news\/2019\/initial-gross-domestic-product-4th-quarter-and-annual-2018#:~:text=During%202018%20(measured%20from%20the,of%201.9%20percent%20during%202017.\">increased<\/a> 3.1 percent, compared with an increase of 2.5 percent the previous year. The price index for GDP purchases increased 2.1 percent in 2018, compared to 1.9 percent in 2017.<\/p>\n<p>Many \u201cnew right\u201d populists don\u2019t like defending tax cuts (Ronald Reagan talked about them a lot, so yuck). But the average American family \u2014 which is middle class, lives in the suburbs, and votes in high numbers \u2014 will surely be more concerned about a rising tax bill than about any issue animating the populist Internet influencer crowd.  <\/p>\n<hr>\n<div>\n<p>      David Harsanyi is a senior editor at The Federalist, a nationally syndicated columnist, a Happy Warrior columnist at National Review, and author of five books\u2014the most recent, <a href=\"https:\/\/www.amazon.com\/Eurotrash-America-Reject-Failed-Continent\/dp\/0063066017\/\">Eurotrash: Why America Must Reject the Failed Ideas of a Dying Continent<\/a>. Follow him on Twitter, <a href=\"https:\/\/twitter.com\/davidharsanyi\/\">@davidharsanyi<\/a>.<\/p>\n<\/div><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Donald Trump boasted about his $2 trillion tax cut favoring the rich and large corporations, fueling national debt. Joe Biden plans to let this tax cut expire if reelected, ensuring a fairer tax system. Trump&#8217;s pride in this tax policy is questionable<\/p>\n","protected":false},"author":831,"featured_media":2229270,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/04\/Joe-Biden-AOC-1024x664.png","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-2229269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/04\/Joe-Biden-AOC-1024x664.png","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2229269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/831"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2229269"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2229269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2229270"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2229269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2229269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2229269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}