{"id":2233542,"date":"2024-04-30T11:44:02","date_gmt":"2024-04-30T15:44:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-vows-move-on-trump-tax-cuts-that-would-be-devastating-to-american-families\/"},"modified":"2024-04-30T11:46:15","modified_gmt":"2024-04-30T15:46:15","slug":"biden-vows-move-on-trump-tax-cuts-that-would-be-devastating-to-american-families","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-vows-move-on-trump-tax-cuts-that-would-be-devastating-to-american-families\/","title":{"rendered":"Biden pledges to reverse Trump tax cuts, impacting American families"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/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%2Fbiden-vows-move-on-trump-tax-cuts-that-would-be-devastating-to-american-families%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=2233542&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 summary covers\u2062 President Biden&#8217;s plan to let \u2062the 2017 tax\u2064 cuts under Trump expire\u200b if re-elected,\u200b despite their benefits like lower individual income \u200ctax rates and increased Child Tax\u2062 Credit.\u200b The\u2063 potential impact includes a significant tax increase for various income brackets, contradicting Biden&#8217;s claims on the tax cuts&#8217; beneficiaries and economic growth.\u2062 Biden&#8217;s stance on extending the tax cuts is examined in the context of\u2064 future legislative decisions.  <\/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<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/%20\"><span>Randy DeSoto<\/span><\/a> <\/span> <span>   April 30, 2024 at 5:29am <\/span> <\/span>  <\/header>\n<section>\n<p>President Joe Biden has repeatedly stated his intention, if he\u2019s re-elected, to allow the tax cuts passed by the Republican Congress in 2017 under former President Donald Trump to expire.<\/p>\n<p>\u201cDonald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,\u201d Biden posted on social media last week.<\/p>\n<p>\u201cThat tax cut is going to expire. If I\u2019m re-elected, it\u2019s going to stay expired,\u201d he added.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">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<p>\u2014 Joe Biden (@JoeBiden) <a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1782904787966558608?\">April 23, 2024<\/a><\/p>\n<\/blockquote>\n<p>Other than the expiration date, pretty much everything Biden wrote about the Trump tax cuts is false.<\/p>\n<p>The<a href=\"https:\/\/fox59.com\/news\/national-world\/trump-tax-cuts-set-to-expire-will-you-be-affected\/\" target=\"_blank\" rel=\"noopener\"> Tax Cuts and Jobs Act<\/a> lowered individual income tax rates across the board, and brought down the tax burden on businesses, large and small.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">Biden goes on a tirade against President Trump\u2019s successful tax cuts (which LOWERED taxes for every income bracket): \u201cIt\u2019s gonna expire, and if I\u2019m re-elected, it\u2019s gonna stay expired!\u201d<\/p>\n<p>REMINDER: Biden is currently proposing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-2t-infrastructure-plan-tax-increases\/\" title=\"Biden unveils T infrastructure plan, tax increases\">largest tax hike<\/a> in U.S. history. <a href=\"https:\/\/t.co\/LEj3BIvgrp\">pic.twitter.com\/LEj3BIvgrp<\/a><\/p>\n<p>\u2014 RNC Research (@RNCResearch) <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1781448927927058688?\">April 19, 2024<\/a><\/p>\n<\/blockquote>\n<p>Among other benefits that particularly helped lower- and middle-income Americans, the legislation nearly doubled the standard deduction and increased the Child Tax Credit from $1,000 to $2,000 per child.<\/p>\n<p>The <a href=\"https:\/\/apps.irs.gov\/app\/vita\/content\/00\/00_13_005.jsp\" target=\"_blank\" rel=\"noopener\">standard deduction<\/a> is the amount you can make before owing any <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/zoom-profits-in-2020-660-million-zoom-tax-payment-in-2021-0\/\" title=\"Zoom Profits in 2020: 0 Million. Zoom Tax Payment In 2021: federal income tax.\">federal income tax<\/a>. For a single tax filer, that threshold is $13,850 in 2023 and for a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stimulus-update-direct-one-time-tax-rebate-checks-worth-up-to-1300-being-sent-out-now\/\" title=\"New stimulus update: ,300 tax rebate checks sent out now.\">married couple filing jointly<\/a>, it is $27,700<\/p>\n<p>If the Trump tax cuts expire, the standard deduction will drop back to about half the current amount, while the Child Tax Credit will revert back to $1,000 per child.<\/p>\n<p>The nonpartisan Tax Foundation has <a href=\"https:\/\/taxfoundation.org\/data\/all\/federal\/tax-calculator-tcja-expiration\/\" target=\"_blank\" rel=\"noopener\">calculated<\/a> the result of all the tax benefits expiring will be a $1,707 increase in taxes for a single filer earning $75,000 per year and a $1,661 increase for married couple with two children earning $85,000.<\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">Biden promised to cancel the Trump Tax Cuts if re-elected\u2014it would crush working Americans.<\/p>\n<p>\u2014 Single earning $75K\/yr: +$1,707<\/p>\n<p>\u2014 Families with 2 kids earning $85K\/yr: +$1,661<\/p>\n<p>\u2014 Families with 2 kids earning $165K\/yr: +$2,450<\/p>\n<p>\u2014 Families with 3 kids earning $200K\/yr: +$7,449 <a href=\"https:\/\/t.co\/BWXq5TJKhV\">pic.twitter.com\/BWXq5TJKhV<\/a><\/p>\n<p>\u2014 Team Trump (Text TRUMP to 88022) (@TeamTrump) <a href=\"https:\/\/twitter.com\/TeamTrump\/status\/1784945893520584968?\">April 29, 2024<\/a><\/p>\n<\/blockquote>\n<p>A <a href=\"https:\/\/www.washingtonpost.com\/politics\/2019\/05\/01\/bidens-false-claim-that-no-one-rich-got-trumps-tax-cuts\/\" target=\"_blank\" rel=\"noopener\">\u201cFact-Checker\u201d<\/a> column published by The Washington Post in 2019 rated as \u201cfalse\u201d then-Democratic presidential contender Biden\u2019s claim that no one but the rich benefitted from the Trump tax cuts. \u201cFact-Checker\u201d Glenn Kessler, in fact, awarded Biden the column\u2019s worst rating of \u201cFour Pinocchios\u201d<\/p>\n<p>Kessler cited an analysis by the liberal <a href=\"https:\/\/www.taxpolicycenter.org\/publications\/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act\/full\" target=\"_blank\" rel=\"noopener\">Tax Policy Center<\/a>, which determined before the law\u2019s passage that \u201cthat 80.4 percent of all taxpayers would have a tax cut, compared with about 5 percent experiencing a tax increase. In the middle quintile, 91 percent would get a tax cut, averaging about $1,090, with 7.3 percent facing a tax increase averaging about $910.\u201d<\/p>\n<p>In March 2022, Biden, perhaps unintentionally, <a href=\"https:\/\/www.westernjournal.com\/biden-unintentionally-concedes-trump-tax-cuts-working-treasury-sees-record-revenues\/\" target=\"_blank\" rel=\"noopener\">conceded<\/a> that the Trump tax cuts had worked as advertised. The Republican had promised as president that the tax cuts would grow the economy and bring in more revenue in the end.<\/p>\n<p>Biden pointed out this happened.<\/p>\n<p>\u201c[W]e have generated a GDP growth of 5.7 percent, the best economic growth we\u2019ve seen in this country in over 40 years. This has led to a substantial increase in government revenues and dramatically improved our fiscal situation,\u201d he said.<\/p>\n<p>Forty years takes us back to Ronald Reagan\u2019s first term, when following across-the-board tax cuts, like those passed under Trump, the economy took off, experiencing <a href=\"https:\/\/www.macrotrends.net\/countries\/USA\/united-states\/gdp-growth-rate\" target=\"_blank\" rel=\"noopener\">4.6 percent\u00a0growth<\/a> in 1983 and 7.2 percent in 1984.<\/p>\n<p>It should also be noted that federal tax revenues <a href=\"https:\/\/www.thebalancemoney.com\/current-u-s-federal-government-tax-revenue-3305762\" target=\"_blank\" rel=\"noopener\">doubled<\/a> during the 1980s, from approximately $500 billion to almost $1 trillion.<\/p>\n<p>As Trump had predicted, revenue grew substantially after the Tax Cuts and Jobs Act, too.<\/p>\n<p>The numbers speak for themselves: The federal treasury took in <a href=\"https:\/\/www.cbo.gov\/publication\/58271#:~:text=Revenues%20received%20by%20the%20federal,receipts%20from%20individual%20income%20taxes.\" target=\"_blank\" rel=\"noopener\">$4 trillion<\/a> in fiscal year 2021 and <a href=\"https:\/\/www.cbo.gov\/publication\/58592\/html#:~:text=larger%20than%20projected.-,Total%20Receipts%3A%20Up%20by%2021%20Percent%20in%20Fiscal%20Year%202022,the%20receipts%20recorded%20in%202021.\" target=\"_blank\" rel=\"noopener\">$4.9 trillion<\/a> in FY 2022.<\/p>\n<p>Revenue dipped back down in FY 2023 to<a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/government-revenue\/#:~:text=Government%20revenue%20is%20income%20received,trillion%20in%20fiscal%20year%202023.\" target=\"_blank\" rel=\"noopener\"> $4.44 trillion<\/a> as the economy slowed under the weight of Biden\u2019s and the Democrats\u2019 inflationary spending policies, which have been dialed back again since Republicans took back control of the House.<\/p>\n<p>By way of comparison, the federal government took in<a href=\"https:\/\/www.cbo.gov\/publication\/53627\" target=\"_blank\" rel=\"noopener\"> $3.3 trillion<\/a> in revenues in 2017, prior to the Tax Cuts and Jobs Act being implemented.<\/p>\n<p>In other words, federal revenue overall is up over $1 trillion per year.<\/p>\n<p>Far from costing the treasury $2 trillion, the amount of revenue is expected to exceed what was projected before the tax cuts due to increased economic growth, the Heritage Foundation\u2019s Preston Brashers <a href=\"https:\/\/www.heritage.org\/taxes\/commentary\/the-numbers-are-trumps-tax-cuts-paid\" target=\"_blank\" rel=\"noopener\">wrote<\/a> in 2022.<\/p>\n<p>On Monday, Fox Business Network\u2019s Charles Payne highlighted the irony of Biden\u2019s comments.<\/p>\n<p>\u201cI think it\u2019s also somewhat ironic for President Biden to say, \u2018We\u2019ve got the greatest economy in the world,\u2019 and not mention, \u2018Oh, by the way, it\u2019s happening under Trump taxes,&#8217;\u201d he said. \u201cLow taxes might be working, right?\u201d<\/p>\n<div id=\"firefly-poll-container\">\n<p>Should the Trump tax cuts be extended?<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/docs.google.com\/document\/d\/1Ziu6pxbQMqAzLPdWTjLy1eA2trpMt7Mpe_o3Hqky5Z8\/edit\" target=\"_blank\" rel=\"noopener\">FBN<\/a> reached out to the White House regarding the <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2024\/03\/11\/fact-sheet-the-presidents-budget-cuts-taxes-for-working-families-and-makes-big-corporations-and-the-wealthy-pay-their-fair-share\/\" target=\"_blank\" rel=\"noopener\">president\u2019s plan<\/a> to allow the Trump tax cuts to expire.<\/p>\n<p>An official there responded that in a Biden second term, \u201ctax cuts would expire for those earning more than $400,000, but stay in place for lower- and middle-income Americans earning less than $400,000.\u201d<\/p>\n<p>But that will require actual legislation to accomplish that objective, and what Biden suggested in his social media post is that he would allow the cuts to expire.<\/p>\n<p>The <a href=\"https:\/\/www.americanprogress.org\/article\/tcja-2-years-later-corporations-not-workers-big-winners\/\" target=\"_blank\" rel=\"noopener\">$2 trillion figure<\/a> Biden used in his social media post is the one liberals <a href=\"https:\/\/twitter.com\/speakerpelosi\/status\/1499521485362409473?lang=en\" target=\"_blank\" rel=\"noopener\">such as Nancy Pelosi<\/a> like to throw around regarding so-called lost revenue due to all the tax cuts. But Democrats never take into account the increased revenue created by a growing economy.<\/p>\n<p>Biden\u2019s too proud or committed to far-left orthodoxy to admit the tax cuts worked.<\/p>\n<p>Hopefully, Trump will be elected in November and Republicans will take back the Senate and retain the House.<\/p>\n<p>Among their first orders of business should be extending the 2017 tax cuts.<\/p>\n<hr>\n<div>\n<p><b><i>An Important Message from Our Staff:<\/i><\/b><\/p>\n<p><i><span>In just a few months, the world is going to change forever. The 2024 election is the single most important election of our lifetime. <\/span><\/i><\/p>\n<p><i><span>We here at The Western Journal are committed to covering it in a way the establishment media simply will not: We will tell the truth, and they will lie.<\/span><\/i><\/p>\n<p><i><span>But Big Tech and the elites don\u2019t want the truth out. That\u2019s why they have cut us off from 90% of advertisers. Imagine if someone cut your monthly income by 90%. That\u2019s what they\u2019ve done to people like us. <\/span><\/i><\/p>\n<p><i><span>As a staff, we are asking you to <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to fight this once-in-a-lifetime fight. Without you not only will The Western Journal fail, but America will fail also. As Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>Will you support The Western Journal today and <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>become a member<\/span><\/i><\/a><i><span>? <\/span><\/i><\/p>\n<p><i><span>A Western Journal <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Membership<\/span><\/i><\/a><i><span>  costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>This is the time. America will live or die based on what happens this year. Please <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  to get the real truth out and to fight the elites, Big Tech, and the people who want America to fail. Together, we really can save the country.<\/span><\/i><\/p>\n<p><b><i>Thank you for your support!<\/i><\/b><\/p>\n<p><i><span>P.S. <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Please stand with us<\/span><\/i><\/a><i><span>!<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-44657\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/randydesoto\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-44657\">Summary<\/label><label for=\"more-info-tab-radio-44657\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-44657\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-44657\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Randy DeSoto has written more than 3,000 articles for The Western Journal since he joined the company in 2015. He is a graduate of West Point and Regent University School of Law. He is the author of the book &#8220;We Hold These Truths&#8221; and screenwriter of the political documentary &#8220;I Want Your Money.&#8221;<\/p>\n<\/p><\/div>\n<div>\n<p>  Birthplace <\/p>\n<p>  Harrisburg, Pennsylvania <\/p>\n<p>  Nationality <\/p>\n<p>  American <\/p>\n<p>  Honors\/Awards <\/p>\n<p>  Graduated dean&#8217;s list from West Point <\/p>\n<p>  Education <\/p>\n<p>  United States Military Academy at West Point, Regent University School of Law <\/p>\n<p>  Books Written <\/p>\n<p>  We Hold These Truths <\/p>\n<p>  Professional Memberships <\/p>\n<p>  Virginia and Pennsylvania state bars <\/p>\n<p>  Location <\/p>\n<p>  Phoenix, Arizona <\/p>\n<p>  Languages Spoken <\/p>\n<p>  English <\/p>\n<p>  Topics of Expertise <\/p>\n<p>  Politics, Entertainment, Faith <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a commentary by Randy DeSoto on April 30, 2024, at 5:29 am, President Biden plans to let the Republican Congress&#8217;s 2017 tax cuts under Trump expire if re-elected. Trump&#8217;s $2 trillion tax cut, lauded for benefiting the wealthy, is a key target for rollback, according to Biden&#8217;s repeated declarations<\/p>\n","protected":false},"author":662,"featured_media":2233543,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/biden-sbs-trump-for-april-30-2024.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2233542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/biden-sbs-trump-for-april-30-2024.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2233542","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\/662"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2233542"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2233542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2233543"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2233542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2233542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2233542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}