The Winston Group’s David Winston writes in today’s Roll Call about President Biden’s recent promise to let the expiring provisions of the 2017 Tax Cuts and Jobs Act expire.
Biden didn’t just violate his pledge to not raise taxes on anyone making under $400,000; he shattered it with his boast to the union crowd.
And, according to House Ways and Means Committee Republicans, if Congress fails to extend the Trump-era tax cuts, it means an average American family of four making $75,000 will get hit with a $1,500 tax increase. “Main Street businesses will face a 43.4 percent tax rate” and “working parents will suffer from a Child Tax Credit slashed in half” along with the standard deduction every taxpayer is due.
Contrary to what Biden and his supporters would have us believe, most Americans got a tax cut thanks to the 2017 law, which Biden loves to demonize. Biden has been peddling disinformation on the 2017 tax cuts for years. When running for president in 2019, Biden said, “There’s a $2 trillion tax cut last year. Did you feel it? Did you get anything from it? Of course not. Of course not. All of it went to folks at the top and corporations.”
Read the rest here.