Today President Biden said that if elected to a second term he will make sure the Trump tax cuts expire next year. The Trump tax cuts — the Tax Cuts and Jobs Act — successfully reduced taxes for all income groups. In contrast to the tax-hiking Biden, former President Donald Trump has made clear he will make TCJA permanent and then cut taxes more.
Today Biden said:
“By the way that tax cut of his expires in the next year. Well let me tell you something: It’s going to stay expired and dead forever if I’m re-elected.”
This was no accident.
Biden also tweeted:
“That tax cut is going to expire. If I’m reelected, it’s going to stay expired.“
This means all income levels would end up paying higher taxes under Biden’s watch, a blatant violation of the Biden pledge to ensure that every American making less than $400,000 a year does not see a single penny of tax increase.
“I give you my word as a Biden,” Biden has said repeatedly in describing his supposed commitment to his tax pledge. “That’s a guarantee,” said Biden.
Even President Biden’s own administration recently admitted that TCJA cut taxes for all income groups, including those making less than $400,000.
Treasury Secretary Janet Yellen had the following exchange with Senate Finance Committee ranking member Sen. Mike Crapo (R-Idaho) on March 31, 2024:
CRAPO: “Are you aware that the Tax Cuts and Jobs Act which Republicans passed in 2017 reduced the taxes for Americans of all income groups including those earning less than $400,000 per year?”
YELLEN: “Yes.”
Even left-leaning media outlets have noted that TCJA cut taxes for most Americans:
CNN’s Jake Tapper: “The facts are, most Americans got a tax cut.”
New York Times: “Most people got a tax cut.”
Washington Post: “Most Americans received a tax cut.”
FactCheck.org: “Most people got some kind of tax cut.”
H&R Block: “The vast majority of people did get a tax cut.”
If Biden is re-elected and follows through on his threat to “end” the Trump tax cuts, here are some of the tax increases that would hit Americans:
- Across the board income tax hikes.
- Large part of child tax credit taken away.
- Small and mid-sized business tax increase.
- The Death Tax would ensnare more families and businesses.
- Standard deduction nearly cut in half, forcing paperwork complexity on millions of households who will have to itemize their deductions.
Biden is excited to raise taxes on the American people. His 2025 budget calls for $5 trillion in tax hikes over a decade. He has called for a higher corporate tax rate than communist China and the highest top capital gains tax rate in over 100 years.
To learn more about Biden’s many tax increases, visit ATR.org/HighTaxJoe
Follow the author on Twitter @JohnKartch
Given the new higher spending rates associated with Biden’s federal budget proposals over the last few years (spending rates $2 trillion dollars a year above the last normal year of 2019 before Covid under Trump), coupled with allowing the Trump tax cuts to expire, and also taking into account the new taxes Biden is running around proposing would be quite a financial hit to most Americans. Especially the ever-popular, long-term Democrat desire to tax unrealized capital gains, which would quickly result in bankrupting most Americans when they have to start selling everything they own at bargain basement prices in order to pay the new annual taxes on anything of value like their homes, cars, any personal possessions of value, etc. etc.. It’s called government confiscation of one’s assets or communism by another name. Where the government ends up owning everything and you get a few crumbs based on your perceived value to the state. Expressed another way by Claus Schwab of the WEF “You will own nothing and be happy.” …or else.
Most Americans thinking that they wouldn’t see a big impact to their lives, because they believe the Biden BS about no one making under $400K a year would be touched by any of his tax hikes and insane spending, would of course be in for quite a surprise in a very bad way. But then of course it will be too late to do anything about it.
Well I am one of those that fall into the category of under $400,000 per year and not even close to that figure. Prior to the TCJA I used to itemize and keep track of everything, but the TCJA was nice ending to eliminate that burden for me. I went back to check our standard deduction for filing married jointly. In 2016 and 2017 it was $15,100 and $15,200. In 2018 it increased to $26,600 and for 2024 the standard deduction will be $32,300.00 which greatly helps since we like many of you are on a fixed income. The best thing to do is to make sure this clown and his dominions are not in office come January of 2025. I still am hard press to think one of our friends stated he (Biden) is a good man and still feels that way. Go figure. Oh I know why it is her Massachusetts up bringing.
im voting for Trump because he’s more pro israel than biden whos surrendering to the hamas mob, im actually democrat on most issues but am voting straight ticket republican
My, but aren’t liberals and DemocRATS wonderful? The just Care SO much! Let’s vote more of them into office, shall we? NOT. I wouldn’t vote for liberals in general, or DemocRATS in particular, for ANY elected office whether local, state, or federal, EVER!
another reason NOT to vote for Joe Biden and the democrats. They have never met a tax hike they didn’t like whether it comes from letting current tax cuts expire ( as in this case) or Passing tax hikes through legislation. If it means more money to waste in an attempt to get more political power, they don’t care what they have to do.
It’s the only way he can pay for his Illegal Alien Terrorist Invasion and Socialist propaganda programs.
vote republican
Unfortunately, there are way too many stupid people in this country who will not understand the impact and will vote for the goof Biden once again.
Democrats never cut taxes. Under Democrats, taxes ALWAYS increase.
I’m shocked. Bozo Biden is actually telling the truth for a change. He wants Americans to continue suffering while ILLEGAL ALIENS get preferential treatment. FJB
Everyone with a brain would know that Bidumb will/has to raise taxes! When he spends Trillions faster than a bullet you know he has to make it up some place and that’s from our taxes, which the millions of illegal aliens don’t pay! And then Bidumb turns around and gives Billions of dollars to the illegals for food, housing, education, anything they need, it’s on you!
My husband is retired and I still work. I make WELL UNDER $400k. The Trump tax cuts resulted in a 3% TAX CUT for us. That additional 3% is REAL money to us regular law-abiding taxpayers. If the Trump tax cuts are allowed to expire, the THIEVING federal tax man will once again be able to steal more of our hard-earned money. Of course, I expect the Boss of the Biden Crime Family Syndicate to neither understand the impact to us regular folks in being able to retain more of our hard-earned money nor do I expect the Boss to even care if he did understand.
I wonder why the wealthiest Americans (including the famed 1%ers), who in fact DO PAY TAXES and pay MOST of the taxes, don’t take out gigantic billboards and correct the serious misconception bandied about by liberals and the media. I’ve heard this most of my life and believed it for a few decades, then got educated and started voting conservative all the way. I ran a small business, made a decent amount of money and 38% went to taxes..I woke up and closed the business. If the Republican party doesn’t get its act together, and get the TRUTH out there, we are all in trouble.
Biden wants to do away with the increased standard deduction and be able to tax more little people.
He should have told the truth and said “If I’m reinstalled”. That’s what happened in 2020, he was installed via a Joe Stalin style “election”.
Which also means he isn’t going to close the loopholes either.
My issue is that I don’t want to pay more taxes for ignorant Democrat policies!!! Why is lower taxes not a good thing, Joe?? You go about buying votes with tax dollars already but if you are given more tax dollars are those same people still going to be happy with you??? I haven’t been happy with any Democrat administration for a long, long time but then it isn’t your Father’s Democrat Party anymore either!! Stop spending money keeping the rest of the world afloat while we are going bankrupt!!! Stop spending money bringing illegals to this country in mass – we can’t afford them!!! Your Bidenomincs is obnoxious and has no good economic policies in there!!! I keep hearing about more and more businesses closing or laying off large numbers of people so I don’t know where all of these “newly created” jobs are coming from!!! The company my son works for is laying off 6000 people nationwide!! So many announcements about closings or layoff – how can you keep insisting that our economy is strong since that’s an out right lie!!! If you raise taxes, people will have less to spend and the economy will suffer so either you are not an economics know-it-all or perhaps your economics buddies don’t know what they are talking about but your policies aren’t helping anything and raising taxes will only hurt more!!!
Trump all the way BUT just how many couples bring home anywhere near 400 thousand a year. ??? Kyle L.
And there are actually idiots out there that will vote for this they want bigger government and less money for themselves. They are free to give the government as much of their money as they as they want to. Leave me out of it
MFSOB! This ass acts like a despot believing all money is his to use as he sees fit. If he is re-elected I will give up on the people.
Come in said the spider to the fly. Kyle L.
Joe gets his tax advice from the smartest man he knows… his son Hunter… who doesn’t pay income taxes or gets his California bro lawyer to pay the taxes for him. Don’t fall for anything Joe says, let him do the falling… it’s one of the few things he’s good at doing!
Biden will spend us into oblivion. The worst is he doesn’t know what he’s doing, but he absolutely cannot be reelected!
Just what we all need…higher taxes….NOT. Anyone voting for this POS hasn’t a brain in their head. I hope and pray that anyone that voted for him before has finally woke up to the fact he is NOT for the people…..besides having dementia.
Note that this commentary follows how badly his “policies” have already set us up for a financial bottoming… and that bottom could be much deeper than most expect, thanks to the most non-thinking, ignorant “President” in our history.
I’m not worried because you will not be re-elected.
That’s an awesome re-election platform to run on, Joe: “I’m going to raise your taxes!” Naybe next he’ll take a puppy out to a gravel pit + shoot it, then campaign on that!?
Do DEM voters ever read or listen to Biden’s statements? Why would you vote for that?
Great headline! If, GOd forbid, Biden gets re elected, his ‘presidency will be expired and our economy will be dead forever’.
Is it just me or did anyone else notice that Joe Biden’s nose grew an extra inch during that speech? I don’t think that dementia Joe even understands that he is lying when he promises not to do this, or to do that. However, obama knows it’s a lie and his puppeteers Susan Rice and Valerie Jarette, (a.k.a. string pullers), know that the scrips given to Joe are outright lies.
It’s astonishing to me that anyone who actually pays Federal income taxes votes for a Democrat candidate.
Biden promises to raise taxes on middle and low income Americans!!
And if you were to ask a liberal or Biden voter about these Trump tax cuts their response would be that it was for the rich that Trump did this for because that’s how brainwashed they are.
Well, Biden finally told the truth for a change.
Biden says it out loud and yet people are will go cheat to keep him office. Just like they cheated to get him installed in the White House.
Joe’s latest plan for our Economy is to change the cost of living to the cost of subsistence.
Money can’t buy happiness will be changed to money can’t buy poverty.
If you trust the lies from our present federal administration,,, Remember this.
Scheherazade made up 1,001 stories night after night, but she was a poor floperoo compared to virtuoso fabricator-in-chief Joe Biden.
This article is spot on and it brings to mind what a former President once said, that the most terrifying words you will ever hear from the government is,”I am from from the government and I am here to help.” Ronald Reagan.
These Democrats excel in spending other people’s money. The Republicans do also.
All that one can do is keep a wary eye on all the politicians in Washington and bury them with letter’s of complaints. They pay attention especially in an election year. It’s a cycle that never ends!
Repeal the 16th Amendment and get rid of the IRS. Make everyone pay a National sales tax.
Lying Joe lied about his guarantee of only taxing those who make the presidential salary income, I’m shocked. The man is incapable of speaking the truth. He opens his mouth and the lies begin.
JOE FOR HOSPICE 2024!
It is my understanding that Trump tax cuts account for $1Trillion per year less taxes. Does it really make sense to increase our debt each year with money that government must borrow. Do you realize that foreign countries own a large chunk of these loans and that scares me. The last three POTUS have increased our debt plus $1 T each year in office & they must contol this spending & get new economic advisors.
Welcome to Biden’s Amerika! Where everyone except the elite are treated like crap!!
When Biden gets done with all his lies along with Harris people will have higher taxes, you cannot spend and spend to make yourself look good to get reelected and not replace all that money it will have to come from somewhere and it will not come from Biden and Harris it will come from tax payers in this country and it will come from legal citizens that are here paying for all the people Biden let into this country.We will all be on the hook for all this stupid Biden and Harris spending.
Yeah the middle class will again be porked!
You will not unless cheating occurs. And hundreds of law suits wii be filed in criminal and civic v ourt to get you out AND larger yet those you follow and WHO USE YOU, Man.