Newsline , Society

Joe Biden Wants to Squeeze the Middle Class

Posted on Friday, October 30, 2020
by Outside Contributor

When April Long, a 45-year old suburban mother in Detroit pays the family bills, she sets aside an extra $100 each month that she calls her “Trump cash.” That’s how much her family saves each month from the 2017 Trump tax cut.

“Trump has been a blessing to our family,” Long said. “Under Obama, our family struggled for many years. My husband lost his job. We couldn’t afford to buy a home. Those were tough times and I don’t want to go back to those days.”

Democratic Presidential candidate Joe Biden has promised to repeal the Trump tax cuts if elected.

“My husband and I work hard to support ourselves and our son,” explained Long. “That extra Trump cash goes to savings. I don’t want Joe Biden taking that from us for pay for more of his big government programs.”

In elected, Biden plans to  roll back that tax cut and raise taxes to finance his socialist healthcare agenda. He’ll need to raise $2.25 trillion over the next decade to pay for it, according to an analysis from the Committee for a Responsible Federal Budget. That’s not counting the cost of lowering Medicare’s eligibility age to 60.

But Biden has repeatedly promised voters who earn under $400,000 that his tax hikes will not affect them. Narrowly speaking, that is true. However, according to the independent analysis of  the Penn Wharton Budget Model, those households would see lower investment returns and wages as a result of Biden’s corporate tax increases.

Economists at The Tax Foundation, agree. Board member and former head of the Congressional Budget Office Doug Holtz-Eakin recently pointed out, “it simply is not economically possible to segregate the impacts on the high-income from everyone else.”

That’s because the rich purchase items from others, some not as rich, and from businesses that employ workers across the income spectrum. The corporate tax falls partly on workers in the form of lower pay. Similarly, the individual income tax that is paid by pass-through businesses falls partly on employees of those businesses.

Senior policy analyst Garrett Watson of the Tax Foundation has written at length about the Biden-Harris campaign plan to eliminate deductible traditional contributions for 401(k)s, individual retirement accounts (IRAs), and other types of retirement vehicles. The plan would instead provide a 26 percent refundable tax credit for each dollar contributed. As a result, this plan would reduce the tax benefit of traditional retirement accounts for those earning above $80,250.

The Biden-Harris campaign proposes multiple reforms to firearm regulation, including an expansion of the number of firearms subject to the National Firearms Act (NFA), which imposes a $200 tax on the registration of each NFA weapon. As a result, certain gun owners would see their tax liability rise, regardless of their income.

Analysts at the National Taxpayer’s Union warn that America’s middle class should be worried about a Biden presidency.  A recent study concluded, “any kind of tax plan intended to pay for a massive spending program like ‘Medicare for All’ or student loan forgiveness would have a hard time raising sufficient revenue without dramatically increasing taxes on middle-income households.”

Americans for Limited Government president Rick Manning put a finer point on it, saying, “Joe Biden’s tax plan is going to ruin this country. The idea that he is going to only raise taxes on people who make over $400,000 is a complete fraud. The money is in the middle class.”

Biden often talks about eliminating Trump’s corporate tax cuts. Manning explained that those cuts resulted in a net drop to federal coffers of between $50-75 billion. “That’s not anywhere near enough money for Joe Biden to pay for all his government giveaways. The real money, as everyone knows, is always in the middle class. That is why big-spending politicians like Biden always end up taxing the middle class, either directly or indirectly.”

In addition, when politicians tax corporations, the corporations pass that along to the consumer. Governments don’t really tax corporations, they tax consumers.

“Biden will raise taxes on the middle class,” concluded Manning. “The very people who are struggling to make a living. He wants to raise taxes on somebody who is trying to save money so their kid can go to college or trying to figure out how to pay for their parents’ elderly care. There are so many people in the middle class, politicians can raise taxes by five seven percent and get a lot more money than raising taxes on the wealthy and corporations.”

Biden is simply not telling the truth when he says his tax hikes would not affect households earning less than $400,000 a year.

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3 years ago

Those out there that are truly economically literate already understand all of this and the inherent dangers a Democrat win poses. Most people, who just skim the news or that don’t really pay attention much to the specifics of the two campaigns and their documented policies, also have a real sense that “somehow the Biden numbers don’t quite add up”.

However, a growing majority of Democrat voters today don’t fall into either of these two groups. They are NOT making their voting choices based on empirical economic data. Nor are they basing their vote on historical data supporting what would happen to the United States economy, based on the outcomes of other countries that have already implemented these exact same policies in their now crippled nations, if we were to actually impose all the aspects of the Democrat manifesto here. They are basing their vote on two things and two things only.

One is the constantly re-enforced hatred of all things Trump or Republican related by the media and the leaders of the Democrat party. They have been conditioned, just like Pavlov’s dog, to instinctively hate and fly into a rage anytime the media or the Democrat politicians and their allies mention either one. A dog can be trained to attack on command with enough conditioning. It may not understand why. All it knows it has been given the trigger command to attack by its master. Most of the so-called “progressive voters” within the Democrat party operate much on the same principle.

Two is the desire for what they think will be free stuff. Free healthcare. Free College. Free whatever they can think of all at no cost, at least that is what they believe, to them. They are the portion of the Democrat voter base, that has been successfully dumbed-down through years of mental conditioning and indoctrination to believe A) It’s a right and B)Since they have no real understanding of rudimentary economics, they honestly think other people will cheerfully work and sweat to hand over a majority of their hard-earned wealth, so these entitled people can live cost free off of society.

In short, the average Democrat voter today is voting based on emotional cues and a sense that they are entitled to be taken care of for their entire lives by others. Such voters neither care about the economic aspects of what the Democrat party has planned for this country nor do they understand the ramifications that will ultimately impact everyone. That includes them. The term useful idiot is indeed an apt description of those foolish enough to willingly vote for all the policies of socialism, which the Democrat party is running on.

Jeanette Fenton
Jeanette Fenton
3 years ago

Every time you raise the costs of things it costs everyone more… taxing corps will trickle down to everyone and also cut back on explansion.

3 years ago

It doesn’t seem to matter to half the citizens of this country that Biden has lied all his life to get what he wants.

From plagiarizing British officials and American presidents and calling the content his own, and claiming that he graduated college in the higher percentile–all lies! In fact, he finished his college career close to the bottom. And, of course, promises made/promises broken while he served as vice president, all those gaffes, the racist and condescending comments made for decades, all those poverty programs which were supposed to help minorities but didn’t, the corrupt but lucrative foreign deals he engaged in with his son and several other family members… There’s no end to this man’s shortcomings, and yet the democrats chose him?!

For Biden/Harris to fool half of America into thinking they won’t be affected by their tax plan–it’s just another lie. It will be impossible for them to carry out any of their campaign promises without going after the middle class.

But President Trump proved that tax cuts bring the most benefits to people in all income levels. And Trump’s policies added revenues to the Treasury in the process. Win-win!

Don’t forget Biden’s mental capacity, which I believe is not functioning at 100%. We need a president who is clever, quick on his feet, energetic, and resourceful, none of which Biden can boast. But he sure can can lie convincingly, and the other half will fall for it again. Really. (Sorry, but, what is wrong with you people?)

Vote! Trump/Pence Tuesday!

Duane Walter
Duane Walter
3 years ago

Put simply, ” If you remove the tax cuts you are raising taxes.”

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