Tipsheet

Biden Says Average Tax Cut Of $1,260 Is 'Negligible'

Leah Barkoukis
Leah Barkoukis  |  October 28, 2019 8:15 AM

Democratic presidential candidate Joe Biden called the tax cut middle class Americans received under the Tax Cuts and Jobs Act "negligible" during an interview with CBS's "60 Minutes."

Biden, who has repeatedly vowed to kill the TCJA if he's elected president, has said it helps multimillionaires and billionaires, so Norah O'Donnell sought to clarify. 

“You’ve said you would repeal all of Trump’s tax cuts,” she asked. “But do you mean just for the wealthy or for the middle class, too, because Trump did give the middle class a tax cut?”

“Well, Trump gave the middle class a tax cut that was negligible,” Biden responded. “The fact is that what we should be doing is making sure that the wealthy pay their fair share.”

Americans for Tax Reform breaks down what would happen if Biden repealed the TCJA: 

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  •          A family of four earning the median income of $73,000 would see a $2,000 tax increase.
  •          A single parent (with one child) making $41,000 would see a $1,300 tax increase.
  •         Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
  •         Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
  •          Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
  •          The USA would have the highest corporate income tax rate in the developed world.
  •          Taxes would rise in every state and every congressional district.
  •         The Death Tax would ensnare more families and businesses.
  •          The AMT would snap back to hit millions of households.
  •          Millions of households would see their child tax credit cut in half.
  •          Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator. (ATR)

According to the Tax Policy Center's estimates, the average tax cut under the TCJA is $1,260. Crumbs.