Biden Doubles Down on Promise to Raise Taxes on Middle-Class Earners

|
Posted: Sep 29, 2020 11:00 PM
Biden Doubles Down on Promise to Raise Taxes on Middle-Class Earners

Source: AP Photo/Patrick Semansky

During Tuesday’s first presidential debate between President Trump and former Vice President Joe Biden, the Democrats’ nominee vowed to raise taxes on average Americans. The former vice president said, as he previously has, that in the first days of a Biden administration, he would undo the landmark taxes cuts signed into law by President Trump in 2017.

The Tax Cuts and Jobs Act, crafted by Republicans in Congress, cut taxes for every bracket, and overwhelmingly for the middle class. 

The nonpartisan Tax Foundation fact-checked Biden’s tax plan in August, which he claims would not raise taxes on middle and working class Americans, and concluded that Biden’s plan would shrink the size of the economy, eliminate jobs and shrink GDP growth.

The tax cuts that President Trump signed into law are owed much of the credit for the record-shattering economy. Biden’s plan to raise taxes would undo much of the economic growth fostered by the Trump administration.

Follow our coverage of the first presidential debate here.