"I would be going about eliminating Donald Trump's tax cut for the wealthy," Biden said on the debate stage.This is at least the ninth time that Biden has threatened to repeal the TCJA.Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:A family of four earning the median income of $73,000 would see a $2,000 tax increase.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.
At some point-in-time, Americans are going to have to pay down the National Debt or tell CHINA who owns ONE THIRD of our debt to go SCREW THEMSELVES...
As any family knows who has debt like a mortgage, education, vehicle, or medical, increasing that debt is HARMFUL to the family...
America cannot expect nor can they FORCE the WEALTHY to pay off America's Debt... however, there will be some wealthy individuals and families who feel an obligation to pay off America's Debts but a vast majority of the wealthy will not just refuse to do this but will shelter their money in such a way that they will be unable to help.
The stimulus monies that the government paid out are only the beginning of our debt profile as we anticipate a BIDEN victory in November... and, when that is confirmed, America will gradually but consistently pay out more and more money and try to increase taxes to the point that BUSINESS will begin to push back...
In some areas of the US, we will resemble a THIRD WORLD COUNTRY in the way our residents will be living... but, the rest of us will not care... because we are not living like that yet...
