https://issuesinsights.com/2020/10/09/beware-the-joe-biden-tax-and-spend-nightmare/
With Americans distracted by COVID-19, an unexpected Supreme Court nomination and ongoing leftist rioting in our city streets on a near-nightly basis, they might be forgiven for forgetting about what might happen to their taxes should Joe Biden be elected. It won’t be pleasant.
Wednesday night’s vice presidential debate was enlightening, if only because it showed how little Sen. Kamala Harris understands about how Washington works and how the economy works — and what would-be President Biden really intends to do.
Asked about President Donald Trump’s tax cuts, which most economists agree are largely responsible for the resurrection of the U.S. economy following the slow-growth Obama-Biden years, Harris said: “On Day 1, Joe Biden will repeal that tax bill.”
Never mind that a President Biden will have no such power to “repeal” anything. That’s Congress’ job, and if Biden isn’t blessed with having both branches of Congress firmly in far-left Democratic hands, “repealing” the tax cuts won’t happen.
But then Harris went on to say Biden wouldn’t raise taxes on those earning less than $400,000. Say what? By “repealing” Trump’s tax cuts, he would be doing just that.
The truth is, Biden has played games with his tax plans all along. But the actual tax plans he has revealed would be nothing short of disastrous for working men and women, and the economy as a whole. Those plans plainly show that 77-year-old Biden, a lifelong politician, understands nothing about the private economy. That is, apart from it being a great source of graft for him and his family.
A report out just this week from the Committee for a Responsible Federal Budget estimates that taxes would rise about $4.3 trillion over the next decade under Biden’s plans, while taxes under Trump would actually decline by $1.7 trillion over that period.