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If President Joe Biden wins, your taxes will go up. It doesn’t matter if you’re a millionaire or middle class: the president has promised to raise taxes on every American who pays them. This would be bad for families struggling with inflation, bad for the economy, and it would be a massive expansion of the government at the last time we need it.
Biden recently said that if he is re-elected, he will let the entire 2017 Trump tax cut expire. And contrary to Biden’s claims about that law, it was a huge tax cut for everyone, with the largest percentage reduction going to the middle class.
The Trump tax cuts also reduced our business tax from the highest in the developed world, to far closer to the average, and cut taxes on small businesses to an average of less than 20%. This was good for investment, and it helped lead to the fastest wage growth in two decades.
BIDEN’S ‘WAR’ ON ENERGY WILL COST AMERICANS JOBS, WORSEN INFLATION, MONTANA OFFICIALS SAY
Biden wants to reverse all these benefits and increase taxes by a devastating $5 trillion. In April, he pledged, “That [Trump] tax cut is going to expire. If I’m reelected, it’s going to stay expired.” This would represent the largest tax increase in history and would violate the president’s oft-repeated pledge never to raise taxes on the middle class.
President Joe Biden has vowed to boost taxes if he wins reelection. (AP Photo/Matt Rourke)
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This proposed Biden tax hike would crush working families and add over $2,200 to the median American’s tax bill. What’s more, as business taxes go up at home, companies will be more likely to ship jobs overseas, meaning lower pay and fewer opportunities for Americans.
Biden says his tax hike will only affect millionaires, billionaires and massive corporations. But that’s simply not true. Instead of crafting our nation’s tax policy based on growing the government, we ought to be guided by proven results and letting Americans keep the money that they earned — not the government.
The Trump tax cuts worked and led to one of the greatest economies in history. The Biden tax hike would undue all of that, hurting our economy and our families.
The good news is this doesn’t have to happen. After all, the three most important words in Joe Biden’s announcement are “If I’m reelected.” It’s up to us to make sure that doesn’t happen and that Trump tax cuts are extended.
CLICK HERE TO READ MORE FROM SEN. TOM COTTON
Republican Tom Cotton represents Arkansas in the United States Senate. He is the author of the forthcoming book, “Only the Strong” which will be published by Twelve on November 1, 2022.
