Wednesday, September 30, 2020

Joe Biden says he will raise taxes on the middle class and the poor while reducing them for the rich

Joe Biden made it clear in the debate that he will repeal Trump's tax cuts.

That means he'll be raising taxes on the middle class and lowering them on the rich.

Contrary to Democrat lies Trump's tax cuts helped 8 out of 10 Americans.  Households saved, on average, $1400 a year and a couple with two kids saved $2900.

Of course to rich Democrats like Biden who dodged $500,000 in taxes by forming a Subchapter-S corporation a few grand a year might not seem like much but to most Americans it's a big deal.

Hence Joe is saying that he's going to take between a big chunk of what you earn from you so he can spend it how he wants to.

Another key aspect of Trump's tax cuts was to limit the amount of local taxes that people can deduct.

Previously people living in obscenely high tax rate states, which tend to be Democrat run, could deduct every penny that they paid in state taxes. If you're some Silicon Valley millionaire that really cut down on your federal taxes.

It also meant that low tax states, usually Republican, effectively subsidized the high tax states that weren't paying their fair share of Federal taxes.

Trump fixed that in a way that only hurts the uber rich.  He capped the deduction to $10,000.  Most people, even in California, don't pay that much in state taxes so they weren't touched but the rich folk were.

But Joe's going to repeal that which means that the rich will pay less in Federal taxes; ie a tax cut for the rich.

Joe has already said that he's for the Green New Deal before he said he was against it even though his web site says he's for it. But what is clear is that Joe favors phasing out cheap energy sources like natural gas in favor of expensive and unreliable energy sources like wind and solar.

Raising the cost of energy is a highly regressive tax on the poor since the poor spend a higher percentage of their money on energy than do the rich or the middle class.

Hence Joe is also for raising taxes on the poor.

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