WASHINGTON (TND) — Lawmakers on Capitol Hill slam President Joe Biden's proposed tax plan that economists say will raise taxes for everyone and every business.
If Biden is reelected, he has vowed to let Trump's Tax Cuts and Jobs Act to expire next year in 2025 which is significant because it would be a huge burden on small businesses as well as the middle class.
Executive Vice President of the National Taxpayers Union Brandon Arnold joined The National Desk’s Jan Jeffcoat to discuss the issue.
“The detractors of the Tax Cuts and Jobs Act say that it only cuts taxes for the wealthy and corporations, but that's simply not true. Average Americans got a huge tax relief from this package,” he said. “If you were to repeal it, as Biden says he wants to do, you'd be talking about massive tax increases, people that are barely getting by making $50,000-$70,000 in a tough economy could be facing tax cuts of $1,400-$1,500 or even more.”
A single filer with no kids who makes $75,000 tax burden would increase more than $1,700 a year while a single filer with 2 kids that earns $52,000, would have a tax increase of almost $1,500 a year. These are significantly high increases.
“A family that's making $200,000 with three children could be looking at a tax increase of $7,500. Ask anybody at the grocery store if they can afford a tax increase of that magnitude and they will laugh,” Arnold said. “We need to provide tax relief during this transitionary period when the tax cuts and jobs expire at the end of next year but Biden is asleep at the switch.”
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