22/10/2020
MEDIA MYTH #6 - Joe Biden will not raise taxes on those earning less than $400,000 per year.
This is false.
Not only is it false, it is insulting to the intelligence of the American people.
Joe Biden has and continues to state that he will repeal the Trump tax cuts, specifically the Tax Cuts and Jobs Act of 2017 (TCJA). A repeal of this tax act will in effect RAISE taxes on every, single tax bracket.
Biden uses the phrase "repeal tax cuts" instead of "raise taxes" because he thinks we are too stupid to realize it is one in the same. It is simple semantics. He thinks the American people are stupid and the MSM agrees.
This is simply another 'pull the wool over their eyes' dishonest and insulting move by the media and the Democrat candidate for President of the United States.
Repeal of the TCJA would result in the following: (from Americans for Tax Reform - ATR.org)
~ 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.
~ 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
Read for yourself from the typically left-leaning CNBC. Even they can't spin the truth this time.
https://www.cnbc.com/2020/10/20/heres-where-biden-and-trump-stand-on-your-taxes.html