Biden calls for middle-class tax hike
By
Timothy P. Carney
April 24, 2024 4:47 pm
President Joe Biden has repeatedly said he won’t hike taxes on anyone earning less than $400,000, but then this week he promised on X to hike taxes on just about everyone.
Now, to be fair, Biden may not have understood that’s what he’s saying.
https://twitter.com/JoeBiden/status/1782904787966558608Letting the Tax Cuts and Jobs Act expire and “stay expired” would be a massive middle-class tax hike because the Tax Cuts and Jobs Act was a massive middle-class tax cut. Yes, wealthy people also saw their taxes reduced by the TCJA, but the law actually shifted a greater portion of the tax burden onto the wealthy.
The TCJA doubled the child tax credit and the standard deduction while lowering everyone’s tax rates. Letting this law expire would cut the standard deduction in half, cut the child tax credit in half, and increase everyone’s marginal rates. Keep in mind that rich people don’t use the standard deduction, and the child tax credit phases out for the wealthy, and so these tax hikes would really only hit the non-rich.
A family of five earning $90,000 (slightly below the median in Biden’s home state of Delaware) would see its marginal tax rate jump from 12% to 15%, and would see its $6,000 in tax credits fall to $3,000 under the Biden plan.
more
https://www.washingtonexaminer.com/opinion/beltway-confidential/2978442/biden-calls-for-middle-class-tax-hike/
