President Joe Biden has vowed to raise income taxes across the board by making sure the Trump tax cuts die. Biden said the 2017 Republican/Trump tax cuts will be “dead forever if I’m re-elected.”
If Biden allows the Trump tax cuts to die, Americans of all income levels will see a steep tax increase. Americans will see personal income tax increases; small and mid-sized business tax hikes; and the child tax credit cut in half. The Death Tax will come back to ensnare more households and businesses and farms. And on and on. (RELATED: DAVID BLACKMON: Trump Was Right — The EV ‘Bloodbath’ Is Already Here)
Another ramification of Biden’s vow is that the standard deduction will be cut in half. That will not only raise taxes on all households, but it will impose a paperwork and complexity burden on tens of millions of Americans who will be forced to itemize their deductions.
Tax time will get much more complicated and taxpayers will face increased fishing-expedition audits from Biden’s new platoons of IRS agents. The price tag for his new agents: $80 billion.
Biden’s statement was no slip of the lip: He made the statement verbally and in writing. Biden also tweeted: “That tax cut is going to expire. If I’m reelected, it’s going to stay expired.“
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