A repeal of the Tax Cuts and Jobs Act would impose a large tax increase on the American people. Thanks to the tax cuts, a typical family of four earning the median family income of $73,000 saw a tax cut of over $2,000– a 58% reduction in federal taxes. A single parent with one child with annual income of $41,000 saw a tax cut of $1,304 — a 73% reduction in federal taxes.
As noted by the New York Times: “Most people got a tax cut.” The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.” Biden is a key part of this misleading effort.
Biden also repeated a lie he made during his campaign kickoff speech, claiming only high-income households received a tax cut.