Biden says, if he is elected, he will repeal the tax reform bill “in the name of fairness” to make sure all those capital investors who risk their own money to create jobs pay their “fair share.” Harris would do the same. Ditto that for Sens. Amy Klobuchar (D-Minn.) and Elizabeth Warren (D-Mass.), Mayor Pete Buttigieg of South Bend, Ind., and the rest of the pack of Democrats running for president.
But what is fair about that for those who would lose their jobs and the wage increases they won under President Trump? That’s why the democratic socialists will lose working people and their families in a great realignment similar to 1984. It is happening not just in America but around the world, from Australia to Brazil, to Europe, to India, even to Canada, as parties of the left are losing their former base among the working class to parties of the center-right.
And contrary to Democratic disinformation, President Trump’s tax reform included tax cuts for the middle class of about $2,000 a year per family; rates for families making $19,000 to $77,000 were cut by 20 percent. The same occurred for single taxpayers making $9,500 to $38,700. Tax reform also nearly doubled the standard deduction, and actually doubled the child tax credit — both of which benefit lower-income workers the most.