“First thing I would do is repeal those Trump tax cuts,” Biden said during one of his first campaign rallies in South Carolina. “Reagan will raise taxes, and so will I,” Mondale said at the Democratic National Convention in California back in 1984. Can you hear the similarities? Biden did not just make his threat to repeal the tax law once, but he has said it on the trail at least five times since announcing his run. That is no slip of the tongue.
If Biden repealed the tax law, millions of low and middle income workers would again be burdened by the ObamaCare individual mandate tax. A family of four earning the median income of $74,000 would see a $2,000 tax increase, and utility bills would go up in all 50 states as a direct result of the increase in the corporate rate. The standard deduction would be slashed in half, forcing millions of households to itemize deductions and keep track of every expense. The child tax credit would also be lowered by half and taxes would rise for every income level in every single district.