Biden’s tax and regulatory policies are simply inconsistent with his recent pro-America, pro-jobs, and pro-growth rhetoric. As vice president, he helped oversee the expansion of business-crushing regulation, as the Federal Registry of Regulations grew to a historic 100,000 pages by the end of 2016. This massive expansion of the regulatory state contributed to the administration’s record of anemic economic growth, logging the slowest economic recovery since World War II.
All that changed with Trump’s election. He emphasized smart deregulation, lower taxes, and genuinely free and fair trade policies that benefit U.S. workers and businesses alike. Last December, the White House reported that, for every new regulation issued during President Trump’s time in office, his administration has eliminated an average of 8.5, vastly exceeding the 2:1 ratio he had set as an initial goal.
By October 2019, the Trump administration had succeeded in cutting regulatory costs by over $50 billion, with total projected savings of up to $220 billion once the cuts take full effect. This deregulation will help save American households an average of $3,100 annually—on top of the Trump tax cut’s savings for a typical family of four of about $2,900 per year in federal income taxes.
Biden’s response? The “first thing” on his agenda if elected, he says, would be to “eliminate the president’s tax cut.”