Former Vice President Joe Biden’s pledge to repeal the historic Trump Tax Cuts would be a disaster for the middle class, according to an op-ed for Real Clear Markets by Alex Hendrie of Americans for Tax Reform.
Key Points from the op-ed:
- Biden has pledged to repeal the Tax Cuts and Jobs Act “on day one.”
- Doing so would hurt the fast recovery our economy is seeing.
- Under TCJA, middle-income Americans saw the biggest tax cut, it created a strong labor market, and grew wages for lower-income workers.
- Repeal would jeopardize the economic recovery.
The bottom line: “Biden’s plan to repeal this law and increase taxes is a terrible idea and could extend the economic downturn.”
Real Clear Markets
The Tax-Cut Denier In Biden Wants to Repeal What Worked
By Alex Hendrie
October 7, 2020
One of Democrat presidential candidate Joe Biden’s top campaign proposals is to repeal the Trump Tax Cuts and Jobs Act (TCJA) “on day one” as part of trillions of dollars in tax hikes.
This is a terrible idea given the success of these policies and the fact that the economy is still recovering from the Coronavirus pandemic.
Because of the strong fundamentals of the Trump economy, we are seeing signs of progress in the recovery from COVID-19.
11 million jobs have been recovered in the past five months after businesses were forcefully shuttered, meaning we have recovered more than half of the jobs lost. GDP is predicted to grow by 30 to 35 percent in the third quarter of 2020, an all-time record. The unemployment rate is down to 7.9 percent, a comparable level to the 7.8 percent rate in 2012 under Obama.
Even so, the recovery is far from complete with millions of workers still looking for work.
Moving forward we should be preserving policies that help increase the wealth of middle-class Americans and help businesses thrive so that they can invest and grow the economy.
Preserving the TCJA will be crucial to achieving both goals. …
CLICK HERE to read the full op-ed.
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