Post by the Scribe on Aug 31, 2020 2:09:32 GMT
the Trump/GOP 2017 Tax Reform Act raised taxes primarily on the middle class, including me
He has pledged a $4 trillion tax hike on almost all American families, which will totally collapse our rapidly improving economy.
It is accurate that Joe Biden's tax plan is estimated to raise $4 trillion over the course of a decade, according to the nonpartisan Tax Policy Center. But his proposal is primarily focused on high-income households and not on "almost all American families."
www.taxpolicycenter.org/publications/analysis-former-vice-president-bidens-tax-proposals/full
In fact, the Democratic presidential nominee has publicly insisted that he won't raise taxes on income under $400,000. For taxpayers with an income above $1 million, he also intends to tax capital gains and dividends at the same rate as ordinary income. And he would raise the corporate tax rate from its current 21% to 28%.
Asma Khalid
NPR Political Correspondent
It is accurate that Joe Biden's tax plan is estimated to raise $4 trillion over the course of a decade, according to the nonpartisan Tax Policy Center. But his proposal is primarily focused on high-income households and not on "almost all American families."
www.taxpolicycenter.org/publications/analysis-former-vice-president-bidens-tax-proposals/full
In fact, the Democratic presidential nominee has publicly insisted that he won't raise taxes on income under $400,000. For taxpayers with an income above $1 million, he also intends to tax capital gains and dividends at the same rate as ordinary income. And he would raise the corporate tax rate from its current 21% to 28%.
Asma Khalid
NPR Political Correspondent
just as I did in my first term, I will cut taxes even further for hard-working moms and dads. I will not raise taxes. I will cut them, and very substantially.
The Republican tax cut passed in 2017 hasn’t come close to paying for itself, despite repeated promises from the president and his advisers. Corporate tax revenues fell 31% in the first year after the cut was passed. Overall tax revenues as a share of the economy declined in each of the two years since the cut has taken effect. While the tax cut contributed to a rising federal deficit, it failed to deliver a sustained increase in economic growth.
www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises
Scott Horsley
NPR Chief Economics Correspondent
The Republican tax cut passed in 2017 hasn’t come close to paying for itself, despite repeated promises from the president and his advisers. Corporate tax revenues fell 31% in the first year after the cut was passed. Overall tax revenues as a share of the economy declined in each of the two years since the cut has taken effect. While the tax cut contributed to a rising federal deficit, it failed to deliver a sustained increase in economic growth.
www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises
Scott Horsley
NPR Chief Economics Correspondent