"Joe BIden speaks at a rally outside his campaign office in Council Bluffs, Iowa." By Matt A.J Licensed under "CC BY 2.0"

Biden announces intention to break his $400k tax pledge

Today President Biden said that if elected to a second term he will make sure the Trump tax cuts expire next year. The Trump tax cuts — the Tax Cuts and Jobs Act — successfully reduced taxes for all income groups. In contrast to the tax-hiking Biden, former President Donald Trump has made clear he will make TCJA permanent and then cut taxes more.

Today Biden said:

“By the way that tax cut of his expires in the next year. Well let me tell you something: It’s going to stay expired and dead forever if I’m re-elected.”

This was no accident.

Biden also tweeted:

“That tax cut is going to expire. If I’m reelected, it’s going to stay expired.“

This means all income levels would end up paying higher taxes under Biden’s watch, a blatant violation of the Biden pledge to ensure that every American making less than $400,000 a year does not see a single penny of tax increase.

“I give you my word as a Biden,” Biden has said repeatedly in describing his supposed commitment to his tax pledge. “That’s a guarantee,” said Biden.

Even President Biden’s own administration recently admitted that TCJA cut taxes for all income groups, including those making less than $400,000.

Treasury Secretary Janet Yellen had the following exchange with Senate Finance Committee ranking member Sen. Mike Crapo (R-Idaho) on March 31, 2024:

CRAPO: “Are you aware that the Tax Cuts and Jobs Act which Republicans passed in 2017 reduced the taxes for Americans of all income groups including those earning less than $400,000 per year?”

YELLEN: “Yes.”

Even left-leaning media outlets have noted that TCJA cut taxes for most Americans:

CNN’s Jake Tapper: “The facts are, most Americans got a tax cut.” 

New York Times: “Most people got a tax cut.”

Washington Post: “Most Americans received a tax cut.”

FactCheck.org: “Most people got some kind of tax cut.”

H&R Block: “The vast majority of people did get a tax cut.”

If Biden is re-elected and follows through on his threat to “end” the Trump tax cuts, here are some of the tax increases that would hit Americans:

  • Across the board income tax hikes.
  • Large part of child tax credit taken away.
  • Small and mid-sized business tax increase.
  • The Death Tax would ensnare more families and businesses.
  • Standard deduction nearly cut in half, forcing paperwork complexity on millions of households who will have to itemize their deductions.

Biden is excited to raise taxes on the American people. His 2025 budget calls for $5 trillion in tax hikes over a decade. He has called for a higher corporate tax rate than communist China and the highest top capital gains tax rate in over 100 years.

To learn more about Biden’s many tax increases, visit ATR.org/HighTaxJoe

Follow the author on Twitter @JohnKartch