In a striking declaration that could have severe repercussions for middle- and lower-income Americans, President Joe Biden has vowed to permanently eliminate the tax cuts introduced by former President Donald Trump. This pledge was made during his speech at the North America’s Building Trades Unions National Legislative Conference in Washington, D.C. last Wednesday. Biden explicitly stated his intention to increase the tax burden on Americans should he win re-election in November.
“Look, now Trump is saying if he gets elected, he wants to give another — by the way, that tax credit of his expires next year. Okay? Well, let me tell you something: It’s going to stay expired and dead forever if I’m re-elected,” Biden remarked during the conference. This statement has stirred significant concern among taxpayers who benefited from the previous administration’s tax policies.
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The Republican National Committee responded quickly on X (formerly Twitter), highlighting the positive impact of Trump’s tax cuts. “Around 90 percent of Americans saw their take-home pay INCREASE in the year following President Trump’s tax cuts,” the RNC noted, contrasting sharply with Biden’s current proposals, which they described as “the largest tax hike in U.S. history.”
Even left-leaning The Hill has acknowledged the significant negative impact Biden’s proposals could have on middle- and lower-income earners. Should Congress fail to renew the Trump-era tax cuts, The Hill forecasts substantial increases in tax rates across various brackets. According to tax advisor Joshua Youngblood, “Those married filing a joint return in a 12% tax bracket ($22,001 to $89,450) will increase to 15%,” and “Those in a 22% tax rate ($89,451 to $180,000) will increase to 25% from 22%.”
Moreover, families stand to lose half of the child tax credit, which was previously doubled to $2,000 under the Tax Cuts and Jobs Act (TCJA), potentially reverting to just $1,000 per child. This rollback would represent a significant financial burden for many American families.
