Joe Biden is going after the Collapse-the-Economy vote. When President Trump passed his tax cuts, the economy heated up like a supernova. Large corporations passed on a portion of their corporate tax cuts to employees in the form of bonuses, raises, and better benefits. Utility companies reduced the cost of electricity for their users. Companies have expanded their businesses, creating hundreds of thousands of jobs. What do you suppose will happen if Democrats do eliminate those tax cuts? Just as the stock market started climbing at a very quick rate when Donald Trump was elected, you could see the reverse happen, and the market will tank.
Joe Biden pledged to eliminate all of President Donald Trump’s tax cuts when campaigning in Iowa over the weekend.
Biden, who has made no effort to hide his ambition to raise taxes if elected in 2020, told a crowd in the Hawkeye State that by eliminating the tax cuts Trump passed during his first year in office, the country could spend more on healthcare and other items. The former vice president, however, did not just promise to roll back some of the cuts for the wealthy, like his other 2020 competitors, but he pledged to “eliminate” all of them.
“By eliminating just a few of the tax cuts, I’m going to eliminate mostly – all of them,” Biden said. “But a few of the tax cuts, we – you think I’m joking, but I’m not.”
“If you know anything about me and taxes,” he added.
The stance might not be all that popular for Biden, especially as he pitches himself as the only Democrat capable of winning back working class and middle class voters. As the conservative-leaning Americans for Tax reform has noted, a single parent taking care of one child on an annual income of $41,000 received a tax cut of more than $1,300 because of Trump’s tax package.