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Democrats Back Biden's Promise to Repeal Trump's Tax Cuts

Party united to support former vice president in eliminating cuts

 on 17th November 2020 @ 8.00pm
first order of business should be removing trump s tax cuts  democrats say © press
First order of business should be removing Trump's tax cuts, Democrats say

Democrats have agreed that a presidential candidate Joe Biden must raise taxes if he wins the election.

As the party remains divided over various visions on pushing their liberal agenda, they have agreed the top priority is reversing President Donald Trump's tax cuts.

The group An America for Tax Fairness, which has more than 420 national and state-based members, is preparing for Biden's overhaul tax policy.

“We will pull every lever we can to bring pressure on the administration to pursue its mandate,” said Frank Clemente, the group’s executive director.

“We’re saying that he has a mandate on taxes, on what we call a ‘fair-share tax system,’ and so we will bring in all the pressure we can from constituencies that helped elect him to demand that a fair-share tax mandate be pursued.”

Clemente said Biden needs to deliver on tax policy for Americans despite Senate Majority Leader Mitch McConnell remaining in charge of Congress's upper chamber.

biden s plan includes an increase in the corporate tax rate to 28  from 21   with a minimum tax of 15  on corporate income © press
Biden's plan includes an increase in the corporate tax rate to 28% from 21%, with a minimum tax of 15% on corporate income.

The repeal of Republicans’ 2017 tax cuts looks like it is first on the agenda.

James Madison Institute's analysis of Biden’s spending agenda estimated that taxpayers' cost would be an extra $3.6 trillion per year.

The former vice president promised his tax increases would not hit anyone earning less than $400,000.

His plan includes an increase in the corporate tax rate to 28% from 21%, with a minimum tax of 15% on corporate income.

“I think on the challenging side is normally you don’t raise taxes when the economy has crashed. But we’re not talking about raising taxes across the board,” Mr. Clemente said.

“Biden’s proposal raises taxes on the richest Americans, and most of the richest Americans have done well, if not really well, during the pandemic.”

during a campaign stop in mcallen  texas  kamala harris received cheers for announcing she will be raising taxes © press
During a campaign stop in McAllen, Texas, Kamala Harris received cheers for announcing she will be raising taxes

Sen. Joe Manchin III of West Virginia signaled support for Biden’s fiscal agenda soon after Election Day.

“I’ve always said I’m fiscally responsible and socially compassionate,” Mr. Manchin said on “Face The Nation” on Nov. 8.

“I believe most Americans are, my moderate Republican friends and moderate Democrats."

"We’ve got to govern from that middle, that moderate middle.

"Joe Biden has always been there. He knows how to work across the aisle.

"He’ll reach out first and make this Senate work and give it every chance he can.”

Sen. Kamala Harris (D-CA) promised earlier this month that her and Biden’s “first order of business” will be to eliminate President Donald Trump's tax cuts.

During a campaign stop in McAllen, Texas, Harris received cheers for announcing she will be raising taxes.

“I promise you this — as a first order of business, Joe Biden and I are about to work to get rid of that tax cut,” she said at the time.

Trump's tax cuts, known as the Tax Cuts and Jobs Act of 2017 (TCJA), were hailed as a Godsend to the middle class.

[READ MORE] Pelosi Holds Large Dinner as Democrats Tell Americans to Cancel Thanksgiving Plans

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