Former President Donald Trump made a big promise at Turning Point Action‘s “People’s Convention” on Saturday. He said he’s all in for making the Trump tax cuts permanent!
That’s the difference between Trump and Joe Biden. The Biden administration has promised tax increases if Dementia Joe gets reelected. That will put the final nails in our economy’s coffin. It’s the difference between economic growth and economic disaster.
Speaking in Detroit, Michigan, Trump mentioned that if he gets re-elected this November, his administration will not only keep the current tax cuts but also cut taxes even more for working families and small businesses. Pretty bold, right? And it gives a clear contrast between what Trump wants for our future and how the Biden regime wants to punish us with higher taxes.
Trump established a clear direction for taxes. Down. Lower. Less.
But President Joe Biden has made it obvious that he intends to hit Americans with a $5 trillion tax increase. And yes, it will affect you.
VISIT OUR YOUTUBE CHANNELBiden’s stated plan calls for a small business tax increase, a corporate tax increase, a capital gains and profits tax increase, income tax increases, energy tax increases, and even an additional death tax on top of the first.
Biden proposes increasing the corporate income tax from 21% to 28%. That is higher than the tax rates in communist China, France, and the United Kingdom, which are all 25%.
The Biden administration also talked about a 44% tax on capital gains! They are even discussing a wealth tax at that percentage, meaning you will pay a 44% capital gains tax on your unrealized capital gains every year. That alone will kill investment, the stock market, and more.
Here’s exactly what he said: “We will make the Trump tax cuts permanent and cut taxes even more for working families and small businesses.” He wrapped up his speech with that promise.
So, why is this a big deal? Well, some parts of the 2017 Tax Cuts and Jobs Act (TCJA), which were brought in during Trump’s time in office, are set to expire at the end of 2025. The TCJA gave a lot of tax relief to middle-class households and small businesses. It also did a few other things like getting rid of Obamacare’s individual mandate, cutting the corporate tax rate from 35% to 21%, and opening up the Arctic Wildlife Refuge for oil extraction.
According to a report by the Tax Foundation, the TCJA is expected to create 1.4 million new jobs in the US by 2025. That’s a lot of jobs!
Also, Representative Jason Smith (R-MO), Chairman of the Ways and Means Committee, highlighted that under the TCJA, earnings went up by 4.9% in 2018 and 2019. And get this; workers in the lowest income bracket saw their wages go up by 50%! That’s some serious pay raise.
#TrumpTaxCuts #TaxRelief #EconomicGrowth
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