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News Link • Politics: Democratic Campaigns

Biden: "First thing I would do as President is Eliminate the President's Tax Cut."

•, Adam Sabes

"First thing I would do as president is eliminate the president's tax cut,"

 Biden said during the Poor People's Forum in Washington, D.C. on Monday.

[Click here for video]

Biden's promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:

A family of four earning the median income of $73,000 would see a $2,000 tax increase.

A single parent (with one child) making $41,000 would see a $1,300 tax increase.

Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.

Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.

Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.

The USA would have the highest corporate income tax rate in the developed world.

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