By Ronna McDaniel
July 15 was Tax Day, which serves as a fitting reminder that with less than four months until the November election, never has there been a clearer contrast between two candidates’ tax plans as exists between President Trump and Joe Biden.
While President Trump has time and again delivered on his pledge to cut taxes and expand opportunities for Asian Pacific American families, Joe Biden is doubling down on his plan to impose massive tax hikes on millions of middle-class families.
Asian Pacific Americans are the largest beneficiaries of the Tax Cuts and Jobs Act, receiving an average tax cut of $2,560.
The kind of tax increases Biden envisions would throw a big wet blanket on the great American comeback President Trump is leading, and is just one of the many reasons voters overwhelmingly trust President Trump to rebuild our economy a second time.
This Tax Day is the second time Asian Pacific Americans filed their taxes under the new and improved tax code President Trump and Republicans ushered in. For the second year in a row, we will reap the rewards this simplified, pro-growth, and pro-family tax code brings.
Over 80% of middle-income Americans saw a tax cut thanks to President Trump, with lower-middle class households actually experiencing the largest tax cut.
Nearly 30 more million Americans opted to take the simpler standard deduction, which President Trump and Republicans doubled and saves taxpayers $5 billion each year.
And despite doomsday predictions from Democrats, tax relief proved to be the spark that ignited our country’s economic engine, creating the best jobs market in generations.
In the wake of tax relief, unemployment dropped to a 50-year low and the economy added so many jobs there were millions of more jobs available than there were workers to fill them.
Thanks to our “Paycheck President”, wages went up at the fastest clip in a decade as a result of workers keeping more of their paycheck.
The stock market soared to record highs, along with individuals 401k accounts, and so many companies large and small gave bonuses that many workers effectively received a second tax cut.
President Trump’s record of economic results stands in stark contrast to what would happen if Joe Biden ever managed to stumble out of the basement and into the Oval Office.
We need not guess what Tax Day would look like under a President Biden – all the positive effects of tax relief would evaporate in an instant. He said so himself.
Biden is on record saying his first action in office would be to raise taxes on the middle class, which is completely consistent with his 40-plus years as a career politician where he didn’t meet a tax hike he didn’t like.
As Vice President, he presided over the slowest economy recovery since World War Two, so it is fitting that the centerpiece of Biden’s economic plan amounts to raising taxes on just about everything he can.
Biden’s plan would put working Asian Pacific American families last by cutting the child tax credit in half, a popular provision that President Trump doubled in the Tax Cuts and Jobs Act.
Under Biden, the corporate tax rate would increase by a third, giving the U.S. a higher corporate tax rate than even Communist China and leading to the offshoring of good American jobs.
No tax is popular, but Biden would bring back perhaps the most unpopular tax of all by restoring the Obamacare individual mandate tax. This would lead to five million low and middle-income households choosing to pay the penalty for forgoing big-government run healthcare.
These combined with all the other tax hikes Biden supports, like raising the income tax by $2,000 on a typical Asian Pacific American family of four, would place a four trillion-dollar burden on American families, businesses, innovators and job creators.
Chair, Republican National CommitteeRead More