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Campaign Press Release - FACT: Joe Biden Will Raise Taxes on Middle Class Americans

September 29, 2020

Biden has pledged to raise taxes by $4 trillion.

An estimated 80 percent of Americans would see their taxes rise in a Biden presidency. Five independent analyses have concluded that Biden would raise taxes on middle class Americans:

  • The Tax Policy Center concluded Biden's "proposals would increase taxes on average on all income groups"

  • The Tax Foundation concluded Biden's plan would lead to higher taxes "across all income groups"

  • The American Enterprise Institute concluded that "households at every income level" would see higher taxes.

  • A Penn Wharton budget model analysis concluded that taxes would go up across all income levels

  • The Committee For A Responsible Federal Budget concluded that taxes would go up across all income levels

Joe Biden pledged to bring back Obamacare's individual mandate tax, which disproportionately targets low and middle income Americans. He also plans to increase the U.S. business tax rate from 21 to 28 percent, a move that will increase monthly utility prices for American families and make it more expensive to do business in the U.S. than in China.

Biden's plan would raise taxes by more than $4 trillion, shrink the economy by an estimated 1.5 percent, and kill 585,000 jobs.

Donald J. Trump, Campaign Press Release - FACT: Joe Biden Will Raise Taxes on Middle Class Americans Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/344013

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