Biden, Dems Prepare to Reverse Tax Cuts & Jobs Act

Democrats gained control of the U.S. Senate after the recent Georgia runoff elections, giving Joe Biden a clear path to roll back the Tax Cuts & Jobs Act of 2017.

“By the way, how many of you did really well with that $1.9 trillion tax cut,” Biden said during the 2020 campaign. “Well, you did. Well, that’s good. I’m glad to see you’re doing well already. But guess what, if you elect me, you’re not going to have your — your taxes are going to be raised, not cut, if you benefited from that.”

For the first time in over a decade, Democrats hold slim majorities in the House and Senate. His campaign promise to raise taxes on corporations appears to be a top priority.

Working Americans enjoyed increased prosperity under President Donald Trump’s signature law. The Act brought billions in offshore money back to the homeland, spurred job opportunities, and put money back in the pockets of working families. Biden also plans to ramp up estate taxes that protected family farms, businesses, and take a big bite into the salaries of what Democrats call “high earners.”

“Major proposals by the Biden campaign would raise $1.6 trillion to $1.9 trillion over a decade from corporations, $1 trillion to $1.2 trillion from high earners through the income tax, and $800 billion to $1 trillion from Social Security payroll taxes on high-wage earners,” according to the non-partisan Committee for a Responsible Federal Budget. “Biden also supports a fee on banks, which we believe will raise $100 billion.”

The Biden tax plan raises $3.35 trillion to $3.67 trillion during the next 10 years, which is estimated at 1.3 percent to 1.4 percent of gross domestic product. The impact of raising taxes across the board is likely to cause small and mid-sized businesses to reduce workforces. Coupled with Biden’s open-borders policy and foreign worker visa increases, low-income families can anticipate wage stagnation and rising inflation. Simply put, low-income and middle-class families can expect to worse off than they were before the pandemic.

By contrast, President Trump’s signature tax law delivered lower, but equal taxation. Single people or married couples filing separately enjoyed a $12,400 standard deduction. That figure was evenly distributed to married couples filing jointly at $24,800 or $18,650 for a head of household filer. Seniors enjoyed slightly higher standard deductions. Those financial benefits are now at extreme risk as Biden huddles with Speaker of the House Nancy Pelosi and soon-to-be Senate Majority Leader Chuck Schumer.

Although direct tax increases will make Americans feel a sting, the corporate rate hikes are likely to cause a domino effect in the economy. Corporations seeking reduced tax liability are expected to offshore all over again. China offers a 12 percent corporate rate and robust distribution infrastructure. Barbados is deftly positioned for offshoring with a 5.5 percent rate, and thriving Qatar levies only 10 percent.

France reduced its rate to about 28 percent to attract corporations and the EU nation appears to be looking at further reductions. These and other business-friendly countries are where U.S. jobs will be outsourced over the next four years while Americans pay higher taxes.


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48 responses to “Biden, Dems Prepare to Reverse Tax Cuts & Jobs Act”

  1. Unfortunately the democrats are not in touch with the average struggling American. We don’t need people with silver spoons in their mouth telling us what we need. These changes will destroy the average citizen who have been very hard hit by this pandemic. We need someone who will help feed the hungry and provide shelter for those who lost their shelter. Let take care of our citizens who fought for this country and paid their taxes

    • I totally agree with you and your plight as we in Canada have the same problem our leader whose father was P.M. and his son is repeating history. Our pop. is 10 % of your country and we are taxed to the hilt with his agenda of CLIMATE CHANGE and importing 400,000 new immigrants per year and they get better treatment than Canadians do so be advised that BIDEN and the DEMS will bring America down to a 3rd world living style. TRUMP was and is the best American ever had and I’m sorry to see him go

      • thank you for your comment. i always thought Canada’s government was not what cracked up to be! i have a friend who is living there now bc her husbands job sent them there and she hates it. will return to the U.S.A. asap but unfortunately, i think we will wind up being a third world country sooner rather than later
        i just turned 74 and have never had a president as great as PRESIDENT TRUMP, who by the way won this election in a massive landslide, i watched the videos of them dragging suitcases of ballots from under table after the counting “stopped” and everyone else was sent home, all the fraud, changing the voting rules, not requiring signature id or any identification. dead people voting and requesting mail in ballots, ballot harvesting. the list goes on and on a lot of it on tape and hundreds of whistleblowers swearing under oath that they saw fraud, (who would have been prosecuted and sent to jail if proven to be lying) i live in FL USA and have to show my ID every time i vote or do anything, including making an in person cash payment to my credit card at a bank! (like, who the hell would pay that for me and worse, who should care?) showing a valid voter ID should be mandatory for any voting! the fraud was unprecedented because the liberal democrats don’t want to loose power and money they use and have always used the purse of the taxpayers to pad their bank accounts. they don’t work for The People as they are supposto be doing! Trump said when he ran and it is true; he didn’t need the money (which by the way he donated his checks to the military, and others) he didn’t need the job or the fame he did it for our country because he could see what was happening! Thank God for him and We pray that something is done to keep from becoming socialist or communist country! he accomplished so much in 4 years that no other president did or even tried to do! my message to anyone who wants to live in a socialist country; MOVE TO ONE! DON’T TRY TO CHANGE OUR COUNTRY! We are already loosing our freedoms, speech, right to protest, to congregate, to worship all under the guise of the Wuhan virus! that is how it starts! just look at Venusaula which used to be a very prosperous country! second to only the USA ! now they are starving and wouldn’t even let us give them food water and medicine as Trump sent truckloads to them and the government set roadblock up and wouldn’t let the people have it!

    • No doubt there are MANY LIBTARD dems THAT VOTED FOR biden AS ANOTHER UNQUAILIED far left failure but how can there be more votes for biden than registered voters ? This crime by dem leaders is obvious vote fraud & treason to dictate the U.S. Now the dem’s socialistic stealing tax $$’s to appease their power to destroy U.S. economy is also the attack on U.S. Citizen’s National Security using commie influence to be dictators in a NWO of destruction against Freedom & Rights ! There may be no chance for the dem’s crony DOJ to stop far left crimes but justice will be served by GOD through their own satanic leaders !

      • It was voter fraud and manipulation of votes from President Trump to Biden. Biden himself on video said “I have the biggest,best planned fraud organization”. He said this prior to the election and everyone just laughed it off, obviously he meant it.

    • President Trump should declare a national emergency and declare Marshall law immediately!!! Everyone knows what happened election night. Stop screwing around and fight them back. These people are evil , the people from Texas all the way down to San Diego should arm yourselves and stand a post at the border. THIS IS OUR COUNTRY, ITS TIME THE AMERICAN PEOPLE STARTED ACTING LIKE IT. COVID IS A FRIGGIN JOKE!! IF THEY GAVE A SHIT ABOUT US THEY SURE WOULDNT OPEN THE BORDERS TO USHER IN MORE DISEASES AND PLAGUES!!! This is it people GOD HELPS THOSE WHO HELP THEMSELVES , THERE IS NO MORE TIME!!!

      • I believe you are right Matt Thank God we still have the freedom to bear arms! and we had better use that freedom when the time comes!

  2. Interesting that so many large corporations that would ostensibly get hit hard by proposed increases from the Harris-Biden administration strongly back them…maybe they KNOW something we “proles” don’t? As in they have the inside track to who will be favored, and who will NOT?

      • Aho. He treated everyone with respect except the democRATS, but especially Nancy Pelosi. Let alone a few others. He was making America great again. Voter fraud and bribery is illegal as heck, but nothing we can do about it, except start a war.

      • Voter Fraud has been 100% proven. The problem is that the courts fear the Democratic administration so therefore will not listen to the fraud.

  3. Hit ’em when they’re down, Joe. How can you possibly think increasing taxes, especially during a time when so many individuals and small businesses are struggling, is a good idea? Sure you say it won’t affect those making under $400,000 and it will get those evil corporations who dare to make money but things trickle down, Joe. Businesses face increased costs – they raise prices on the goods and/or services they provide and pow – there you are – increased taxes on those making less than $400,000. Add to that the increased price of gas because you are going after the oil industry in the U.S. which will make us dependent on the Middle East again. We are going to be right on track to be in FAR WORSE shape economically than we have been for some time. But you will still have your China millions and Nancy will still have her ultra expensive freezers full of her gourmet ice cream. The “ruling class” has lost any sense of how the “regular” people of this country live. Kind of like Marie Antoinette in France when the people were starving. Started the French Revolution. “Let them eat cake.”

  4. This is no surprise. We all knew this was coming. If you hated President Trump so much that you felt you had to vote for Biden, then you will get what you deserve. We were on a good path despite the hatred for Trump and you managed to make everyone’s life harder. Thank you so much. I hope you, that shone such hatred for the last 4 years, can live with yourselves. And, don’t pretend you are Christian. A true Christian would love his enemies and not carry around such hatred in his/her heart. Judgement day will come.

  5. Because of the stolen 2020 election by treasonous rinos,democrats,their deep state operatives and foreign interference,it is time for president Trump to remove these crooked politicians that committed treason by invoking the insurrection act,and go after the foreign countries who committed cyber war crimes in the 2020 election by invoking his 2018 cyber crimes E.O. #draintheswamp

    • absolutely!, who were the 80 million votes that voted for this platform? well, their was not 80 million that voted for it, the d ems had no platform because they wanted to steal the election, thatts why biden did not campaign. it was suppose to happen for crooked hilary but even that didn’t help her! God Help us, God make crooked politicans do right! and God bless America!

    • Maybe that’s why Pelosi wants him removed immediately . He has 8 days left in his administration to do something like Martial Law? The Democrats can’t wait to until they are in total power. But you know what? The Republicans took more seats in the House of Representatives than the Democrats and that worries that worseless witch. This could be the last full year that fucking bitch gets to hold the gavel. The Republican voters will go all out in the 2022 midterms because they will not forget this injustice. The Democrats can laugh now but wait until next and ‘24.,, if Trump is allowed to run by then. He who laughs last… laughs best!

  6. This is directed to Charles above. Evidently Sir you haven’t kept abreast of what is going on lately. The DAMNED DUMBACRATS stole the whole thing. The old mentally impaired man that won for one thing STOLE 80 MILLION VOTES. doing all of that while hiding in his cellar. Did practically nothing as far as campaigning out and about meeting America. I was born when Herbert Hoover was driving the country into the GREAT DEPRESSION. I don’t want anyone saying that I am slinging any BULLSHIT. How about you GOOGLING the DEMOCRATIC party’s history in National History noting their VICTORIES list the pluses verses their FAILURES TILL PRESENT TIMES. I think you will be one Hell of a surprised person. GOOD LUCK and a HAPPY and PROSPEROUS NEW YEAR. Cap’n Jack. A Korean Vet and 25% Native American. OH, I just thought. Who are the only people that are SCREAMING, RACE, RACE, RACE, RACE ???????????????????????????????????????

  7. Yep……………The Demo’s are in “power” again!!!!!! TAXES, TAXES, TAXES up the “you know what”!!!!!!!!!!!!!!!!!!!!!!!!!! Now, Republicans…….Next election year, get your butts to the polling places and VOTE AGAINST ANYTHING THE DEMOS WANT!!!!!!! They LOVE TAXES!!!!!!!!!!!!!!

    • WE DID…………..IT WAS STOLEN. AND UNFORTUNATELY I DON’T THINK WE WILL EVER SEE A REPUBLICAN PRESIDENT AGAIN……FRAUD FRAUD FRAUD AND I DON;T THINK IT WILL STOP SHORT OF A CIVIL WAR!

  8. Totally agree!! They went behind closed doors to make up the plan to steal this election. They shoved marxism right up our ass. And there are more than 80 million people pissed off. The are now going for the NRA and want to take our guns away. People wake up this is what Hitler did step by step this is right out of his play book. We can’t let this go any further because if we do there will be no way of turning back!! We no longer have free speech and they are now saying that the Bible is hate speech. It’s time to take up arms and fight back!! The are sending ANTIFA into the suburbs to insight fear and they are saying this is just an idea!!! WAKE UP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! THEY WILL BE AFTER OR GUNS DON’T LET THEM HAVE OUR GUNS NOT EVER OR THEY WILL THEN BE HERDING US INTO BOX CARS WITH A PROMISE OF FOOD AND JOBS WE ARE NOT THAT STUPID!!!!!

    • LINDA UNFORTUNATELY YOU ARE RIGHT…………THE DIFFERENCE BETWEEN AMERICANS AND OTHERS WHO HAVE BEEN TAKEN OVER BY SOCIALISM OR COMMUNISM IS JUST WHAT YOU SAID; WE HAVE THE RIGHT TO BEAR ARMS AND WE DO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  9. Isn’t this what the Dems wanted – more taxation without representation? There will be lots of bad things coming, can’t wait!

  10. look at fed fund rate 1.25 in nov 2004 for next 16 months up .25/mon to 5.25 stayed that way until last quarter 07. under obama 0.0 until aug 15 up .25, .25, .25 only .25 stock market down 15% up to 2.5% under trump. go back every repub from regan to trump up dems down supposedly to curb inflation . under obama real inflation up 10% 2009 cut all incentives of all fossil fuels coil ,nat gas ,oil . then deep water horizon , only allowed gulf drilling opened up with eye dropper about 5% of before almost to end of term .

  11. Biden, Dems Prepare to Reverse Tax Cuts & Jobs Act of course, These Jackass of the communist party do not think that any American should be allowed to have money for anything, these asinine demos in congress want all the money to give to to their Illegals, Terrorists and criminals that follows them like a pup wanting a titty.

    Blind and stupid people will follow any leader who tells them and i quote: “I will give you a lot of money, nice homes and anything else you need if you will follow me and do as you are told”
    That is basically what these jackasses in the communist demo party are telling people so they can stay in power. Their power is only what you are willing to give them, when you stand up for yourself they have no power and becomes YELLOW BELLY COWARDS and will run away. When it come to a confect these jackasses will send in thugs to their dirty work, like the BLM/Antifa all who should be arrested for Murder, Rape, Assaults, Looting, Burning. But do you think that one of the Communist demos will ever open their LYING MOUTH and say a word> Answer is HELL NO but you try to protect yourself and family these jackass communist want you arrested for going against their brainless zombies army.

  12. You do realize this is part of their plan right?? They want to send our jobs over to CHINA and we will be right back and worse off when the Obama administration was in office. This is exactly what they want to do…destroy American people so they will HAVE to rely on the government to make it. We wont even MAKE IT…it will be in SURVIVAL MODE only!! WE will be the worker bees for the elite and live from crumbs while they live off our taxes in luxury. This is called SOCIALISM. Get it??? That is the plan…New World Order and Socialism is the same.

  13. Why would any one vote for tax raise!!!only a DUMBOCRAT could get his dumb flock to vote for tax increases…How dumb are you???Lie.lie.,lie that’s all we will get from BIDEN?OBAMA…

    • Wilber, you left out all the other crap they intend to do; take away our freedoms, i.e.. speech congregate, worship, work where we want go where we want and do what we want all our freedoms! our voice in the running of our government not to mention they will take away everything Trump has gotten for us to mention a few; being energy independent, bringing our jobs back home, middle east peace., holding china accountable making others pay their fair share for our protection the right to try, etc. plus beefing up our military the space force, warp speed on the vaccinations, helping vets school choice, lower taxes, they do also intend to take away all police eventually and replace with a force to control us like other socialists and communists dictators do. i think .The ONLY advantage i see that we have over other countries that have fallen to the dictators is that we have the right to bear arms.. and we had BETTER NOT GIVE THAT RIGHT UP AT ALL COSTS!!!

  14. Keep, our tax cuts, but ban all Monopolies. It was through illegal censorship by Media Monopolies that trump was defeated. It was by these same Monopolies that the GOP lost two Georgia Senate seats and control of the Senate. It is illegal to have a monopoly and use it to favor one party over the other. The owner/ operators should be arrested and their sites temporarily shut down to let them know. Monopolies can not be used to drive e out competition or influence an election outcome.
    Once again the FCC, and the DOJ, have allowed the illegal use of a Monopoly to influence an election and even the removal of free speech and business competition. Apparently our Judges, our FBI, our DOJ, and the FCC, are all in the tank with these monopolies.

    • HAS anyone thought of just how convenient it was for the socialists to have the Wuhan Pandemic at their service to help them throw this election…….did anyone, have any ideas of the connections between joe china and the chinese communist government (and their pandemic that they DELIBERATELY RELEASED ON THE WORLD?) (Does anyone find it strange that the crap about HUNTER BIDEN AND THE ENTIRE BIDEN FAMILY was being kept quiet until the election was over? even if joe china wasn’t an idiot( and i don’t mean because he is elderly, he is just stupid and a trojan horse,) he would and should be disqualified to even run for any office since he and his family is compromised by china……. Furthermore if half of the accusations are true, part if not all of that family would probably be in jail!) the pandemic
      sure gave them the excuse to “control ” us, our every move in business, schooling, socializing shopping, and just moving about freely? i agree we needed to be very careful until we knew what we got SUCKER punched with and got somewhat of a handle on it but after that we are responsible people, for the most part and we know what to do to keep safe and keep our families safe and NOT LOOSE OUR BUSINESSES! The democrats, liberals used the FEAR MONGERING to control our every move and are still trying to do that! I, for one refuse to be controlled! I am careful and do all i can to protect myself and my family and friends but i will not be shut in my home and controlled by anyone! I am 74 years old and I refuse to take orders from anyone, period! I take responsibility for my health and well being and do not allow anyone to tell me what i can and cannot do! Furthermore, i obey the law and I believe in God and do pray for family friends people of the world, animals and our government

  15. We,the american patriots,are forsaken for the root of power and money.As a vietnam vetran,i did not go to war and get shot up to see what is happening to my country.As an american patriot, i shall not stand by and let some elite idiot dictate to me how i shall live my life.Mot vietnam veterans are of 60 years old to 75 years old,but there are enough of us left with the addition of the younger veterans from the mideast wars to =take a stand and be ready to stand and be counted from socialism and communism taking control of our countrys future. Many do not realize that at my age (75) i may not be as physically as i was at 18, but i have enough wisdom and physical ability to fight for the freedom of the UNITED STATES OF AMERICA.Remember we are elderly and know that our days are indeed numbered,many of your people that want to destroy this great REPUBLIC, have never been in the military or must kess in combat,so they have no idea what war or what combat is about.We the patriots have been in the military and combat proven and knowing that our days are numbered anyway,we shall be a force to be reckoned with that has emotion on our side knowing that if we die supporting and protecting our republic, we shall prevail. So to all who want to take our freedoms away,piease take notice of what you really believe in and are willing to sacrafice your freedoms and perhaps your life to do the dirty work for people that care nothing for you or your freedoms, just power.SEMPER FI GIVE ME FREEDOM OR GIVE ME DEATH>

  16. The Boston TEA Party was over taxation with no representation,we are back to our earlier days of building our countries freedoms from anarchy.Remember the american revolution,and all the men and women that sacrificed their lives so you can remain free throughout history.Remember NOTHING IS FREE LIBERTY OR ANYTHING WHATEVER YOU RECIEVE FOR NOTHING IS PAID BY SOMEONE ELSE>

  17. Voting will no longer be. Once a country is taken over by socialist, it’s never going to see the light of day again. They cannot be voted ‘out’. Any voting will be controlled (rigged) in favor of the socialist party. The only satisfying thing about this whole horrible mess we are about to enter, is that the ignorant dems that voted for Biden are going to suffer along with the rest of us. They seem to think that because they fell for the socialist BS they will be exempt from the same fate.
    Throughout history great countries have prospered under great leaders and suddenly, somehow, evil took over and those great countries failed. The Roman Empire fell, Germany fell, Greece fell, England fell, Poland, Italy, Russia , just recently Venezuela etc., check your history books……now it’s our fate…America has fallen. It took decades, generations for these countries to fight their way back to a semblance of dignity and regain some of the freedoms they lost…..America is just starting. God help us…..

    • JOAN YOU ARE RIGHT, TO A POINT, I BELIEVE THAT AMERICA IS STRONGER THAN THOSE YOU MENTIONED AND WE WILL FIGHT FOR OUR FREEDOMS! AND WITH GOD’S HELP WIN,
      GOD CAN DO ALL THINGS, WE MUST NOT GIVE UP! THE BIG DIFFERENCE IN OUR COUNTRY AND SOME OTHERS THAT HAVE FALLEN TO SOCIALISM OR COMMUNISM IS THAT WE HAVE THE RIGHT TO BEAR ARMS……AND WE DO AND WE MUST………….AT ALL COSTS KEEP OUR ARMS! THAT ALONE MAY SOMEDAY BE THE DECIDING FACTOR OF WHETHER WE SUCCOME TO IT OR WE BEAT IT!

  18. Time for a SUCESSION of RED states to form a NEW REPUBLIC based on God, conceived in Liberty, and forming a Constitution that mirrors EXACTLY the U.S. Constitution and the Declaration of Independence (say – DECLARATION OF INDEPENDENCE 2021?). Treasonistic Traitors need to be sent BACK to their BLUE States. Then, watch these BLUE states IMPLODE. If they want COMMUNISM, then let them have COMMUNISM. That will be the BIGGEST regret and MISTAKE of their LIFE. And, don’t let these TRAITORS migrate to OUR “new” United States! One Enlightened and Wary Patriot. team Trump and His Allies 2020.

  19. LINDA UNFORTUNATELY YOU ARE RIGHT…………THE DIFFERENCE BETWEEN AMERICANS AND OTHERS WHO HAVE BEEN TAKEN OVER BY SOCIALISM OR COMMUNISM IS JUST WHAT YOU SAID; WE HAVE THE RIGHT TO BEAR ARMS AND WE DO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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