Rep. Dan Meuser, R-Penn., says President Joe Biden’s proposed tax hike will reverse all of the good former President Donald Trump’s tax act did for the U.S. economy.
“Knowing them [Democrats], with the executive orders and the fact that they’re not interested in Republican input and their use of removing the filibuster more or less from the Senate let’s hope it’s not a sure thing because it would be devastating,” Meuser told Newsmax TV’s “American Agenda” of a potential Biden tax hike.
“Let’s face it, when President Trump came in and we had our tax act that passed, our economy boomed. Was there any more proof necessary than that to see how wages increased, how unemployment was at record lows in 50, 60 years, how businesses were doing so well, it made sense. It lowered taxes primarily for middle income folks, it brought down small business taxes, and yes, it made our C-corporations that much more competitive. So, the idea of reversing that will reverse all that good that it did for our economy.”
Biden’s plan includes an increase in corporate taxes, from 21 percent to 28 percent, and raising taxes of individuals at higher income levels – $400,000 for families and $200,000 for individuals if they are married to someone who makes the same amount.
The president also wants to expand the estate tax, create a higher capital-gains tax rate for individuals earning at least $1 million annually and cutting back tax preferences for so-called pass-through businesses.
Biden during an interview with ABC News that aired Wednesday acknowledged he was unlikely to secure any Republican support but said he would “get the Democratic votes for a tax increase.
“If we just took the tax rate back to what it was when [George W.] Bush was president — [when] the top rate paid 39.6 percent in federal taxes — that would raise $230 billion. Yet they’re complaining because I’m providing a tax credit for childcare for the poor, from middle class?” Biden said.
Democrats passed Biden’s $1.9 trillion coronavirus relief aid with zero Republican support.
Trump’s Tax Cuts and Jobs Act passed in 2017 reduced the corporate tax rate from 35 percent to 21 percent and also reduced income taxes for most Americans.
Meuser told Newsmax that Republicans are working to sway Democrats on the tax hikes.
“When the corporate income tax was lowered from 35 percent to 21 percent, the rest of the world got competitive in front of us. Ireland has a corporate net income tax of 12 percent; the UK is at 20 percent … We will lose all of those manufacturers that we’re trying to bring back, and the ones who repatriated, we can wave goodbye to them,” he said.
“We have to be competitive and apparently the Biden administration, too many Democrats in the House, don’t understand fiscal impacts from taxation.”
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