OPINION | This article contains political commentary which reflects the author's opinion.
Y’all, in my house we take taxes.
I made you a sandwich? I take a bite. It’s taxes. I open your fruit snacks? I get one. It’s taxes. I scoop your ice cream? I get a spoonful. It’s taxes.
Now my kids mostly get their own stuff to try to avoid the parental taxes. Turns out taxes are kind of a huge deal. In the vice-presidential debate, Kamala Harris said,
“Okay. Joe Biden will not raise taxes on anyone who makes less than $400,000 a year. He has been very clear about that.”
Which is funny because Biden has clearly stated that he intends to immediately repeal the Trump tax cuts from 2017. He has said exactly this on many occasions. In campaign speeches, to donors, in debates, etc.
So, let’s flesh it out. If you received a tax cut from Trump, that means that the tax rate percentage for your tax bracket went down, meaning you paid less in taxes.
• 15% became 12%
• 25% became 22%
• 28% became 24%
• 33% became 32%
See how that’s lower? The taxes of a HUGE portion of Americans was lowered with the Trump tax cuts. So, now that you pay lower taxes, if someone repeals that tax cut, your taxes will go back up to what they were before the tax cut. Your taxes will go up! As Maria Bartiromo explained,
“Biden has said that he is not going to raise taxes on anybody making more than $400,000, but at the same time, he says he is going to reverse President Trump’s tax cut plan. We know that tax cut plan lowered income taxes for all levels of income so if you’re going to reverse that, that means all levels of income taxes go up, but he keeps saying that [it would] just [impact those making more than] $400,000.”
And it’s true that Biden and Harris keep saying they won’t raise taxes on anyone making less than $400,000. Well, guess what? Math doesn’t care about your campaign promises and that math does not add up.
And people are starting to notice.
Music mogul 50 Cent took one look at the Biden tax plan and said he’s voting for President Trump. Sharing an image of the top tax rates for each state under the Biden tax plan, 50 Cent realized he would be taxed at 62% in New York City and he wasn’t excited about that. He worked hard for his money and he wants to keep it, as do all hard-working Americans. And here we circle back around to free-market capitalism versus socialism. Getting free health care and free education from Biden sounds really great, but as Margaret Thatcher said, “The trouble with Socialism is that eventually you run out of other people’s money.”