The 2017 Tax Cuts and Jobs Act was the most significant change to tax code in 30 years.
Democrats once vowed to repeal the law, but now may be flip-flopping.
President Trump reduced the corporate tax rate from 35% to 21%.
Biden’s tax plan will raise the corporate tax rate to 28%.
(NewsReady.com) – In 2017, when President Donald Trump signed his landmark tax bill into law, Democrats were furious. They accused the commander-in-chief of hurting the American people, and they vowed to repeal it as soon as they were in power again. Now, with the 2020 presidential election right around the corner, the Left is starting to backtrack.
Promises Made, Promises Forgotten
According to a recent report by The Hill, Democrats are no longer saying they’ll reverse the president’s tax bill if they take control of the Senate and the White House. Instead, the lawmakers said their priority would be jobs, wages, infrastructure, COVID-19, and environmentally-friendly technology.
Senator Dianne Feinstein (D-CA) said the Left will decide when they “have a better sense of where the economy is going.” The Hill asked Senator Chris Coons (D-DE) if he thought the party would try to pass a tax bill in 2021 if Joe Biden wins, and the lawmaker reportedly laughed.
Biden has put forward a tax plan that would raise taxes. His proposal would increase the tax rate of America’s wealthiest from 37% to 39.6%. Further, he’d kill Trump’s 21% corporate tax rate and raise it to 28%.
President Trump’s Plan
While Democrats try to figure out whether or not they want to raise people’s taxes while the country experiences economic fallout from the coronavirus, President Trump knows exactly where he stands. If he’s elected for a second term, the commander-in-chief is proposing a tax credit for companies that make their goods in America. Bringing manufacturing back to the US and creating good jobs for the people has been one of his top priorities since his first term.
Trump also wants to expand his policies to spur investment in poor neighborhoods. That would bring jobs to underserved communities and, hopefully, reduce crime in the long run.
The president knows exactly where he stands on tax policy. He has made promises and kept them. Can Democrats say the same?
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