(Liberty Bell) – Presumptive Democratic presidential nominee Joe Biden is trying to get more support from campaign donors by apparently stating that he’s going to take one thing President Trump has done that benefited almost every American in the country and roll it back.
Yes, Biden seems to think that getting rid of the several trillion-dollar tax cuts the president made is a real grand idea. He mentioned his plans concerning the tax cuts during a virtual campaign event, which raised $2 million according to reports from CNBC. During the event, Biden revealed a number of policy initiatives he plans to put into place should he cinch the White House come November.
Apparently, Biden doesn’t want to see small businesses have additional income and expand their companies to produce more jobs for those desperately in need of employment.
Here’s more from The Washington Times:
“I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Mr. Biden said. “A lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis.”
He explained that he would also seek to increase the corporate tax rate to 28%, raising approximately $1.3 trillion over the next to years.
Mr. Biden told supporters that “we have to think as big as the challenge we face. But this is America, there is nothing we cannot do if we do it together. … But I think the country is ready.”
Under Mr. Trump, corporate taxes have been cut from 35% to 21%.
Former White House press secretary Sarah Huckabee Sanders told Fox News Tuesday morning that “the last thing our country needs right now is higher taxes, and a vote for Joe Biden is exactly what would happen.”
What Biden and many other Democrats who are obviously supportive of such a move don’t seem to understand is that these tax cuts are what helped boost the economy and gets us back on to a solid road of recovery. Economics isn’t all that complicated, yet, for whatever reason, leftists really don’t grasp why tax cuts are so important.
These individuals tend to view such measures as benefits for the rich only. However, when rich folks have more bottom line available to invest in their businesses, to expand their companies and branch out into other industries and things of that nature, they create more jobs. More jobs means more people working. Not only that, but with the extra revenue available, companies can boost the pay they offer for workers and include more benefits to keep those individuals working for them.
In short, everyone wins with tax cuts. We all pay less taxes and pocket more money. That is a good thing. Not sure why anyone would think it was a bad thing.
What it all boils down to is that these cuts were something Trump put in place. With the hatred for President Trump hitting insanely high proportions among the radical left elements in our country, the only logical reason for taking away something that benefits so many people is pure spite.
In other words, Democrats are putting their beef with President Trump and their desire for revenge far above the needs and wants of the individuals they claim to represent.