Biden Should Run on Tax Cuts for Middle Class
by John Lawrence
There are only two issues Republicans have: the border and tax cuts. The American people are expecting a tax cut if a Republican is elected to the Oval Office. That's the reason they are complaining about the economy. The American people have gotten a lot of good economic stuff out of the Biden administration. Now they want their tax cuts. Every Republican administration in recent history has promised tax cuts. Biden should steal that thunder and run on tax cuts for the middle class and tax increases for the very wealthy. He started sounding this note during the last election cycle. He needs to reemphasize this medley. Biden needs to take these issues away from Republicans. I wrote previously about the fact that Biden should go full Trump on the border issue. It's ridiculous that the US has 750 military bases around the world, and seeks to control every other country's borders but can't control its own. A majority of these bases are equipped with modern military equipment and airfields. According to a report, the U.S. had about 750 military bases across 80 countries in the world and had deployed 173,000 troops in 159 different countries as of July 2021.
Let's review the Biden record on the economy which is truly epic. Biden has added 14 million jobs in less than three years, bringing the Black unemployment rate to a record low and reducing student loan debt by billions. That's for starters. The astoundingly strong labor market is arguably the White House’s biggest victory. In some ways, the bump was inevitable — Biden took office at a time when millions were still out of work because of the pandemic. Even so, the rapid job gains in recent years have blown past economists’ expectations and have fueled the economy’s blockbuster growth. To date, the White House has canceled some $132 billion in student loan debt for more than 3.6 million Americans. It has also increased federal Pell Grants to low- and middle-income students, allowing them to take on less debt. As a result, outstanding student loan balances have been falling for six months.
The
American Rescue Plan passed in March 2021, injected a $1.9 trillion stimulus into the U.S. economy. It included financial safety nets like payments of $1,400 to households earning up to $75,000, extended unemployment benefits, and an expansion to the child tax credit. Collectively that
cut overall poverty by 44%, according to the Brookings Institution, and lifted Americans’ financial health to new heights. Biden’s $1 trillion Infrastructure and Jobs Act was the next major spending package to win congressional approval in November 2021. It fulfilled the president’s campaign-trail promise to refurbish the country’s roads and bridges, while expanding access to clean water and broadband internet. It will support an additional 600,000 new jobs by the end of next year and 800,000 jobs in 2025, according to Moody’s Analytics.
The passage of the so-called “Chips and Science” plan allowed Biden to cement an industrial-policy legacy and fulfill a bipartisan desire to rely less on China’s semiconductor industry. More than 460 companies have shown interest in its $53 billion of research and production subsidies, the Commerce Department said last month. And the relationship between public and private investment is something to brag about. Micron Technology’s (MU.O), opens new tab $100 billion outlay for a New York chip factory is expected to create nearly 50,000 jobs in the state. Intel’s (INTC.O), opens new tab $20 billion expansion in Arizona is expected to support 3,000 new jobs. The Inflation Reduction Act gave Biden a chance to revive progressive proposals before the 2022 midterm elections. Though the final plan was whittled down from $1.8 trillion to $430 billion of new spending, it still included Biden’s plans for clean energy tax credits and Medicare drug price negotiation. Bank of America estimates it has already spurred $132 billion of investment across more than 270 new clean energy projects.
So what is the American people's response to these clear economic gains that Biden has been responsible for? Now we want our tax cuts so we will elect Trump since that is what he provided after his election in 2016. This is an ominous predilection for the reelection of Joe Biden. He can neutralize this threat by out promising Trump on the issue of tax cuts for the American people. At the same time he can balance this by his previous promise of not increasing taxes on anyone making less than $400 million a year. This would make Biden's policy on tax cuts more fiscally responsible than Trump's. Trump's tax cuts added $7 trillion to the national debt, something Republicans weren't too concerned about. Biden should take the wind out of Trump's sails on tax cuts while also providing a more responsible policy regarding the national debt.
