White House Press Secretary Kayleigh McEnany Tuesday accused Democrat presidential nominee Joe Biden of lying when he says his plans to reverse President Donald Trump’s tax cuts will only affect people making more than $400,000.
“Of course if you repeal the Trump tax cuts it hurts low- and middle-income Americans who benefited from that,” McEnany told Fox Business’ Maria Bartiromo.
Biden has said he won’t raise taxes on anyone who makes more than $400,000, but Trump’s tax cut plan “lowered income taxes for all levels of income,” Bartiromo pointed out. “If you’re going to reverse that, that means all levels of income taxes go up…is that a lie?”
“Of course it’s a lie,” said McEnany said in response.
She added that Biden’s call on reversing Trump’s taxes is “another reversal,” in addition to his stance on fracking. Biden said it’s not part of his agenda to ban the energy technology, but McEnany said “he said he wanted to ban it all.”
“He said that several times and now he’s trying to reverse course,” she told Bartiromo. “He’s just doing what he has to do to win an election, but make no mistake, low- and middle-income taxes would go up.”
In addition, when corporate taxes are raised, “that ends up affecting after-tax income so it’ll be a double whammy for low- and middle-income Americans and they’ve seen their wages go up thanks to this president.”
Under the 2017 Tax Cuts and Jobs Act, the corporate tax rates were dropped from 35% to 21%. Biden’s plan calls for raising the rate back up to 28%. He also calls for creating a minimum tax on corporations that have at least $100 million in book profits, meaning they will pay a 15% minimum tax or their regular tax, whichever comes out to more.
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