Trump wants another Billionaire Tax Break, while Joe Biden will cut taxes for tens of millions of hardworking Americans.
This election will be a choice between two fundamentally different visions for the economy and our country: Joe Biden sees the world from a kitchen table in Scranton, Pennsylvania, while Donald Trump sees it from his country club in Mar-a-Lago. Joe Biden is fighting to lower costs and cut taxes for middle-class families. Trump is spending his campaign down at Mar-a-Lago fighting for his billionaire donors, who like him, are only in it for themselves.
That’s what Trump did as president, and now he’s doubling down with a 3-point plan for another Billionaire Tax Break. At a recent closed-door event in Mar-a-Lago, Donald Trump told his millionaire and billionaire donors: “You’re rich as hell, and we’re going to give you tax cuts.”
Trump’s 3-point plan for another Billionaire Tax Break:
- A tax handout of more than $3.5 million per billionaire every year–by terminating the Affordable Care Act.
- A $1.5 trillion windfall for big corporations, letting them use special loopholes to pay little to nothing in taxes while raising prices for Americans.
- Making it easier for wealthy tax cheats to avoid paying what they owe – by repealing the Inflation Reduction Act.
The billionaires funding Trump’s campaign know that if they get him elected, he’ll cut their taxes while he cuts our Social Security. In fact, Trump recently said there is “a lot you can do…in terms of cutting” Social Security and Medicare.
Joe Biden and Kamala Harris have a different vision: they believe that no billionaire should pay a lower tax rate than a school teacher or a firefighter.
Joe and Kamala are fighting to make the ultra-wealthy and large corporations finally pay their fair share, while cutting taxes for the middle class. Their plan:
- Cut taxes for tens of millions of hardworking Americans including
- Expanding the tax cut for families with children to as much as $3,600 per child, helping 66 million children
- A $10,000 tax cut for millions of first-time homebuyers and families looking to trade up their starter home
- Making permanent the $800 average tax cut for millions of people buying health insurance on the marketplace
- An $800 average tax cut for 19 million workers who don’t get paid enough
- Sets a minimum income tax of 25% on billionaires.
- Cracks down on wealthy tax cheats so they pay what they owe.
- Forces corporations to pay their fair share, while incentivizing creating jobs in America—not overseas.
- And nobody earning less than $400,000 will pay an additional penny in federal taxes.
Here’s the bottom line: Joe Biden is rebuilding the backbone of America—a strong, inclusive middle class—after Trump rigged the economy for rich people like himself. Joe Biden is making corporations pay their fair share and helping working people get ahead.
What kinds of tax cuts are in Joe Biden’s Tax Plan?
Joe Biden and Kamala Harris will cut taxes for tens of millions of hardworking Americans, including:
- Expanding the tax cut for families with children to as much as $3,600 per child, helping 66 million children
- A $10,000 tax cut for millions of first-time homebuyers and families looking to trade up their starter home
- Making permanent the $800 average tax cut for millions of people buying health insurance on the marketplace
- An $800 average tax cut for 19 million workers who don’t get paid enough
- And no family making less than $400,000 per year will ever pay a penny more in taxes under Joe Biden’s plan.
Will Joe Biden increase taxes on middle- and low-income families?
Absolutely not! Under Joe Biden and Kamala Harris’s plan, nobody earning less than $400,000 will pay a single penny more in federal taxes. In fact, Joe Biden and Kamala Harris are fighting to cut taxes for middle-class families. And their plan will cut the deficit by making the super wealthy and corporations pay their fair share, including by:
- Instituting a 25% billionaire minimum income tax, so that no billionaire pays a lower tax rate than a firefighter, a teacher, a sanitation worker, or a nurse.
- Requiring the wealthy to pay their fair share toward Medicare to protect the program and extend Medicare solvency for generations.
- Cracking down on tax avoidance by large multinationals and Big Pharma, increasing corporate tax rates, and quadrupling the tax on companies that buy back their own stock instead of investing in workers or lowering prices.
- Stopping tax breaks for corporations when they hand out multimillion-dollar compensation to their executives, purchase corporate jets for their CEOs’ travel, or shift profits and operations overseas.
- Closing loopholes and ending tax breaks for special interests.
How does Trump’s tax scam work?
When he was president, Trump’s tax scam gave the richest one in a thousand Americans—making over $4.5 million a year—tax windfalls three times the size of a typical family’s income for an entire year. Now, Trump plans to give away even more to the super-wealthy, who already pay rock-bottom rates.
- Trump’s tax law was filled with special giveaways for big corporations, cutting their tax rates in half—with no requirement that they increase wages, lower prices, stop polluting, build new facilities, or invest in R&D. Now, Trump wants to lower the corporate tax rate even more to make big companies richer. By Trump’s last year in office, 55 of the biggest companies in America made $40 billion in profits but paid $0 in federal income taxes. Joe Biden’s corporate minimum tax helps fix that. Trump will reverse it, ensuring big corporations can keep avoiding taxes.
- Trump will repeal Joe Biden’s penalty on large corporations that buy back their own stock—which incentivizes higher prices for customers and lower investment in workers or innovation.
- Corporations used the windfall from Trump’s 2017 tax law to enrich themselves through stock buybacks that went to executives and shareholders instead of workers—totaling a record $800 billion the year after Trump’s tax law passed.
- Trump spent his time in office cutting Big Pharma’s taxes, while Joe Biden is taking them on to lower prescription drug costs for Americans. Trump will protect Big Pharma and other large multinational corporations’ use of tax havens to increase their personal wealth. His tax law gave massive tax breaks to Big Pharma. And because of Trump’s tax scam, the U.S. now imports nearly twice the amount of pharmaceuticals as it used to, and three of the largest U.S. Big Pharma companies paid $0 in federal income taxes last year.
