Former Vice President Joe Biden said Monday that his first order of business if he is elected president is to repeal the Tax Cuts and Jobs Act.
Biden made the remark in Washington, D.C. during the Poor People’s Campaign Presidential Forum at Trinity Washington University. The event features low-income Americans asking questions of ten Democratic presidential candidates, including Biden, Vermont Sen. Bernie Sanders, and Massachusetts Sen. Elizabeth Warren.
After one attendee asked Biden how he would combat the “lie of scarcity” regarding resources, Biden insisted there is “plenty of money” in the U.S. and vowed to obtain some of it through repealing tax cuts.
“Number one, we have the greatest income inequity in the history of the United States of America since 1902, and the fact of the matter is, there is plenty, plenty of money to go around,” Biden replied. “The first thing I would do as president is eliminate the president’s tax cut.”
— RNC Research (@RNCResearch) June 17, 2019
Most Americans, not just the wealthy, received a tax cut under the 2017 Tax Cuts and Jobs Act, according to research from the Tax Policy Center. The bill was especially useful to middle class families, as nearly 70% of households earning between $30,000 and $50,000 got a tax cut, and more than 80% of households earning between $50,000 and $75,000 got a tax cut.
Overall, approximately 65% of people paid less under the law, while just 6% ended up paying more. The middle fifth of earners kept about $780 more of their paycheck.
If Biden has his way and repealed the Tax Cuts and Jobs Act, the large majority of Americans — including the middle class — would likely end up paying more than they do right now.