Biden Treasury Nominee: Repeal Trump’s Tax Cuts and Impose New Carbon Tax

'As with the increase in energy costs, the increase in the cost of non-energy goods and services would disproportionately impact low-income households...'

Democrat Joe Biden‘s nominee for Treasury secretary, Janet Yellen, supports trillions of dollars in new taxes on businesses, citizens and carbon dioxide, Americans for Tax Reform reported.

She wants Congress to repeal former President Donald Trump‘s signature economic legislation, the Tax Cuts and Jobs Act.

Yellen wrote in a 2018 op-ed for the Washington Post saying that she opposed the TCJA because “the economy was already at or close to full employment and did not need a boost.”

When Trump signed the TCJA into law in December 2017, the unemployment rate was 4.1%. Before the coronavirus crashed the economy, in February 2020, the unemployment rate had fallen to 3.5%.

...article continued below
- Advertisement -

These gains went to groups with high unemployment rates, too. Unemployment for African Americans fell from 6.7% to 5.8%, while Hispanic unemployment fell from 5% to 4.4%.

The fall in unemployment reflected a gain of 5.1 million jobs from December 2017 to February 2020.

The TCJA boosted wages for the first time in decades: median household income in 2019 grew by $4,440 or 6.8%. That was the largest boost for workers in American history.

Trump’s tax cuts also gave small businesses a 20% income-tax deduction, which Yellen wants repealed.

...article continued below
- Advertisement -

Before the TCJA, America had a 35% corporate tax rate, one of the highest rates in the developed world. The TCJA reduced the rate to 21% so that corporations could build businesses in America and employ American citizens.

Yellen’s proposal would also remove the tax relief provided to the middle class.

Citizens who earn between $50,000 and $100,000 per year saw an average 13% decrease in their total tax liability, while tax liability for those earning more than $1 million per year decreased by 5.8%.

The TCJA also repealed Obamacare’s individual mandate. If Congress reinstates the individual mandate, about 5 million households, most of them low income, would have to pay a penalty between $695 and $2,085.

Three out of four households that would have to pay the individual mandate earn less than $50,000 per year.

Yellen wants Congress to pass the Energy Tax, too, which would begin by charging companies $40 per ton of carbon dioxide emission. That rate would increase 5% every year, factoring out inflation.

She co-founded the Climate Leadership Council, an “international policy institute,” that lobbies Congress for the Energy Tax.

These taxes harm low-income Americans most of all, since energy costs consume a higher proportion of total income for poor families.

Even former Secretary of State Hillary Clinton opposed the Energy Tax for this reason.

“As with the increase in energy costs, the increase in the cost of non-energy goods and services would disproportionately impact low-income households,” an internal Clinton memo said.

Clinton’s team found that the Energy Tax would increase gasoline and household energy costs.

“In our analysis, for example, a $42/ton GHG fee increases gasoline prices by roughly 40 cents per gallon on average between 2020 and 2030 and residential electricity prices by 2.6 cents per kWh, 12% and 21% above levels projected in the EIA’s 2014 Annual Energy Outlook respectively,” the report found.

- Advertisement -


US Sues Texas to Block State Troopers From Stopping Illegal Immigrants

(Associated Press) The Biden administration sued Texas on Friday to prevent state troopers from stopping vehicles carrying migrants on grounds that they may spread...

Restaurants Fight Cities Trying to Ban Gas-Powered Stoves

(Jon Miltimore, Foundation for Economic Education) State Rep. Tommy Vitolo recently explained why a plan to ban gas stoves in Brookline, Mass., was scrapped. “Go...

MURDOCK: Race-Hustling CRT an Affront to 150+ Years of Black Progress, Achievement

(Deroy Murdock, Headline USA) Far more than a mere slap in the face, Critical Race Theory is a brass-knuckled beat down of white and...

House Dems SHOCKED That Trump Asked DOJ to Declare Stolen Election ‘Corrupt’

(Headline USA) Democrats engaged in a partisan display of political theater on the House Oversight Committee feigned shock and indignation that then-President Donald Trump...

Is Corporate US Media Finally Rejecting ‘Russian Collusion’ Narrative?

(Aaron Mate', RealClearInvestigations) For more than four years, Western media outlets have exhaustively claimed that President Vladimir Putin of Russia waged a sweeping influence...

Ashli Babbitt’s Mom Was Told Sen. Feinstein Had No Time for Her

The mother of Ashli Babbitt revealed this week that when she called the office of Sen. Dianne Feinstein, D-Calif., office after her daughter was...

Cuomo Begs Employers to Force Return of Workers He Drove Away w/ Lockdowns

Democrat New York Gov. Andrew Cuomo begged employers to bring their employees back to the office by Labor Day, claiming remote work could put...

Grassley Fumes at NIH’s Weak ‘Explanation’ for Wuhan ‘Gain-of-Function’ Research

Sen. Chuck Grassley, R-Iowa, slammed the National Institutes of Health for failing to explain why federal grant money was given to China’s Wuhan Institute...

Freedom Caucus: Cheney, Kinzinger ‘Chose to Leave’ GOP; Pelosi’s ‘Reign’ Must End

Republicans in the House Freedom Caucus are pushing GOP leadership to expel Reps. Adam Kinzinger, R-Ill., and Liz Cheney, R-Wyo., from the conference, arguing...
- Advertisement -