Cassidy defends Biden’s tax cuts for 2017 and factors to wage development amongst low-wage earners

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Senator Bill Cassidy, R-La., On Sunday defended the Trump-era tax cuts that President Biden is targeting in his American employment plan, noting wage growth among low-paid workers.

Quoting a study by the Tax Policy Center on the impact of former President Donald Trump’s 2017 Tax Cuts and Employment Act on low-income versus high-income earners, Fox News Sunday anchor Chris Wallace asked Cassidy what was wrong with raising the top tax rate at the levels of the Bush and Obama administrations.

Cassidy noted that Wallace’s formulation of the question sounded like Biden’s speech to Congress, saying the Biden administration wanted to bring the economy back to the days before there was “high employment for African Americans, veterans, women, Hispanics, the disabled.” [and] School dropouts with disproportionate wage growth in the lower quintiles of the income structure. “

“It was all part of the tax cut and employment bill,” said Cassidy. “You can’t separate them, and if you want to say, ‘Gosh, these people are making more money. Why don’t we come back and abide by the Tax Cut and Employment Act?’ That is the downside of the question you are asking, and I think that downside is the part that should be highlighted. “

Biden’s $ 2.3 trillion spending plan unveiled earlier last month would raise the corporate tax rate from 21% to 28%, reversing a significant portion of the 2017 tax bill passed by the Republicans.

Wallace later played a clip of Biden saying the American employment plan would help the middle class and asked Cassidy what was wrong with getting the rich, who make over $ 400,000 a year, to pay more taxes .

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Cassidy responded by denouncing the Tax Cut and Employment Act, calling it a “recipe for success” for stimulating investment and “raising wages among the bottom quintiles of full-employment Americans” rather than “taking trillions and increasing it through democratic interest groups.” trickle “. “

The story goes on

Democrats called for Trump’s tax cuts to be lifted. In June 2019, then-presidential candidate Joe Biden claimed that he would repeal the GOP tax law on “day one”.

“Income inequalities are at an all-time high and are made worse by Trump’s tax cuts and huge giveaways for the top tenth of the 1 percent … and it’s time to reward work on prosperity,” Biden said.

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Shortly before the 2020 election, Kamala Harris vowed that she and Biden would “get rid of” the tax cuts if they were elected, saying, “Joe understood that when they passed this tax bill that affects the top 1 percent and the Benefiting America’s Largest Corporations That left us with a $ 2 trillion deficit that wasn’t about working people. “

House spokeswoman Nancy Pelosi, D-Calif., Has known to attack Trump’s 2018 tax reform, stating that up to $ 2,000 in trickle bonuses that companies give employees are “crumbs”.