Biden will destroy the economy.
Senator Tim Scott, representing South Carolina, sharply criticized President Biden’s stance, accusing him of jeopardizing the nation’s economy without valid cause. This criticism followed Biden’s announcement of his intention to allow tax cuts enacted during the Trump administration to expire if he secures reelection.
In an interview with Fox News Digital, Scott asserted that allowing over $2.4 trillion in tax cuts to lapse would result in the largest tax hike in U.S. history. Scott, who played a pivotal role in crafting the Tax Cuts and Jobs Act of 2017, emphasized the significance of this legislation, which included reductions across various tax brackets and lowered the corporate tax rate.
Biden, however, has voiced his determination to let these tax reforms expire, alleging that they primarily benefited the wealthy and corporations while contributing to a surge in federal debt. Scott dismissed this assertion as unfounded, rejecting Biden’s linkage of tax cuts to debt escalation.
Karoline Leavitt, a spokesperson for the Trump campaign, criticized Biden’s proposed tax policy, characterizing it as the largest tax hike ever. Leavitt highlighted the previous administration’s tax cuts as beneficial to American families and pledged that a potential second Trump presidency would prioritize further tax relief and revitalization of the energy sector to combat inflation and bolster economic stability.
Regarding Biden’s plan to raise the corporate tax rate, Scott expressed concern about its potential adverse effects on American competitiveness. He argued that such a move would hinder economic growth and undermine the position of U.S. companies in the global market.
Contrary to Biden’s claims of economic progress under his leadership, Scott attributed any positive indicators to the groundwork laid during the Trump era. He emphasized the significance of wage growth relative to inflation as a more accurate measure of economic well-being.
In response to criticism, Michael Kikukawa, a White House spokesperson, reiterated Biden’s commitment to safeguarding Americans earning less than $400,000 from tax increases while allowing the expiration of tax cuts benefiting the wealthy. Kikukawa placed blame on the Trump administration and congressional Republicans for the projected tax increases, citing their policies as contributors to future tax burdens on the middle class.
Tax attorney Adam Brewer warned of potential tax hikes for average Americans in the absence of congressional action to extend tax cuts beyond 2025.
Scott also reacted to Vice President Kamala Harris’s planned Nationwide Economic Opportunity Tour, expressing skepticism and suggesting that it should instead serve as an “economic apology tour” for the adverse impacts of Biden’s economic policies. He criticized the current economic conditions, including slow growth, high fuel prices, and soaring food costs, suggesting that Harris should address these issues before embarking on such a tour.
