Biden will raise taxes for companies and households
Biden wants more government control and regulation. In order to achieve many of his policies, he will need more funding. This money will come from hardworking American families.
<
(3 of 3)
Next argument >
The Argument
If Biden is elected, he is planning on expanding government regulation and spending. This will increase the tax burden on American families and corporations.
His proposals would see the corporate tax rise from 21% to 28% putting a strain on the economy instead of boosting it. Conservative think tanks estimate this would have short term negative implications on the economy and would restrict growth opportunities in the long term[1]. The ones who shoulder the burden of corporate tax are workers and shareholders[2]. A tax increase will lead to an economic slowdown which would reduce employment and have long term consequences for working class families.
Counter arguments
This increase in taxes will be used to provide support to the working class. Biden is planning on expanding programs like Medicare and Medicaid and increasing tax benefits for low income families which will offset the burden they may face from corporate taxes. Furthermore, Biden has no plans to raise taxes for individuals earning under $400,000, so working class families would not be affected by these tax policies[3].
Premises
[P1] Biden wants to increase government spending.
[P2] Biden will increase taxes.
[P3] These increases will affect working class Americans.
[P4] The American working class should vote for Trump.
Rejecting the premises
[P3] Biden has made clear he will not raise taxes for individuals earning less than $400,000. This means he will raise taxes to high earners and corporations, with little effect to low income households.
References
- https://www.aei.org/wp-content/uploads/2020/10/An-Analysis-of-Joe-Biden%E2%80%99s-Tax-Proposals-October-2020-Update.pdf
- https://www.taxpolicycenter.org/taxvox/would-joe-biden-raise-taxes-low-and-moderate-income-families-it-depends-what-you-mean-taxes
- https://www.investopedia.com/explaining-biden-s-tax-plan-5080766