A Sunday poll showed a majority (56 percent) of voters do not think Biden is concerned about American families incurring massive price increases. The numbers among just Democrats are no more favorable. Only 48 percent of Democrats believe Biden is concerned about inflation.
Exclusive–Tony Sayegh: Trump Grew Wages for Middle Class, Biden Seeking Tax Cuts for Rich
While former President Trump grew the wages of working and middle class Americans, President Joe Biden is looking to provide billions in tax cuts to wealthy Democrat Party donors, a former adviser to Trump tells Breitbart News.
In an exclusive interview with SiriusXM Patriot’s Breitbart News Saturday, former White House senior adviser Tony Sayegh said that while Trump was busy cutting taxes for middle class Americans, Biden is focused on increasing the State and Local Tax (SALT) deduction to benefit the richest income earners.
LISTEN:
“We had $2.3 trillion in tax cuts for American families, that’s huge,” Sayegh said. “The largest wage growth was among the lowest one-fifth of lowest earners, you saw that we were bringing jobs back that were offshored because we had the most incomprehensible tax policy that incentivized American businesses to keep their jobs and their investment out of our own country.”
“We doubled the standard deduction, we lowered rates, we added child care tax credits, dependent care tax credits … and as a result, by this data, those making between $15,000 to $50,000 saw their taxes drop by almost up to 26 percent,” Sayegh continued:
If you think about how businesses reacted … look at Wal-Mart, for example, they raised their minimum wage from $12 to $15. That is a massive increase as a percentage of their income for every minimum wage employee and that wasn’t just a tax cut, that’s a wage increase. [Emphasis added]
…
We had, within the first two months … we had 400 American companies increase direct investment into their employees whether that’s larger paychecks, larger benefits, raising nonexecutive pay … extra bonuses … that makes the economy more productive. [Emphasis added]
Sayegh said that as a result, Trump ensured the realignment of working and middle class Americans to the Republican Party while Democrats increasingly represent the wealthy and multinational corporations.
“The middle class of America has realigned to the Republican Party,” Sayegh said. “The Republican Party under Donald Trump, after decades of being viewed as the party of the rich and the corporate interests and the special interests, became the party of the hardworking forgotten man and woman of America.”
“That cannot be completely ignored,” Sayegh said. “Donald Trump presided over one of the most massive realignments in political history of the blue-collar, hardworking Americans to the Republican Party while the corporate interests, the wealthier Americans have realigned to the Democrat Party.”
Meanwhile, as part of Biden’s “Build Back Better Act,” Democrats are seeking a $625 billion tax cut for mostly the top one percent of income earners. As Breitbart News reported, new analysis reveals that the plan will provide an average tax cut of more than $16,000 in 2022 to Americans earning more than $885,000 a year.
Trump, on the other hand, lowered the SALT deduction to increase taxes on the wealthy.
“The State and Local Tax (SALT) deduction was basically a cost driver … it was a good policy to take SALT and cap it at $10,000,” Sayegh said.
“SALT is largely paid by high-income earners in high tax states,” Sayegh continued. “It’s basically a tax cut for the rich. Guess what the House Democrats have in their version of Build Back Better? Taking the $10,000 reduction for SALT and increasing it to $80,000 — that’s a tax cut for the rich.”
Breitbart News Saturday airs on SiriusXM Patriot 125 from 10:00 a.m. to 1:00 p.m. Eastern.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.
No comments:
Post a Comment