In a move that’s sure to draw criticism from the GOP and the Trump campaign, President Biden has vowed not to renew or extend the Trump tax cuts if he secures a second term. While this move is being presented as a blow against Trump-era policies, the reality is that it hurts ordinary Americans more than the former President. 

The Biden administration has been keen to stress that they promise no new taxes on individuals making less than $400,000 a year. However, letting the Trump tax cuts expire would mean that almost every American would end up paying more. Here’s part of the transcript from an official statement from President Biden when he spoke at the Building Trades Conference in April:

As reported by the gold standard, Tax Foundation, here’s the real math behind the expiring tax cuts and a few examples of certain American households:

Family #1: A single parent with two children, earning $52,000 a year, would see a tax increase of nearly $1,500.

Family #2: A married couple with three children and a household income of $200,000 would face a staggering tax increase of $7,449.

Family #3: A single individual without children earning $75,000 annually would see their taxes increase by $1,707.

When questioned about this move, the Biden administration reiterated its stance the White House Press Secretary stated, “The president is going to allow the Trump tax cut to expire. He was very clear. But he will not raise taxes on anyone making less than $400,000 a year… It’s going to expire for the wealthy.”

However, this response appears hypocritical when you consider that if the Trump tax cuts expire, taxes increase across the board because the entire law sunsets. For single filers, tax deductions will decrease from $13,850 to $6,359. For married couples, it would decrease from $27,700 to $12,700.

Biden is also promising to increase corporate taxes from 21% to 28%. Corporate tax cuts are almost always passed down to consumers and workers. 

This move comes at a time when Americans are already grappling with various financial pressures. Inflation rates are climbing, housing prices are becoming increasingly unaffordable, property taxes are on the rise, and home insurance premiums are also increasing.

While the administration presents this as a measure to tax the wealthy, the reality is that it will impact a much broader spectrum of society. As the expiration of the Trump tax cuts looms, it’s the everyday American who may find themselves shouldering a heavier tax burdening if Biden were to be reelected.