Democrats Vow To Repeal Tax Reform, Putting Taxes In Focus For 2020

Former Vice President Joe Biden made it clear: “First thing I’d do is repeal those Trump tax cuts.” Sen. Kamala Harris (D-Calif.) seconded the motion, saying she would repeal the tax cuts on “day one.” Mayor Bill de Blasio has attempted to raise taxes on high earners in New York City.

Democrats seem eager to prove that they still have no idea how jobs and wage increases are created in a capitalist economy — that is, by capital investment that starts new businesses or expands existing ones, increasing the demand for labor as jobs are created, bidding up wages.  

Stimulating capital investment requires incentives that arise from reducing tax rates. That is what President Trump and Republicans in Congress did in their Tax Cuts and Jobs Act of 2017.