Mike Franken Affirms He Will Raise Your Taxes
We stand by our ad. Over the weekend, Mike Franken, in comments to the press, showed he lacks a basic understanding of tax policy and the legislative process.
The Tax Cuts and Jobs Act provided estate tax relief for family farms and small businesses and doubled the Child Tax Credit. Mike Franken said during a primary debate he wants to repeal the Tax Cuts and Jobs Act, which would increase the number of taxpayers burdened to pay the estate tax and shrink the Child Tax Credit. Saying he is going to “piecemeal some of the other leftover ones that were in the Build Back Better” is nonsense. He is misleading Iowans. That’s not the legislative process works. Bottom line: repealing the Tax Cuts and Jobs Act would raise taxes on every income bracket.
What others are saying: “In a May 2022 debate, Mike Franken indicated his support for repealing the Tax Cuts and Jobs Act. That legislation included a large, but temporary, increase in the Child Tax Credit and a large, and also temporary, increase in the exemption amount for the estate tax. The increased Child Tax Credit and other provisions provide significant tax relief for families. A higher exemption amount eliminates estate tax bills for some and reduces estate tax bills for others. Repealing this legislation would, itself, raise taxes on families and some estates. Neither the House-passed Build Back Better legislation or any other bills considered by Congress would extend these two provisions,” Alex Brill, tax policy expert and senior fellow at AEI, said.
Mike Franken’s comments confirmed again he wants huge tax increases, which will only worsen the economy during a recession. Iowans can’t afford Mike Franken.
